Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Commissioner may accept any of the following undertakings:
(a) a written undertaking given by a registered entity that is a federally regulated entity that the entity will, in order to comply with a provision enforceable under this Division, take specified action;
(b) a written undertaking given by a registered entity that is a federally regulated entity that the entity will, in order to comply with a provision enforceable under this Division, refrain from taking specified action;
(c) a written undertaking given by a registered entity that is a federally regulated entity that the entity will take specified action directed towards ensuring that:
(i) the entity does not contravene a provision enforceable under this Division in the future; or
(ii) it is more likely than not that the entity will not contravene such a provision in the future.
(2) The Commissioner may accept any of the following undertakings:
(a) a written undertaking given by a registered entity that the entity will, in order to comply with an external conduct standard, take specified action;
(b) a written undertaking given by a registered entity that the entity will, in order to comply with an external conduct standard, refrain from taking specified action;
(c) a written undertaking given by a registered entity that the entity will take specified action directed towards ensuring that:
(i) the entity does not fail to comply with an external conduct standard in the future; or
(ii) the entity is more likely than not to comply with such a standard in the future.
(3) The undertaking must be expressed to be an undertaking under this section.
Note: Information relating to undertakings may be placed on the Register in accordance with Division 40.
(4) The entity may withdraw or vary the undertaking at any time, but only with the written consent of the Commissioner.
(5) The written consent of the Commissioner is not a legislative instrument.
(6) The Commissioner may, by written notice given to the entity, cancel the undertaking.