Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.8.05E

Statement of reasons must be given

             (1)  Before giving a recipient a client money reporting 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 client money reporting 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 client money reporting rule .

             (2)  If a recipient, or a representative of a recipient, gives ASIC evidence or information under paragraph (1)(b) in relation to the alleged contravention of a client money reporting rule , 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.



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