CORPORATIONS ACT 2001 - SECT 921Q Recommendations to ASIC in relation to restricted civil penalty provisions

CORPORATIONS ACT 2001 - SECT 921Q

  (1)   If a Financial Services and Credit Panel reasonably believes that:

  (a)   a person has contravened a restricted civil penalty provision; and

  (b)   the person was a relevant provider at the time of the alleged contravention;

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).

  (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 person.

  (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.