Document ID: chunk:federal_register_of_legislation:C2024A00087:clause:1_794aa
Version: federal_register_of_legislation:C2024A00087
Segment Type: clause
Provision Reference: sch 1 cl 794AA
Character Range: 15001–16417

794AA  ASIC's directions power—crisis resolution
 (1) If the Reserve Bank, under subsection 849AB(1), requests ASIC to give a direction to a market licensee under this subsection to do, or to refrain from doing, specified things, ASIC may give the licensee a written direction to do, or to refrain from doing, those things.
 (2) Without limiting subsection (1), the specified things may include:
 (a) suspending dealings in a specified financial product or class of financial products; or
 (b) taking:
 (i) any actions; or
 (ii) one or more specified actions;
  relating to dealings in a specified financial product or class of financial products.
Example: Under paragraph (b), a direction could require the licensee to take actions to:
(a) limit the kinds of dealings that are allowed in a financial product or class of financial products; or
(b) require participants in a market to act in a specified manner in relation to dealings in a financial product or class of financial products.
 (3) The direction must specify a reasonable time by which, or a reasonable period during which, it is to be complied with.
 (4) The licensee must comply with the direction.
Note: Failure to comply with this subsection is an offence: see subsection 1311(1).
 (5) If the licensee fails to comply with the direction, ASIC may apply to the Court for, and the Court may make, an order that the licensee comply with the direction.