Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 8B - Action against relevant providers  

Subdivision B - Proposed action notices etc.  

SECTION 921Q   RECOMMENDATIONS TO ASIC IN RELATION TO RESTRICTED CIVIL PENALTY PROVISIONS  

921Q(1)  
If a Financial Services and Credit Panel reasonably believes that a relevant provider has contravened a restricted civil penalty provision, the panel may, by written notice given to ASIC, recommend that ASIC make an application under subsection 1317J(1) in relation to the alleged contravention.

Note: If ASIC decides to not follow the panel ' s recommendation, ASIC must report on the recommendation and ASIC ' s reasons for not following it (see subparagraph 136(1)(da)(iv) of the ASIC Act).

921Q(2)  
Subsection (1) applies whether or not the panel also makes an instrument under subsection 921K(1) in relation to the alleged contravention by the relevant provider.

921Q(3)  
Each of the following is a restricted civil penalty provision :

(a)  subsection 921BA(5) ;

(b)  subsection 921BB(4) ;

(c)  subsection 921E(3) ;

(d)  subsection 921F(8) ;

(e)  section 921Y .