Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If ASIC considers that a market licensee's approved compensation arrangements are no longer adequate, ASIC may give the licensee a written direction to do specified things that ASIC believes will ensure that the arrangements become adequate once more.
(2) The licensee must comply with the direction.
(3) 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.
(4) ASIC may vary or revoke a direction at any time by giving written notice to the licensee.
(5) If, at any time after the licensee receives a direction, the licensee requests in writing that ASIC refer the matter to the Minister, ASIC must do so immediately. In that event, the Minister may, if the Minister considers it appropriate, require ASIC to vary, or to revoke, the direction. ASIC must immediately comply with such a requirement.