Section 794BA — Corporations Act 2001: ASIC’s power to require expert report

Expert appointed by ASIC (1) ASIC may, by written notice given to a market 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 market 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 market 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 market 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).