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.11   APPLICATION TO WITHDRAW INFRINGEMENT NOTICE  

7.2A.11(1)   [ Application during compliance period]  

During the compliance period, a recipient of an infringement notice may apply, in writing, to ASIC for the infringement notice to be withdrawn.

7.2A.11(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.11(3)   [ Requirements for ASIC ' s decision]  

Within 14 days after receiving the application, ASIC must:

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

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

7.2A.11(4)   [ Matters taken into account]  

Without limiting subregulation (3), ASIC may withdraw the infringement notice after taking into account the following matters:

(a) whether the recipient has previously been found to have contravened subsection 798H(1) of the Act;

(b) the circumstances in which the contravention set out in the infringement notice is alleged to have occurred;

(c) whether an infringement notice has previously been given to the recipient in relation to an alleged contravention of subsection 798H(1) of the Act, and whether the recipient complied with the infringement notice;

(d) any other relevant matter.

7.2A.11(5)   [ No further applications]  

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

7.2A.11(6)   [ Deemed refusal to withdraw]  

If ASIC has not withdrawn, or refused to withdraw, the infringement notice within 14 days after receiving the application, ASIC is taken to have refused to withdraw the infringement notice.