Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.5A.109

Extension of compliance period

             (1)  During the compliance period, a recipient may apply, in writing, to ASIC for a further period of no more than 28 days in which to comply with the infringement notice.

             (2)  The application must:

                     (a)  specify the infringement notice's unique code; and

                     (b)  set out the reasons for the application.

             (3)  Within 14 days after receiving the application, ASIC must:

                     (a)  grant or refuse a further period no longer than the period sought (and no more than 28 days); and

                     (b)  notify the recipient in writing of the decision and, if the decision is a refusal, the reasons for the decision.

             (4)  If ASIC refuses a further period under paragraph (3)(a), the recipient may not make a further application under subregulation (1) in relation to that infringement notice.

             (5)  If ASIC has not granted or refused a further period under paragraph (3)(a) within 14 days after receiving the application, ASIC is taken to have refused the further period.



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