Corporations Act 2001

CHAPTER 9 - MISCELLANEOUS  

PART 9.4AA - INFRINGEMENT NOTICES FOR ALLEGED CONTRAVENTIONS OF CONTINUOUS DISCLOSURE PROVISIONS  

SECTION 1317DAD   STATEMENT OF REASONS MUST BE GIVEN  

1317DAD(1)   Statement of reasons.  

Before issuing the infringement notice, ASIC must:

(a) give the disclosing entity a written statement that sets out ASIC's reasons for believing that the disclosing entity has contravened subsection 674(2) or 675(2) ; and

(b) give a representative of the disclosing entity an opportunity to:

(i) appear at a private hearing before ASIC; and

(ii) give evidence to ASIC; and

(iii) make submissions to ASIC;

in relation to the alleged contravention of subsection 674(2) or 675(2) .

1317DAD(2)   [ Consultation with relevant market operator]  

If the disclosing entity is a listed disclosing entity, ASIC must consult with the relevant market operator for the disclosing entity before giving the disclosing entity the statement under this subsection.

1317DAD(3)   [ When consultation not required]  

ASIC does not need to consult the relevant market operator under subsection (2) if:

(a) the disclosing entity is the relevant market operator; or

(b) the disclosing entity conducts a business in competition with a business conducted by the relevant market operator.

1317DAD(4)   Limit on the use of evidence or information given to ASIC.  

Evidence or information that a representative of the disclosing entity gives ASIC under paragraph (1)(b) in relation to the alleged contravention of subsection 674(2) or 675(2) is:

(a) not admissible in evidence against the disclosing entity in any proceedings; and

(b) not admissible in evidence against a representative of the disclosing entity in any proceedings (other than proceedings for an offence based on the evidence or information given being false or misleading).