(1) Before giving a recipient an infringement notice, ASIC must:
(a) give the recipient a written statement that sets out ASIC's reasons for believing that the recipient has contravened a rule; and
(b) give the recipient, or a representative of the recipient, an opportunity to:
(i) appear at a private hearing before ASIC; and
(ii) give evidence to ASIC; and
(iii) make submissions to ASIC;
in relation to the alleged contravention of the rule.
(2) If a recipient, or a representative of a recipient, gives ASIC evidence or information under paragraph (1)(b), the evidence or information is not admissible in evidence in any proceedings against the recipient, other than proceedings relating to the evidence or information being false or misleading.