Section 908BV — Corporations Act 2001: ASIC’s power to give directions requiring reports

(1) ASIC may, in writing, direct a benchmark administrator licensee to give ASIC a report that: (a) deals with specified matters; and (b) if ASIC requires—includes an audit statement on the licensee’s report on those matters. (2) A direction under subsection (1) must specify: (a) a reasonable period for giving ASIC the report; and (b) if paragraph (1)(b) applies—a person or body that is suitably qualified to prepare the audit statement. (4) A person commits an offence if: (a) the person is a benchmark administrator licensee; and (b) the person is given a direction under subsection (1); and (c) the person fails to comply with the direction. Penalty: 100 penalty units. (5) A direction under subsection (1) is not a legislative instrument.