Section 798JB — Corporations Act 2001: ASIC’s directions power—crisis resolution

(1) If the Reserve Bank, under subsection 849AB(1), requests ASIC to: (a) give a direction to an entity under this subsection to suspend dealings in a financial product or class of financial products; or (b) give some other direction to an entity under this subsection in relation to dealings in a financial product or class of financial products; ASIC may give the direction, in writing, to the entity. Note: ASIC may also, at the request of the Reserve Bank, give directions to entities that are market licensees under section 794AA. A failure to comply with a direction under that section is an offence: see subsection 1311(1). (2) The entity must comply with the direction. (3) If the entity fails to comply with the direction, ASIC may apply to the Court for, and the Court may make, an order that the entity comply with the direction.