Financial Sector Reform (Hayne Royal Commission Response - Better Advice) Act 2021 (115 of 2021)

Schedule 1   Initial amendments

Part 1   Main amendments

Corporations Act 2001

90   After subsection 1317J(1)

Insert:

(1A) However, ASIC must not make an application under subsection (1) in relation to an alleged contravention of a restricted civil penalty provision unless:

(a) a Financial Services and Credit Panel has given ASIC a notice under subsection 921Q(1) in relation to the alleged contravention; or

(b) both of the following apply:

(i) a Financial Services and Credit Panel has given a person an infringement notice for the alleged contravention;

(ii) the person has not paid the amount that is payable under the infringement notice within the payment period for the infringement notice.