Section 904G — Corporations Act 2001: ASIC’s directions power—licensees not complying with their obligations

(1) ASIC may, by written notice given to a derivative trade repository licensee, direct the licensee to: (a) take one or more specified actions to promote compliance by the licensee with its obligations as a derivative trade repository licensee; or (b) refrain from taking one or more specified actions to promote compliance by the licensee with those obligations; if ASIC considers that the licensee is not complying with those obligations. (2) The direction: (a) must specify a reasonable time by which, or a reasonable period during which, it is to be complied with; and (b) must include the reasons for the direction; and (c) may deal with either or both of the matters in paragraphs (1)(a) and (b). (3) The licensee must comply with the direction (even if, under subsection 904GA(1), the licensee has requested ASIC to refer the direction to the Minister). Note: Failure to comply with this subsection is an offence: see subsection 1311(1). (4) 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.