Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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)).