Document ID: chunk:federal_register_of_legislation:C2018A00027:clause:1_908bv
Version: federal_register_of_legislation:C2018A00027
Segment Type: clause
Provision Reference: sch 1 cl 908BV
Character Range: 27389–28290

908BV  ASIC's power to give directions requiring reports
 (1) ASIC may, in writing, direct a benchmark administrator licensee to give ASIC a report that:
 (a) deals with specified matters; and
 (b) if ASIC requires—includes an audit statement on the licensee's report on those matters.
 (2) A direction under subsection (1) must specify:
 (a) a reasonable period for giving ASIC the report; and
 (b) if paragraph (1)(b) applies—a person or body that is suitably qualified to prepare the audit statement.
 (3) ASIC may give a copy of the report to the Minister.
 (4) A person commits an offence if:
 (a) the person is a benchmark administrator licensee; and
 (b) the person is given a direction under subsection (1); and
 (c) the person fails to comply with the direction.
Penalty: 100 penalty units.
 (5) A direction under subsection (1) is not a legislative instrument.

Subdivision H—Other matters