Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC may, by written notice given to a market licensee, direct the licensee:
(a) to suspend dealings in a specified financial product or class of financial products; or
(b) to take, or refrain from taking:
(i) any actions; or
(ii) one or more specified actions;
relating to dealings in a specified financial product or class of financial products;
if ASIC considers the direction is necessary, or in the public interest, to protect people dealing in the 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 the financial product or class of financial products; or
(b) require participants in the market to act in a specified manner in relation to dealings in the financial product or class of financial products.
(2) The direction:
(a) must specify a reasonable time by which, or a reasonable period during which, it is to be complied with; and
(b) must include the reasons for the direction; and
(c) may deal with either or both of the matters in paragraphs (1)(a) and (b).
(3) The licensee must comply with the direction (even if, under subsection 794DA(1), the licensee has requested ASIC to refer the direction to the Minister).
Note: Failure to comply with this subsection is an offence: see subsection 1311(1).
(4) 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.