Section 1069L — Corporations Act 2001 (Cth)

Notice of intention to issue a direction

(1) If ASIC considers that the CSLR operator has not done all things reasonably practicable to ensure compliance with:

(a) the mandatory requirements for the CSLR operator under section 1062; or

(b) a condition of the authorisation of the CSLR operator imposed by the Minister (see paragraph 1060(4)(b)); or

(c) regulatory requirements issued under section 1069K;

ASIC may give the CSLR operator written notice that it intends to give the CSLR operator a specified direction under this section.

(2) The notice must set out:

(a) the specific measures that the direction will require the CSLR operator to take to comply with the requirements or condition; and

(b) the reasons for ASIC’s intention to give the direction.

Issuing a direction

(3) If, after receiving the notice:

(a) the CSLR operator does not take those specific measures; and

(b) ASIC still considers that it is appropriate to give the direction to the CSLR operator;

ASIC may give the CSLR operator the direction, in writing, with a statement setting out the reasons for giving the direction.

(4) The direction must deal with the time by which, or the period during which, it is to be complied with. The time or period must be reasonable.

(5) A direction made under this section is not a legislative instrument.

Compliance

(6) The CSLR operator must comply with a direction made under this section.

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

(7) If the CSLR operator fails to comply with the direction, ASIC may apply to the Court for, and the Court may make, an order that the CSLR operator comply with the direction.

Varying or revoking a direction

(8) ASIC may vary a direction made under this section by giving written notice to the CSLR operator.

(9) The direction has effect until ASIC revokes it by giving written notice to the CSLR operator.

(10) ASIC may revoke the direction, by giving written notice to the CSLR operator, if, at the time of revocation, ASIC considers that the direction is no longer necessary or appropriate.

Related sections

• s 1069H — Ministerial determination
• s 1069J — Obligation to comply with mandatory requirements
• s 1069K — ASIC may issue regulatory requirements
• s 1069M — Costs for first levy period
• s 1069N — Payment to the CSLR operator of amount for the first levy period for the scheme
• s 1069P — Payment to the CSLR operator of amounts equal to levy

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