s 20A Power to issue written directions
20A.—(1) The Authority may, for any of the following reasons, issue written directions, either of a general nature or of a specific nature, to any person or class of persons specified in subsection (2):(a) the Authority thinks it is necessary or expedient for ensuring the integrity and proper management of a designated system; (b) the Authority thinks it is necessary or expedient for the effective administration of this Act; (c) the Authority thinks it is otherwise in the interests of the public or a section of the public.[4/2018] (2) If the Authority issues any written direction under subsection (1) to any of the following persons or classes of persons, that person or class of persons must comply with that direction:(a) any participant or class of participants of a designated system; (b) any operator or class of operators of a designated system; (c) any settlement institution or class of settlement institutions of a designated system; (d) any collateral holder or class of collateral holders of a designated system.[4/2018] (3) Without limiting subsection (1), a written direction issued under that subsection may relate to any of the following matters:(a) the appropriate actions to be taken by any person specified in subsection (2), or by any person belonging to a class of persons specified in subsection (2), in relation to that person’s business; (b) the Rules of a designated system; (c) the conditions that will apply if any function of an operator or a settlement institution of a designated system is outsourced.[4/2018] (4) A written direction issued under subsection (1) need not be published in the Gazette.[4/2018] (5) The Authority may at any time vary or revoke any written direction issued under subsection (1).[4/2018] (6) Any person who fails to comply with a written direction issued under subsection (1) to that person, or to a class of persons to whom that person belongs, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part of a day during which the offence continues after conviction.[4/2018]