Commonwealth Consolidated Acts

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ASIC's power to give directions to licensee not complying with obligations

             (1)  If ASIC considers that a benchmark administrator licensee is not complying with:

                     (a)  any of its obligations under this Part; or

                     (b)  any of its obligations under rules made under Division 3;

ASIC may give the licensee a written direction to do specified things that ASIC believes will promote the licensee's compliance with those obligations.

             (2)  The licensee must comply with the direction.

             (3)  If the licensee fails to comply with the direction, ASIC may apply to the Court for, and the Court may make, an order that the licensee comply with the direction.

             (4)  ASIC may vary or revoke a direction at any time by giving written notice to the licensee.

             (5)  A direction under subsection (1) is not a legislative instrument.

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