223 Australian Securities and Investments Commission

Act & Section

223 Australian Securities and Investments Commission

Type

Costs - Companies Auditors Disciplinary Board

Process

ASIC Act - Hearings by Disciplinary Board

What

Costs regime

Observations

s.223 provides a regime for costs to be ordered.

(1)   Where the Panel holds a hearing in accordance with s. 1294(1) Corporations Act [Powers of Board in relation to auditors] relation to a person who is an auditor, and the Panel cancels or suspends the registration of the auditor or:

                         i.         Admonishes or reprimands them;

                       ii.          Or requires an undertaking to do or not do something;

the Panel may require the person to pay, some or part of:

(a)   The costs of an incidental to the hearing; or

(b)   The costs of ASIC or APRA in relation to the hearing; or

(c)    Both the costs in (a) and (b).

(2)   Where the Panel holds a hearing and the Panel refuses to make the orders against the auditor, ASIC or APRA may be compelled to pay the costs of the auditor in the same scheme as (1).

(3)   Where costs are ordered under (1) or (2) above, they may be recovered through the courts as a debt.

(4)   Where the Panel orders costs against the auditor of the hearing, ASIC or APRA may also recover the costs incidental to the hearing in court as a debt to the Commonwealth.

(5)   Where the Panel orders costs against ASIC or APRA of the hearing, the auditor may also recover the costs incidental to the hearing in court as a debt to the auditor.