Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 7.2A.10

  (1)   Subject to subregulation   (3), if:

  (a)   an infringement notice is given to a recipient in relation to an alleged contravention of subsection   798H(1) of the Act; and

  (b)   the infringement notice is not withdrawn; and

  (c)   the recipient complies with the infringement notice;

the effects in subregulation   (2) apply.

  (2)   The effects are:

  (a)   any liability of the recipient to the Commonwealth for the alleged contravention of subsection   798H(1) of the Act is discharged; and

  (b)   no civil or criminal proceedings may be brought or continued by the Commonwealth against the recipient for the conduct specified in the infringement notice as being the conduct that made up the alleged contravention of subsection   798H(1) of the Act; and

  (c)   no administrative action may be taken by ASIC under section   914A, 915B, 915C or 920A of the Act against the recipient for the conduct specified in the infringement notice as being the conduct that made up the alleged contravention of subsection   798H(1) of the Act; and

  (d)   the recipient is not taken to have admitted guilt or liability in relation to the alleged contravention; and

  (e)   the recipient is not taken to have contravened subsection   798H(1) of the Act.

Note:   Third parties are not prevented from commencing civil proceedings against the recipient, including under sections   793C and 1101B of the Act, and under section   1317J of the Act in relation to sections   1317G and 1317HB of the Act. ASIC is not prevented from applying for an order on behalf of a plaintiff in accordance with the Act .

  (3)   Subregulation (2) does not apply if the recipient has knowingly:

  (a)   provided false or misleading information to ASIC; or

  (b)   withheld evidence or information from ASIC;

in relation to the alleged contravention of subsection   798H(1) of the Act.