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

86   After section 1317DAT

Insert:

Division 3 - Infringement notices given by Financial Services and Credit Panels

1317DATA Application of Division

This Division applies in relation to an infringement notice given to a person by a Financial Services and Credit Panel.

1317DATB Payment period, extension of time and payment by instalments

(1) Sections 1317DAQ, 1317DAR and 1317DAS apply, in relation to an infringement notice given to a person by a Financial Services and Credit Panel, with the modifications provided for in subsections (2) to (6) of this section.

(2) The following provisions apply, in accordance with subsection (1), as if any reference in them to ASIC were a reference to the Chair of the panel:

(a) subsections 1317DAQ(2) to (5);

(b) subsections 1317DAR(2) to (5);

(c) subsections 1317DAS(2) to (5).

(3) The following provisions apply, in accordance with subsection (1), as if any reference in them to ASIC were a reference to the panel:

(a) subsection 1317DAR(1);

(b) subsection 1317DAS(1).

(4) Section 1317DAQ applies, in accordance with subsection (1) of this section, as if subsection 1317DAQ(6) were omitted and the following subsection substituted:

"(6) If the panel under subsection 1317DATC(3) refuses, or under subsection 1317DATC(5) is taken to refuse, a representation made for the notice to be withdrawn, the payment period ends on the later of the following days:

(a) the last day of the period that, without the withdrawal, would be the payment period for the notice;

(b) the day that is 7 days after the day the person was given notice of the panel's decision not to withdraw the notice;

(c) the day that is 7 days after the day on which the panel is taken to have refused to withdraw the infringement notice.".

(5) Section 1317DAR applies, in accordance with subsection (1) of this section, as if paragraph 1317DAR(2)(b) were omitted and the following paragraph substituted:

"(b) if ASIC requests, in writing, that the Chair of the panel that gave the infringement notice extend the period.".

(6) Section 1317DAS applies, in accordance with subsection (1) of this section, as if paragraph 1317DAS(2)(b) were omitted and the following paragraph substituted:

"(b) if ASIC requests, in writing, that the Chair of the panel that gave the infringement notice make such an arrangement.".

1317DATC Withdrawal of an infringement notice given by a Financial Services and Credit Panel

Representations seeking withdrawal of notice

(1) A person to whom an infringement notice has been given by a Financial Services and Credit Panel may, within 28 days after the infringement notice is given, make written representations to ASIC seeking the withdrawal of the notice.

Withdrawal of notice

(2) ASIC may request a Financial Services and Credit Panel (whether or not the panel gave the infringement notice to the person) to make a decision under subsection (3) in relation to the infringement notice if:

(a) a person makes representations in relation to the notice under subsection (1); or

(b) ASIC is satisfied that there has been a change in any of the circumstances on the basis of which the notice was given to the person.

(3) If ASIC makes a request under subsection (2), the panel must, within 14 days after it is made:

(a) decide to withdraw, or refuse to withdraw, the infringement notice; and

(b) give the person a written notice of its decision.

(4) When deciding whether to withdraw, or refuse to withdraw, the infringement notice, the panel:

(a) must take into account any written representations seeking the withdrawal that were given by the person to ASIC in accordance with subsection (1); and

(b) may take into account the following:

(i) whether a court has previously imposed a penalty on the person for a contravention of a provision of this Act;

(ii) the circumstances of the alleged contravention of the restricted civil penalty provision to which the notice relates;

(iii) whether the person has paid an amount, stated in an earlier infringement notice, for a contravention of a provision of this Act;

(iv) any other matter the panel considers relevant.

(5) If the panel does not comply with subsection (3):

(a) the panel is taken to have refused to withdraw the infringement notice; and

(b) the refusal is taken to have occurred on the last day of the 14 day period.

Refund of amount if infringement notice withdrawn

(6) If:

(a) the panel withdraws the infringement notice; and

(b) the person has already paid all or part of the amount stated in the notice;

ASIC must refund to the person an amount equal to the amount paid.