Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.3 - LICENSING OF CLEARING AND SETTLEMENT FACILITIES  

Division 2 - Regulation of CS facility licensees  

Subdivision C - Powers of the Minister, ASIC and the Reserve Bank in relation to licensees  

SECTION 823A   MINISTER'S POWER TO GIVE DIRECTIONS  

823A(1)    
If the Minister considers that a CS facility licensee is not complying with its obligations as a CS facility licensee under this Chapter, the Minister may give the licensee a written direction to do specified things that the Minister believes will promote compliance by the licensee with those obligations.

823A(2)    
The licensee must comply with the direction.

823A(3)    
If the licensee fails to comply with the direction, ASIC may apply to the Court for, and the Court may make, an order that the licensee comply with the direction.

823A(4)    
The Minister may vary or revoke a direction at any time by giving written notice to the licensee.