CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

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)   [ Ministerial direction to comply]  

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)   [ Obligation to comply]  

The licensee must comply with the direction.

823A(3)   [ Failure to comply]  

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)   [ Variation or revocation of direction]  

The Minister may vary or revoke a direction at any time by giving written notice to the licensee.


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