Section 904K — Corporations Act 2001: Directions relating to derivative trade data if repository ceases to be licensed

(1) This section applies to derivative trade data that was being retained in a derivative trade repository before the repository ceased to be a licensed derivative trade repository. (2) ASIC may give a written direction to a person referred to in subsection (3): (a) requiring the person to deal, in a specified way, with derivative trade data to which this section applies; or (b) imposing limitations on the use or disclosure by the person of derivative trade data to which this section applies. Note: A direction could, for example, require the person: (a) to destroy all records of the data over which the person has control; or (b) to transfer all records of the data over which the person has control to a licensed derivative trade repository or a prescribed derivative trade repository. (3) The direction may be given to: (a) the operator, or former operator, of the repository; or (b) an officer or employee, or a former officer or employee, of the operator, or former operator, of the repository. (4) While the direction has effect, the person to whom the direction is given must comply with the direction. Note: Failure to comply with this subsection is an offence (see subsection 1311(1)). (5) If the person to whom the direction is given fails to comply with the direction, ASIC may apply to the Court for, and the Court may make, an order that the person comply with the direction. (6) The direction has effect until it is revoked under subsection (7). (7) ASIC may vary or revoke the direction by giving written notice to the person to whom the direction was given.