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Recommendations to ASIC in relation to restricted civil penalty provisions

             (1)  If a Financial Services and Credit Panel reasonably believes that:

                     (a)  a person has contravened a restricted civil penalty provision; and

                     (b)  the person was a relevant provider at the time of the alleged contravention;

the panel may, by written notice given to ASIC, recommend that ASIC make an application under subsection 1317J(1) in relation to the alleged contravention.

Note:          If ASIC decides to not follow the panel's recommendation, ASIC must report on the recommendation and ASIC's reasons for not following it (see subparagraph 136(1)(da)(iv) of the ASIC Act).

             (2)  Subsection (1) applies whether or not the panel also makes an instrument under subsection 921K(1) in relation to the alleged contravention by the person.

             (3)  Each of the following is a restricted civil penalty provision :

                     (a)  subsection 921BA(5);

                     (b)  subsection 921BB(4);

                     (c)  subsection 921E(3);

                     (d)  subsection 921F(8);

                     (e)  section 921Y.

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