Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A Financial Services and Credit Panel may accept a written undertaking given by a person in connection with a matter in relation to which the panel may make an instrument under subsection 921K(1) of the Corporations Act (power of Financial Services and Credit Panels to take action against relevant providers).
Variation or withdrawal of undertaking
(2) The person may apply to ASIC to withdraw or vary the undertaking.
(3) If the person makes an application under subsection (2), ASIC must decide to:
(a) request a Financial Services and Credit Panel to decide whether it consents to the person withdrawing or varying the undertaking; or
(b) refuse to make such a request.
(4) The person may withdraw or vary the undertaking only if:
(a) ASIC makes a request of a Financial Services and Credit Panel under paragraph (3)(a) in relation to the variation or withdrawal; and
(b) the panel consents to the variation or withdrawal.
Enforcement of undertaking
(5) If ASIC considers that the person who gave the undertaking has breached any of its terms, ASIC may apply to the Court for an order under subsection (6).
(6) If the Court is satisfied that the person has breached a term of the undertaking, the Court may make all or any of the following orders:
(a) an order directing the person to comply with that term of the undertaking;
(b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach;
(c) any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach;
(d) any other order that the Court considers appropriate.