(1) A Financial Services and Credit Panel must give a written notice (a proposed action notice ) to a relevant provider if the panel proposes to:
(a) make an instrument under subsection 921K(1) in relation to the relevant provider because of circumstances (the relevant circumstances ) mentioned in that subsection; or
(b) give the relevant provider an infringement notice for the alleged contravention by the relevant provider of a restricted civil penalty provision.
(2) The proposed action notice must:
(a) set out details of the action proposed to be taken, including:
(i) for an action mentioned in paragraph (1)(a)--the relevant circumstances; and
(ii) for an action mentioned in paragraph (1)(b)--the alleged contravention and the amount to be stated in the infringement notice for the purposes of paragraph 1317DAP(1)(f); and
(b) invite the relevant provider to do either of the following within the period of 28 days beginning on the day the notice is given (or such longer period as is approved by the panel) (the response period ):
(i) make a submission, in writing, in relation to the action;
(ii) make a request, in writing, that the panel hold a hearing under Division 4 of Part 9 of the ASIC Act in relation to the action; and
(c) inform the relevant provider that if no submission or request for a hearing is made within the response period, the panel may take the action; and
(d) for an action mentioned in paragraph (1)(a)--inform the relevant provider that if the panel makes an instrument under subsection 921K(1), the Registrar may be required to enter details of the instrument in the records maintained under section 922A.