Section 1317DAD — Corporations Act 2001: Statement of reasons must be given

Statement of reasons (1) Before issuing the infringement notice, ASIC must: (a) give the disclosing entity a written statement that sets out ASIC’s reasons for believing that the disclosing entity has contravened subsection 674(2) or 675(2); and (b) give a representative of the disclosing entity an opportunity to: (i) appear at a private hearing before ASIC; and (ii) give evidence to ASIC; and (iii) make submissions to ASIC; in relation to the alleged contravention of subsection 674(2) or 675(2). (2) If the disclosing entity is a listed disclosing entity, ASIC must consult with the relevant market operator for the disclosing entity before giving the disclosing entity the statement under this subsection. (3) ASIC does not need to consult the relevant market operator under subsection (2) if: (a) the disclosing entity is the relevant market operator; or (b) the disclosing entity conducts a business in competition with a business conducted by the relevant market operator. Limit on the use of evidence or information given to ASIC (4) Evidence or information that a representative of the disclosing entity gives ASIC under paragraph (1)(b) in relation to the alleged contravention of subsection 674(2) or 675(2) is: (a) not admissible in evidence against the disclosing entity in any proceedings; and (b) not admissible in evidence against a representative of the disclosing entity in any proceedings (other than proceedings for an offence based on the evidence or information given being false or misleading).