Document ID: chunk:federal_register_of_legislation:C2024A00087:clause:2_794ba
Version: federal_register_of_legislation:C2024A00087
Segment Type: clause
Provision Reference: sch 2 cl 794BA
Character Range: 280080–282141

794BA  ASIC's power to require expert report

Expert appointed by ASIC
 (1) ASIC may, by written notice given to a market licensee and a person (the expert), appoint the expert to provide ASIC with an expert report on specified matters relating to the licensee's compliance with its obligations as a market licensee under this Chapter.
 (2) ASIC may, by written notice given to the licensee, direct the licensee to reimburse ASIC for ASIC's expenses that:
 (a) are incurred in appointing and paying the expert to provide the report; and
 (b) are specified in the notice.

Expert appointed by licensee
 (3) ASIC may, by written notice given to a market licensee, direct the licensee to appoint a person to provide ASIC with an expert report on specified matters relating to the licensee's compliance with its obligations as a market licensee under this Chapter.

Qualifications for appointment
 (4) However, a person cannot be appointed under subsection (1) or (3) unless ASIC:
 (a) is satisfied that the person has the necessary skills or experience to provide the expert report; and
 (b) if subsection (3) applies—has approved the proposed appointment of the person.

Licensee's obligations
 (5) The licensee must give all information, explanation and assistance to a person appointed under subsection (1) or (3) as the person reasonably requests for the preparation and provision of the expert report.
Note: Failure to comply with this subsection is an offence: see subsection 1311(1).
 (6) If, under subsection (2), ASIC directs the licensee to reimburse ASIC for ASIC's expenses, an amount equal to those expenses:
 (a) is a debt due and payable to ASIC; and
 (b) is recoverable by ASIC in:
 (i) the Federal Court; or
 (ii) the Federal Circuit and Family Court of Australia (Division 2); or
 (iii) a court of a State or Territory that has jurisdiction in relation to the matter.
 (7) The licensee must comply with any direction given under subsection (3) to the licensee.
Note: Failure to comply with this subsection is an offence: see subsection 1311(1).