Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Commissioner may give a registered entity a written direction of a kind specified in subsection 85 - 10(1) only if:
(a) the registered entity is a federally regulated entity and the Commissioner reasonably believes that:
(i) the registered entity has contravened a provision of this Act; or
(ii) it is more likely than not that the registered entity will contravene a provision of this Act; or
(b) the registered entity is a federally regulated entity and the Commissioner reasonably believes that:
(i) the registered entity has not complied with a governance standard; or
(ii) it is more likely than not that the registered entity will not comply with a governance standard; or
(c) the Commissioner reasonably believes that:
(i) the registered entity has not complied with an external conduct standard; or
(ii) it is more likely than not that the registered entity will not comply with an external conduct standard.
(2) In deciding whether to give a direction, and deciding the content of the direction, the Commissioner must take account of the matters mentioned in subsection 35 - 10(2).
(3) The direction must:
(a) specify the ground or grounds mentioned in subsection (1) on the basis of which the direction is given; and
(b) specify the time by which, or the period during which, the registered entity must comply with the direction.