Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section has effect where a person, in the course of:
(a) performing functions or services as a staff member, otherwise than because the person is:
(i) a person employed under section 120; or
(ii) an officer or employee of an Agency, within the meaning of the Public Service Act 1999 , whose services are made available under section 122; or
(b) performing a function, or exercising a power, as an ASIC delegate; or
(c) performing functions or services by way of assisting an ASIC delegate;
is required to consider a matter in which the person has a direct or indirect pecuniary or other interest that could involve a conflict with the proper performance or exercise by the person of those functions, services or powers.
(2) The person must forthwith give to ASIC a written notice:
(a) stating that he or she is required to consider the matter and has an interest in it; and
(b) setting out particulars of the interest.
(3) The person must not intentionally or recklessly fail to do whatever is necessary to avoid the conflict referred to in subsection (1).
Penalty: 1 year imprisonment.