Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.5A - REGULATION OF DERIVATIVE TRANSACTIONS AND DERIVATIVE TRADE REPOSITORIES  

Division 2 - Regulation of derivative transactions: derivative transaction rules  

Subdivision 2.3 - Infringement notices  

REGULATION 7.5A.109   EXTENSION OF COMPLIANCE PERIOD  

7.5A.109(1)    
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.

7.5A.109(2)    
The application must:


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


(b) set out the reasons for the application.

7.5A.109(3)    
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.

7.5A.109(4)    
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.

7.5A.109(5)    
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 the further period.


 

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