Commonwealth Consolidated Acts

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Notice of decision and review rights

             (1)  Subject to subsection (2), ASIC must take such steps as are reasonable in the circumstances to give to each person whose interests are affected by a decision under section 655A a notice, in writing or otherwise:

                     (a)  of the making of the decision; and

                     (b)  of the person's right to have the decision reviewed by the Panel under section 656A.

             (2)  Subsection (1) does not require ASIC to give notice to a person affected by the decision or to the persons in a class of persons affected by the decision, if ASIC determines that giving notice to the person or persons is not warranted, having regard to:

                     (a)  the cost of giving notice to the person or persons; and

                     (b)  the way in which the interests of the person or persons are affected by the decision.

             (3)  A failure to comply with this section does not affect the validity of the decision.

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