Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12GLC

Contraventions

  (1)   ASIC may issue to the public a written notice containing a warning about the conduct of a person if:

  (a)   ASIC has reasonable grounds to suspect that the conduct may constitute a contravention of a provision of Subdivision BA, C or D; and

  (b)   ASIC is satisfied that one or more other persons has suffered, or is likely to suffer, detriment as a result of the conduct; and

  (c)   ASIC is satisfied that it is in the public interest to issue the notice.

Substantiation notices

  (2)   Without limiting subsection   (1), if:

  (a)   a person refuses to respond to a substantiation notice given to the person, or fails to respond to the notice before the end of the substantiation notice compliance period for the notice; and

  (b)   ASIC is satisfied that it is in the public interest to issue a notice under this subsection;

ASIC may issue to the public a written notice containing a warning that the person has refused or failed to respond to the substantiation notice within that period, and specifying the matter to which the substantiation notice related.

Notice is not a legislative instrument

  (3)   A notice issued under subsection   (1) or (2) is not a legislative instrument.