CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.5B - REGULATION OF FINANCIAL BENCHMARKS  

Division 2 - Licensing of financial benchmarks  

Subdivision G - Directions to licensees  

SECTION 908BV   ASIC ' S POWER TO GIVE DIRECTIONS REQUIRING REPORTS  

908BV(1)  
ASIC may, in writing, direct a benchmark administrator licensee to give ASIC a report that:


(a) deals with specified matters; and


(b) if ASIC requires - includes an audit statement on the licensee ' s report on those matters.

908BV(2)  
A direction under subsection (1) must specify:


(a) a reasonable period for giving ASIC the report; and


(b) if paragraph (1)(b) applies - a person or body that is suitably qualified to prepare the audit statement.

908BV(3)  
ASIC may give a copy of the report to the Minister.

908BV(4)  
A person commits an offence if:


(a) the person is a benchmark administrator licensee; and


(b) the person is given a direction under subsection (1); and


(c) the person fails to comply with the direction.

Penalty: 100 penalty units.

908BV(5)  
A direction under subsection (1) is not a legislative instrument.


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