Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(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.