Document ID: chunk:federal_register_of_legislation:C2023C00275:clause:2_17
Version: federal_register_of_legislation:C2023C00275
Segment Type: clause
Provision Reference: sch 2 cl 17
Character Range: 76145–78638

17  Obligation to provide a statement or obtain an audit report if directed by ASIC

Notice to registered person to provide a statement
(1) ASIC may give a registered person a written notice directing the registered person to lodge with ASIC a written statement containing specified information about the credit activities engaged in by the registered person or its representatives.
(2) Notices under subitem (1):
 (a) may be given at any time; and
 (b) may be given to one or more particular registered persons, or to each registered person in one or more classes of registered persons, or to all registered persons; and
 (c) may require all the same information, or may contain differences as to the information they require; and
 (d) may require a statement containing information to be provided on a periodic basis, or each time a particular event or circumstance occurs, without ASIC having to give a further written notice.

Notice to registered person to obtain an audit report
(3) ASIC may also give a registered person a written notice directing the registered person to obtain an audit report, prepared by a suitably qualified person specified in the notice, on a statement, or each statement in a class of statements, under subitem (1) before the statement is given to ASIC.
(4) A notice under subitem (3) is not a legislative instrument.

Notice must specify day by which registered person must comply
(5) A notice given under this item must specify the day by which the registered person must comply with the notice (which must be a reasonable period after the notice is given). ASIC may extend the day by giving a written notice to the registered person.

Requirement to comply with notice
(6) The registered person must comply with a notice given under this item within the time specified in the notice.
Civil penalty: 2,000 penalty units.

Offence
(7) A person commits an offence if:
 (a) the person is subject to a requirement under subitem (6); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 25 penalty units, or 6 months imprisonment, or both.

Strict liability offence
(8) A person commits an offence if:
 (a) the person is subject to a requirement under subitem (6); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 10 penalty units.
(9) Subitem (8) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.