Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.2A - SUPERVISION OF FINANCIAL MARKETS  

Division 7.2A.2 - Infringement notices  

REGULATION 7.2A.09   EXTENSION OF COMPLIANCE PERIOD  

7.2A.09(1)   [ Application during compliance period]  

During the compliance period, a recipient may apply, in writing, to ASIC for a further period of no more than 28 days in which to comply with the infringement notice.

7.2A.09(2)   [ Requirements for application]  

The application must:

(a) specify the infringement notice ' s unique identification code; and

(b) set out the reasons for the application.

7.2A.09(3)   [ Requirements for ASIC ' s decision]  

Within 14 days after receiving the application, ASIC must:

(a) grant or refuse a further period no longer than the period sought (and no more than 28 days); and

(b) notify the recipient in writing of the decision and, if the decision is a refusal, the reasons for the decision.

7.2A.09(4)   [ No further applications]  

If ASIC refuses a further period under paragraph (3)(a), the recipient may not make a further application under subregulation (1) in relation to that infringement notice.

7.2A.09(5)   [ Deemed refusal to extend]  

If ASIC has not granted or refused a further period under paragraph (3)(a) within 14 days after receiving the application, ASIC is taken to have refused a further period.