Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If, under subsection 921K(1), a Financial Services and Credit Panel makes an instrument in relation to a person (the affected person ), the panel must:
(a) give a copy of the instrument to the affected person; and
(b) at the same time, give a copy of the instrument to:
(i) ASIC; and
(ii) if the affected person is authorised to provide personal advice to retail clients, on behalf of a financial services licensee, in relation to relevant financial products--the licensee; and
(c) at the same time, give the affected person a written notice informing the affected person of their right to make an application under subsection 921N(3) in relation to the instrument.
Note: ASIC must enter details of certain instruments in the Register of Relevant Providers (see paragraph 922Q(2)(uc)).
(2) A copy of an instrument given to a person under paragraph (1)(a) or (b) must be accompanied by a statement of reasons for the decision to make the instrument.
(3) A failure to comply with subsection (1) or (2) in relation to an instrument does not affect the validity of the instrument.