Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 122C

  (1)   If APRA gives ASIC a request under section   122B, ASIC must comply with the request as soon as practicable.

  (2)   ASIC need not notify any person (other than APRA) that it plans to comply with subsection   (1), or has complied with that subsection.

  (3)   Despite subsection   (1), ASIC need not comply with the request if:

  (a)   the Chairperson makes a determination under subsection   (4); and

  (b)   the Chairperson gives a copy of the determination to APRA.

  (4)   The Chairperson may determine, in writing, that ASIC need not comply with the request if the Chairperson considers that complying with the request would compromise the proper functioning of ASIC.

  (5)   The Chairperson's power to make a determination under subsection   (4) may only be exercised by the Chairperson personally.

  (6)   If the Chairperson makes a determination under subsection   (4), the Chairperson must give the following to the Financial Regulator Assessment Authority as soon as practicable:

  (a)   a copy of the determination;

  (b)   a written statement of the reasons why the Chairperson made the determination.