Commonwealth Consolidated Acts

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Direction to provide a statement

             (1)  ASIC may, by giving written notice to a financial services licensee, direct the licensee to give to ASIC a written statement containing the specified information about:

                     (a)  the financial services provided by the licensee or its representatives; or

                     (b)  the financial services business carried on by the licensee; or

                     (c)  for the purposes of considering whether the requirement in section 913BA (fit and proper person test) is satisfied in relation to the licensee and the licence--any matters mentioned in section 913BB in relation to a person mentioned in a paragraph of subsection 913BA(1).

          (1A)  Notices under subsection (1):

                     (a)  may be sent out at any time; and

                     (b)  may be sent to one or more particular licensees, or to each licensee in one or more classes of licensee, or to all licensees; and

                     (c)  may all require the same information, or may contain differences as to the information they require; and

                     (d)  may require a statement containing information to be provided on a periodic basis, or each time a particular event or circumstance occurs, without ASIC having to give a further written notice; and

                     (e)  may require a statement containing information to be given in a specified manner (including in electronic form).

             (2)  ASIC may also, by giving written notice to the licensee, direct the licensee to obtain an audit report, prepared by a suitably qualified person specified in the notice, on a statement, or each statement in a class of statements, under subsection (1) before the statement is given to ASIC.

             (3)  The licensee must comply with a direction given under this section:

                     (a)  within the time specified in the direction if that is a reasonable time; or

                     (b)  in any other case--within a reasonable time.

ASIC may extend the time within which the licensee must comply with the direction by giving written notice to the licensee.

Note:          Failure to comply with this subsection is an offence (see subsection 1311(1)).

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