Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC must decide an application lodged under this Subdivision within the 90 - day period starting on the day the application was lodged. This subsection has effect subject to subsections (2), (3) and (5).
(2) Before the end of the period mentioned in subsection (1):
(a) ASIC may, by written notice given to the applicant, extend the period by up to 30 days; and
(b) if ASIC does so, this section has effect as if references to the period mentioned in subsection (1) were references to the period as so extended.
Stopping the clock
(3) In working out the period mentioned in subsection (1), disregard:
(a) the period:
(i) starting on the day ASIC gives the applicant a notice under section 852DP requesting information about the application; and
(ii) ending on the day the applicant gives ASIC all of the information requested under, or ASIC otherwise disposes of, the notice; and
(b) any day on which ASIC believes relevant information currently before ASIC, that was provided by the applicant in relation to the application, is incorrect.
Deemed approval
(4) If ASIC has not decided the application by the end of the period mentioned in subsection (1):
(a) ASIC is taken to have granted whatever was applied for on the day after the end of that period; and
(b) as soon as practicable afterwards, ASIC must give a notice to that effect to:
(i) the applicant; and
(ii) the controlled Australian financial body concerned.
Application of this section
(5) This section does not apply in relation to an application lodged under section 852DG or 852DM if an unacceptable control situation exists in relation to the applicant and the controlled Australian financial body concerned at any time before ASIC decides the application.