Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p36
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 36/49)
Character Range: 1071970–1074952

section 1101B of the Act. ASIC is not prevented from applying for an order on behalf of a plaintiff in accordance with the Act.
 (3) Subregulation (2) does not apply if the recipient has knowingly:
 (a) provided false or misleading information to ASIC; or
 (b) withheld evidence or information from ASIC;
in relation to the alleged contravention of the client money reporting rule.

7.8.05L  Application to withdraw client money reporting infringement notice
 (1) During the client money reporting infringement notice period, a recipient of a client money reporting infringement notice may apply, in writing, to ASIC for the infringement notice to be withdrawn.
 (2) The application must:
 (a) specify the client money reporting infringement notice's unique identification code; and
 (b) set out the reasons for the application.
 (3) Within 14 days after receiving the application, ASIC must:
 (a) withdraw or refuse to withdraw the client money reporting infringement notice; and
 (b) notify the recipient in writing of the decision and, if the decision is a refusal, the reasons for the decision.
 (4) In deciding whether to withdraw the client money reporting infringement notice, ASIC may take the following matters into account:
 (a) whether the recipient has previously been found to have contravened subsection 981M(1) of the Act;
 (b) the circumstances in which the contravention set out in the infringement notice is alleged to have occurred;
 (c) whether an infringement notice has previously been given to the recipient in relation to an alleged contravention of subsection 981M(1) of the Act, and whether the recipient complied with the infringement notice;
 (d) any other relevant matters.
 (5) If ASIC refuses to withdraw the client money reporting infringement notice, the recipient may not make a further application under subregulation (1) in relation to that infringement notice.
 (6) If ASIC has not withdrawn, or refused to withdraw, the client money reporting infringement notice within 14 days after receiving the application, ASIC is taken to have refused to withdraw the infringement notice.

7.8.05M  Withdrawal of client money reporting infringement notice by ASIC
 (1) ASIC may withdraw a client money reporting infringement notice given by ASIC without an application under regulation 7.8.05L having been made.
 (2) In deciding whether to withdraw a client money reporting infringement notice under this regulation, ASIC may take the matters referred to in subregulation 7.8.05L(4) into account.

7.8.05N  Notice of withdrawal of client money reporting infringement notice
 (1) A notice withdrawing a client money reporting infringement notice must include the following information:
 (a) the name and address of the recipient;
 (b) the date the infringement notice was given;
 (c) the infringement notice's unique identification code.
 (2) The notice must also state that the client money reporting infringement notice is withdrawn.

7.8.05P  Withdrawal