Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 823BB

Expert appointed by ASIC

  (1)   ASIC may, by written notice given to a CS facility licensee and a person (the expert ), appoint the expert to provide ASIC with an expert report on specified matters relating to the licensee's compliance with its obligations as a CS facility licensee under this Chapter.

  (2)   ASIC may, by written notice given to the licensee, direct the licensee to reimburse ASIC for ASIC's expenses that:

  (a)   are incurred in appointing and paying the expert to provide the report; and

  (b)   are specified in the notice.

  (3)   If, under subsection   (2), ASIC directs the licensee to reimburse ASIC for ASIC's expenses, an amount equal to those expenses:

  (a)   is a debt due and payable to ASIC; and

  (b)   is recoverable by ASIC in:

  (i)   the Federal Court; or

  (ii)   the Federal Circuit and Family Court of Australia (Division   2); or

  (iii)   a court of a State or Territory that has jurisdiction in relation to the matter.

Expert appointed by licensee

  (4)   ASIC may, by written notice given to a CS facility licensee, direct the licensee to appoint a person to provide ASIC with an expert report on specified matters relating to the licensee's compliance with its obligations as a CS facility licensee under this Part.

  (5)   The licensee must comply with any direction given under subsection   (4) to the licensee.

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

Qualifications for appointment

  (6)   A person cannot be appointed under subsection   (1), or as directed under subsection   (4), unless ASIC:

  (a)   is satisfied that the person has the necessary skills or experience to provide the expert report; and

  (b)   if subsection   (4) applies--has approved the proposed appointment of the person.

Licensee must assist expert

  (7)   The licensee must give all information, explanation and assistance to a person appointed under subsection   (1), or as directed under subsection   (4), as the person reasonably requests for the preparation and provision of the expert report.

  (8)   If a person requests the licensee to give the person information, explanation or assistance under subsection   (7), ASIC may, by written notice given to the licensee, direct the licensee to comply with the request by a specified day.

  (9)   The licensee must comply with any direction given under subsection   (8) to the licensee.

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