Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 908BV

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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