Section 912C — Corporations Act 2001: Direction to provide a statement

(1) ASIC may, by giving written notice to a financial services licensee, direct the licensee to give to ASIC a written statement containing the specified information about: (a) the financial services provided by the licensee or its representatives; or (b) the financial services business carried on by the licensee; or (c) for the purposes of considering whether the requirement in section 913BA (fit and proper person test) is satisfied in relation to the licensee and the licence—any matters mentioned in section 913BB in relation to a person mentioned in a paragraph of subsection 913BA(1). (1A) Notices under subsection (1): (a) may be sent out at any time; and (b) may be sent to one or more particular licensees, or to each licensee in one or more classes of licensee, or to all licensees; and (c) may all require the same information, or may contain differences as to the information they require; and (d) may require a statement containing information to be provided on a periodic basis, or each time a particular event or circumstance occurs, without ASIC having to give a further written notice; and (e) may require a statement containing information to be given in a specified manner (including in electronic form). (2) ASIC may also, by giving written notice to the licensee, direct the licensee to obtain an audit report, prepared by a suitably qualified person specified in the notice, on a statement, or each statement in a class of statements, under subsection (1) before the statement is given to ASIC. (3) The licensee must comply with a direction given under this section: (a) within the time specified in the direction if that is a reasonable time; or (b) in any other case—within a reasonable time. ASIC may extend the time within which the licensee must comply with the direction by giving written notice to the licensee. Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).