Corporations Act 2001

CHAPTER 9 - MISCELLANEOUS  

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

SECTION 1317DAI   WITHDRAWAL OF INFRINGEMENT NOTICE  

Disclosing entity may seek withdrawal

1317DAI(1)    
If an infringement notice is issued to a disclosing entity, the disclosing entity may make written representations to ASIC seeking the withdrawal of the infringement notice.

1317DAI(2)    
Evidence or information that a representative of the disclosing entity gives ASIC in the course of making representations under subsection (1) 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).

Withdrawal

1317DAI(3)    
Subject to subsection (4) , ASIC may withdraw the infringement notice (whether or not the disclosing entity has made representations seeking the withdrawal) if ASIC is satisfied that it is appropriate to do so.

1317DAI(4)    
ASIC must not withdraw the infringement notice if subsection 1317DAF(3) is satisfied.

Withdrawal notice

1317DAI(5)    
The withdrawal must be made by notice in writing and must be given to the disclosing entity.

1317DAI(6)    
The withdrawal notice must state:

(a)    the name and address of the disclosing entity; and

(b)    the day on which the infringement notice was issued to the disclosing entity; and

(c)    that the infringement notice is withdrawn; and

(d) (Repealed)

(e)    that a prosecution for an offence based on the provision specified in the infringement notice may be brought against the disclosing entity.

Refund of penalty

1317DAI(7)    
If:

(a)    the disclosing entity pays the penalty specified in the infringement notice; and

(b)    the infringement notice is withdrawn after the disclosing entity pays the penalty;

ASIC must refund to the disclosing entity an amount equal to the amount paid.