Corporations Act 2001
CHAPTER 7
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FINANCIAL SERVICES AND MARKETS
PART 7.2
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LICENSING OF FINANCIAL MARKETS
Division 3
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Regulation of market licensees
Subdivision C
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Powers of the Minister and ASIC
SECTION 794C
ASIC ASSESSMENT OF LICENSEE
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S COMPLIANCE
794C(1)
ASIC may do an assessment of how well a market licensee is complying with any or all of its obligations as a market licensee under this Chapter. In doing the assessment, ASIC may take account of any information and reports that it thinks appropriate, including information and reports from an overseas regulatory authority.
794C(2)
If the market licensee is prescribed by the regulations for the purpose of this subsection, ASIC must, in respect of the obligation in paragraph 792A(1)(c) , do such an assessment at least once a year.
794C(3)
As soon as practicable after doing an assessment under this section, ASIC must give a written report on the assessment to the licensee and to the Minister.
794C(4)
If an assessment, or part of an assessment, relates to any other person ' s affairs to a material extent, ASIC may, at the person ' s request or of its own motion, give the person a copy of the written report on the assessment or the relevant part of the report.
794C(5)
If an assessment, or part of an assessment, relates to a serious contravention of a law of the Commonwealth or of a State or Territory, ASIC may give a copy of the written report on the assessment, or the relevant part of the report, to:
(a) the Australian Federal Police; or
(b) the Chief Executive Officer of the Australian Crime Commission or a member of the staff of the ACC (within the meaning of the Australian Crime Commission Act 2002 ); or
(c) the Director of Public Prosecutions; or
(d) an agency prescribed by regulations made for the purposes of this paragraph.
794C(6)
Either the Minister or ASIC may cause the written report on an assessment, or part of the report on an assessment, to be printed and published.
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteASIC may do an assessment of how well a market licensee is complying with any or all of its obligations as a market licensee under this Chapter. In doing the assessment, ASIC may take account of any information and reports that it thinks appropriate, including information and reports from an overseas regulatory authority.
794C(2)
If the market licensee is prescribed by the regulations for the purpose of this subsection, ASIC must, in respect of the obligation in paragraph 792A(1)(c) , do such an assessment at least once a year.
794C(3)
As soon as practicable after doing an assessment under this section, ASIC must give a written report on the assessment to the licensee and to the Minister.
794C(4)
If an assessment, or part of an assessment, relates to any other person ' s affairs to a material extent, ASIC may, at the person ' s request or of its own motion, give the person a copy of the written report on the assessment or the relevant part of the report.
794C(5)
If an assessment, or part of an assessment, relates to a serious contravention of a law of the Commonwealth or of a State or Territory, ASIC may give a copy of the written report on the assessment, or the relevant part of the report, to:
(a) the Australian Federal Police; or
(b) the Chief Executive Officer of the Australian Crime Commission or a member of the staff of the ACC (within the meaning of the Australian Crime Commission Act 2002 ); or
(c) the Director of Public Prosecutions; or
(d) an agency prescribed by regulations made for the purposes of this paragraph.
794C(6)
Either the Minister or ASIC may cause the written report on an assessment, or part of the report on an assessment, to be printed and published.
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