(1) During the compliance period, a recipient of an infringement notice may apply, in writing, to ASIC for the infringement notice to be withdrawn.
(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) withdraw or refuse to withdraw the infringement notice; and
(b) notify the recipient in writing of the decision and, if the decision is a refusal, the reasons for the decision.
(4) Without limiting subregulation (3), ASIC may withdraw the infringement notice after taking into account the following matters:
(a) whether the recipient has previously been found to have contravened the rule to which the notice relates;
(b) the circumstances in which the contravention set out in the infringement notice is alleged to have occurred;
(c) whether an infringement notice has previously been given to the recipient in relation to an alleged contravention of the rule to which the notice relates, and whether the recipient complied with the infringement notice;
(d) any other relevant matter.
(5) If, under paragraph (3)(a), ASIC refuses to withdraw the infringement notice, the recipient may not make a further application under subregulation (1) in relation to that infringement notice.
(6) If ASIC has not withdrawn, or refused to withdraw, the infringement notice within 14 days after receiving the application, ASIC is taken to have refused to withdraw the infringement notice.