Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) On receiving the request, APRA:
(a) must reconsider the decision; and
(b) may, in such manner as APRA thinks fit:
(i) confirm the decision; or
(ii) revoke the decision; or
(iii) vary the decision.
(2) If APRA does not confirm, revoke or vary a decision within the period of 21 days after receiving the request to reconsider the decision, APRA is, at the end of that period, taken to have confirmed the decision under subsection (1).
(3) If APRA confirms, revokes or varies a decision (including because of the application of subsection (2)) by the end of the period referred to in subsection (2), APRA must serve a notice on the person who made the request. The notice must:
(a) inform the person of the result of APRA's reconsideration of the decision; and
(b) include a statement of reasons for the decision (within the meaning of the Administrative Review Tribunal Act 2024 ); and
(e) include a statement that:
(i) the person may, if dissatisfied with the decision, seek a reconsideration of the decision; and
(ii) a person whose interests are affected by the decision may, subject to the Administrative Review Tribunal Act 2024 , if dissatisfied with the decision, apply to the Administrative Review Tribunal for a review of the decision so confirmed or varied.
(4) Any failure to comply with the requirements of subsection (3) in relation to a decision does not affect the validity of the decision.