Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 3 - Obligations of financial services licensees  

SECTION 912C   DIRECTION TO PROVIDE A STATEMENT  

912C(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) .

912C(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).

912C(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.

912C(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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