Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC may, by written notice given to a benchmark administrator 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 benchmark administrator 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.
Expert appointed by licensee
(3) ASIC may, by written notice given to a benchmark administrator 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 benchmark administrator licensee under this Chapter.
Qualifications for appointment
(4) However, a person cannot be appointed under subsection (1) or (3) unless ASIC:
(a) is satisfied that the person has the necessary skills or experience to provide the expert report; and
(b) if subsection (3) applies--has approved the proposed appointment of the person.
Licensee's obligations
(5) The licensee must give all information, explanation and assistance to a person appointed under subsection (1) or (3) as the person reasonably requests for the preparation and provision of the expert report.
Note: Failure to comply with this subsection is an offence: see subsection 1311(1).
(6) 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.
(7) The licensee must comply with any direction given under subsection (3) to the licensee.
Note: Failure to comply with this subsection is an offence: see subsection 1311(1).