Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_912c
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 912C
Character Range: 291003–292328

912C  Direction to provide a statement

 (1) ASIC may, by giving written notice to a financial services licensee, direct the licensee to give to ASIC a written statement containing the specified information about:
 (a) the financial services provided by the licensee or its representatives; or
 (b) the financial services business carried on by the licensee.

 (1A) Notices under subsection (1):
 (a) may be sent out at any time; and
 (b) may be sent to one or more particular licensees, or to each licensee in one or more classes of licensee, or to all licensees; and
 (c) may all require the same information, or may contain differences as to the information they require.

 (2) ASIC may also, by giving written notice to the licensee, direct the licensee to obtain an audit report, prepared by a suitably qualified person specified in the notice, on such a statement before the statement is given to ASIC.

 (3) The licensee must comply with a direction given under this section:
 (a) within the time specified in the direction if that is a reasonable time; or
 (b) in any other case—within a reasonable time.
ASIC may extend the time within which the licensee must comply with the direction by giving written notice to the licensee.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).