Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

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

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History

Ch 7 amended by No 8 of 2022, s 3, Sch 2[165] (effective 1 July 2022).

Ch 7 inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1].

As Act No 122 of 2001 repealed Ch 7 and 8 the history notes for Ch 7 use " inserted " and references to the former provisions have been removed.

PART 7.2 - LICENSING OF FINANCIAL MARKETS  

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Division 3 - Regulation of market licensees  

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Subdivision C - Powers of the Minister and ASIC  

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SECTION 794A   MINISTER'S POWER TO GIVE DIRECTIONS  

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794A(1)   [ Ministerial direction to comply]  

If the Minister considers that a market licensee is not complying with its obligations as a market 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.

794A(2)   [ Obligation to comply]  

The licensee must comply with the direction.

794A(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.

794A(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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History

S 794A inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1] (effective 11 March 2002).

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