Commonwealth Consolidated Acts Commonwealth Consolidated ActsNotice to Part 3 - 2CA body to provide a statement
(1) ASIC may give a Part 3 - 2CA body a written notice directing the body to lodge with ASIC a written statement containing specified information about whether the body, or another Part 3 - 2CA body, is complying with this Part (other than Division 4).
(2) Notices under subsection (1):
(a) may be given at any time; and
(b) may be given to one or more particular Part 3 - 2CA bodies, or to each Part 3 - 2CA body in one or more classes of Part 3 - 2CA bodies, or to all Part 3 - 2CA bodies; and
(c) may require all the same information, or may contain differences as to the information they require; and
(d) may require a statement containing information to be given on a periodic basis, or each time a particular event or circumstance occurs, without ASIC having to give a further written notice.
Notice to Part 3 - 2CA body to obtain an audit report
(3) ASIC may also give a Part 3 - 2CA body a written notice directing the body to obtain an audit report prepared:
(a) by a suitably qualified person specified in the notice; and
(b) on a statement, or on each statement in a class of statements, under subsection (1); and
(c) before the statement is given to ASIC.
(4) A notice under subsection (3) is not a legislative instrument.
Notice must specify day by which Part 3 - 2CA body must comply
(5) A notice given under this section must specify the day by which the Part 3 - 2CA body must comply with the notice (which must be a reasonable period after the notice is given). ASIC may extend the day by giving a written notice to the Part 3 - 2CA body.
Requirement to comply with notice
(6) The Part 3 - 2CA body must comply with a notice given under this section within the time specified in the notice.
Civil penalty: 5,000 penalty units.
Offence
(7) A person commits an offence if:
(a) the person is subject to a requirement under subsection (6); and
(b) the person engages in conduct; and
(c) the conduct contravenes the requirement.
Criminal penalty: 6 months imprisonment.