Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If ASIC considers that a person is not complying, or is not likely to comply, with its obligations under the CS services rules, ASIC may give the person a direction, in writing, to do specified things that ASIC believes will promote compliance by the person with those obligations.
(2) When ASIC gives the person the direction, ASIC must also give the person a statement, in writing, setting out the reasons for giving the direction.
(3) The direction has effect until the earlier of the following times:
(a) the time ASIC revokes the direction under subsection (7);
(b) the end of the period specified in the direction as the period during which the direction is effective.
(4) While the direction has effect, the person must comply with the direction.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
(5) If the person fails to comply with the direction, ASIC may apply to the Court for, and the Court may make, an order that the person comply with the direction.
(6) ASIC may vary the direction by giving written notice to the person.
(7) ASIC may revoke the direction by giving written notice to the person.