Document ID: chunk:federal_register_of_legislation:C2021A00005:clause:1_133czg
Version: federal_register_of_legislation:C2021A00005
Segment Type: clause
Provision Reference: sch 1 cl 133CZG
Character Range: 33378–35496

133CZG  Obligation to provide a statement or obtain an audit report if directed by ASIC

Notice to Part 3‑2CA body to provide a statement
 (1) ASIC may give a Part 3‑2CA body a written notice directing the body to lodge with ASIC a written statement containing specified information about whether the body, or another Part 3‑2CA body, is complying with this Part (other than Division 4).
 (2) Notices under subsection (1):
 (a) may be given at any time; and
 (b) may be given to one or more particular Part 3‑2CA bodies, or to each Part 3‑2CA body in one or more classes of Part 3‑2CA bodies, or to all Part 3‑2CA bodies; 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 given on a periodic basis, or each time a particular event or circumstance occurs, without ASIC having to give a further written notice.

Notice to Part 3‑2CA body to obtain an audit report
 (3) ASIC may also give a Part 3‑2CA body a written notice directing the body to obtain an audit report prepared:
 (a) by a suitably qualified person specified in the notice; and
 (b) on a statement, or on each statement in a class of statements, under subsection (1); and
 (c) before the statement is given to ASIC.
 (4) A notice under subsection (3) is not a legislative instrument.

Notice must specify day by which Part 3‑2CA body must comply
 (5) A notice given under this section must specify the day by which the Part 3‑2CA body 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 Part 3‑2CA body.

Requirement to comply with notice
 (6) The Part 3‑2CA body must comply with a notice given under this section within the time specified in the notice.
Civil penalty: 5,000 penalty units.

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