Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC may, by written notice given to an entity, direct the entity:
(a) to suspend dealings in a 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.
(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).
Note: ASIC may also give directions to entities that are market licensees under section 794D. A failure to comply with a direction under that section is an offence: see subsection 1311(1).
(3) The entity must comply with the direction (even if, under subsection 798JA(1), the licensee has requested ASIC to refer the direction to the Minister).
(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.