Document ID: chunk:federal_register_of_legislation:C2022C00235:clause:1_1052ba
Version: federal_register_of_legislation:C2022C00235
Segment Type: clause
Provision Reference: sch 1 cl 1052BA
Character Range: 22088–23039

1052BA  Directions to ensure sufficient financing
 (1) ASIC may give AFCA a written direction under this section if ASIC considers that AFCA has not done all things reasonably practicable to ensure that the operations of the AFCA scheme are sufficiently financed.
 (2) The direction must set out the specific measures that AFCA must take to ensure that the operations of the AFCA scheme are sufficiently financed.
 (3) ASIC must not give a direction under this section unless ASIC has given AFCA written notice of at least 1 month of ASIC's intention to issue the direction.
 (4) AFCA must comply with a direction made under this section.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
 (5) If AFCA fails to comply with the direction, ASIC may apply to the Court for, and the Court may make, an order that AFCA comply with the direction.
 (6) A direction made under this section is not a legislative instrument.