Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC may accept a written undertaking given by the operator of a notified foreign passport fund in connection with a matter:
(a) concerning the fund; and
(b) in relation to which ASIC has a power or function under the corporations legislation (other than the excluded provisions).
(2) The operator may withdraw or vary the undertaking at any time, but only with ASIC's consent.
(3) If ASIC considers that the operator 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 operator has breached a term of the undertaking, the Court may make all or any of the following orders:
(a) an order directing the operator to comply with that term of the undertaking;
(b) an order directing the operator to transfer to fund property an amount up to the amount of any financial benefit that the operator has obtained directly or indirectly and that is reasonably attributable to the breach;
(c) any order that the Court considers appropriate directing the operator 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 operator 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.