CORPORATIONS REGULATIONS 2001 - REG 7.5A.109 Extension of compliance period

CORPORATIONS REGULATIONS 2001 - REG 7.5A.109

  (1)   During the compliance period, a recipient may apply, in writing, to ASIC for a further period of no more than 28 days in which to comply with the infringement notice.

  (2)   The application must:

  (a)   specify the infringement notice's unique code; and

  (b)   set out the reasons for the application.

  (3)   Within 14 days after receiving the application, ASIC must:

  (a)   grant or refuse a further period no longer than the period sought (and no more than 28 days); and

  (b)   notify the recipient in writing of the decision and, if the decision is a refusal, the reasons for the decision.

  (4)   If ASIC refuses a further period under paragraph   (3)(a), the recipient may not make a further application under subregulation   (1) in relation to that infringement notice.

  (5)   If ASIC has not granted or refused a further period under paragraph   (3)(a) within 14 days after receiving the application, ASIC is taken to have refused the further period.