Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.10A - EXTERNAL DISPUTE RESOLUTION  

Division 2 - Regulating the AFCA scheme  

SECTION 1052BA   DIRECTIONS TO ENSURE SUFFICIENT FINANCING  

1052BA(1)  
ASIC may give AFCA a written direction under this section if ASIC considers that AFCA has not done all things reasonably practicable to ensure that the operations of the AFCA scheme are sufficiently financed.

1052BA(2)  
The direction must set out the specific measures that AFCA must take to ensure that the operations of the AFCA scheme are sufficiently financed.

1052BA(3)  
ASIC must not give a direction under this section unless ASIC has given AFCA written notice of at least 1 month of ASIC ' s intention to issue the direction.

1052BA(4)  
AFCA must comply with a direction made under this section.

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

1052BA(5)  
If AFCA fails to comply with the direction, ASIC may apply to the Court for, and the Court may make, an order that AFCA comply with the direction.

1052BA(6)  
A direction made under this section is not a legislative instrument.


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