Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:2_239cc:p1
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 2 cl 239CC (pt 1/2)
Character Range: 264548–267266

239CC  Financial Reporting Panel proceedings

Proceedings in private

 (1) Subject to subsection (2), the Financial Reporting Panel's proceedings must take place in private.

Proceedings in public

 (2) The proceedings must take place in public if the lodging entity requests the Panel, in writing, that the proceedings take place in public. This subsection has effect subject to any directions under subsection (3).

Part of proceedings in private or publication restrictions

 (3) The Financial Reporting Panel may give directions under subsection (4) if:
 (a) the proceedings are taking place in public at the request of the lodging entity under subsection (2); and
 (b) the Financial Reporting Panel is satisfied that it is desirable to do so:
 (i) because of the confidential nature of any evidence or matter; or
 (ii) in order to protect the interests of any other person.

 (4) The Financial Reporting Panel may:
 (a) direct that a part of the proceedings take place in private; and
 (b) give directions as to the persons who may be present at that part of the proceedings if it is to take place in private.
A reference in this section to proceedings that take place in private includes a reference to that part of the proceedings that takes place in private because of a direction under paragraph (a).

Who may be present at proceedings taking place in private

 (5) The Financial Reporting Panel may give directions as to the persons who may be present at proceedings that take place in private.

 (6) A person must not be present at proceedings that take place in private unless the person is:
 (a) the Chairperson; or
 (b) a member of the Financial Reporting Panel; or
 (c) a person representing the lodging entity; or
 (d) another person who is entitled to be given an opportunity to appear at the proceedings; or
 (e) a person representing ASIC; or
 (f) a member of the staff of the Financial Reporting Panel approved by the Panel; or
 (g) entitled to be present because of a direction under subsection (4).

Penalty: 10 penalty units.

 (7) An offence against subsection (6) is an offence of strict liability.

Note: For strict liability see section 6.1 of the Criminal Code.

ASIC and person entitled to appear

 (8) Nothing in a direction given by the Financial Reporting Panel under paragraph (3)(a) or subsection (6) prevents the presence at the proceedings of:
 (a) a person representing ASIC; or
 (b) a person who is entitled to be given an opportunity to appear at the proceedings.

Note: Although ASIC is entitled to have a representative at the proceedings, it is not entitled to be legally represented (see section 239CG).

 (9) The Financial Reporting Panel may revoke or vary a direction