Commonwealth Consolidated Acts

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ASIC's power to give directions requiring reports

             (1)  ASIC may, in writing, direct a benchmark administrator licensee to give ASIC a report that:

                     (a)  deals with specified matters; and

                     (b)  if ASIC requires--includes an audit statement on the licensee's report on those matters.

             (2)  A direction under subsection (1) must specify:

                     (a)  a reasonable period for giving ASIC the report; and

                     (b)  if paragraph (1)(b) applies--a person or body that is suitably qualified to prepare the audit statement.

             (3)  ASIC may give a copy of the report to the Minister.

             (4)  A person commits an offence if:

                     (a)  the person is a benchmark administrator licensee; and

                     (b)  the person is given a direction under subsection (1); and

                     (c)  the person fails to comply with the direction.

Penalty:  100 penalty units.

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

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