Trade Practices Amendment (Australian Consumer Law) Act (No. 1) 2010 (44 of 2010)

Schedule 3   Amendment of corporations legislation

Part 7   Public warning notices

Australian Securities and Investments Commission Act 2001

32   After section 12GLB

Insert:

12GLC ASIC may issue a public warning notice

Contraventions

(1) ASIC may issue to the public a written notice containing a warning about the conduct of a person if:

(a) ASIC has reasonable grounds to suspect that the conduct may constitute a contravention of a provision of Subdivision C or D; and

(b) ASIC is satisfied that one or more other persons has suffered, or is likely to suffer, detriment as a result of the conduct; and

(c) ASIC is satisfied that it is in the public interest to issue the notice.

Substantiation notices

(2) Without limiting subsection (1), if:

(a) a person refuses to respond to a substantiation notice given to the person, or fails to respond to the notice before the end of the substantiation notice compliance period for the notice; and

(b) ASIC is satisfied that it is in the public interest to issue a notice under this subsection;

ASIC may issue to the public a written notice containing a warning that the person has refused or failed to respond to the substantiation notice within that period, and specifying the matter to which the substantiation notice related.

Notice is not a legislative instrument

(3) A notice issued under subsection (1) or (2) is not a legislative instrument.