Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC may accept a written undertaking given by the responsible entity of a registered scheme in connection with a matter:
(a) concerning the registered scheme; and
(b) in relation to which ASIC has a power or function under the corporations legislation (other than the excluded provisions).
(2) The responsible entity may withdraw or vary the undertaking at any time, but only with ASIC's consent.
(3) If ASIC considers that the responsible entity has breached any of the terms of the undertaking, ASIC may apply to the Court for an order under subsection (4).
(4) If the Court is satisfied that the responsible entity has breached a term of the undertaking, the Court may make all or any of the following orders:
(a) an order directing the responsible entity to comply with that term of the undertaking;
(b) an order directing the responsible entity to transfer to scheme property an amount up to the amount of any financial benefit that the responsible entity has obtained directly or indirectly and that is reasonably attributable to the breach;
(c) any order that the Court considers appropriate directing the responsible entity to compensate any person who has suffered loss or damage as a result of the breach;
(d) any other order that the Court considers appropriate.
(5) ASIC must keep a record of the full text of the undertaking.
(6) ASIC must make available to a person who asks for it a copy of the text of the undertaking, but ASIC must delete from the copy information:
(a) that the responsible entity has asked it not to release; and
(b) that ASIC is satisfied:
(i) is commercial in confidence; or
(ii) should not be disclosed because it would be against the public interest to do so; or
(iii) consists of personal details of an individual.
(7) If ASIC makes available a copy that has information deleted from it, the copy must include a note stating that information has been deleted.