ASIC’s power to exempt and modify—notice of decision and review rights
51ABZZO ASIC’s power to exempt and modify—notice of decision and review rights
Subject to subsection (2), ASIC must take such steps as are reasonable in the circumstances to give to each person whose interests are affected by a decision under section 51ABZZN a notice, in writing or otherwise:
of the making of the decision; and
of the person’s right to have the decision reviewed by the Takeovers Panel under section 656A of the Corporations Act 2001 (see subsection 51ABZZN(7) of this Act).
Subsection (1) does not require ASIC to give notice to a person affected by the decision or to the persons in a class of persons affected by the decision, if ASIC determines that giving notice to the person or persons is not warranted, having regard to:
the cost of giving notice to the person or persons; and
the way in which the interests of the person or persons are affected by the decision.
A failure to comply with this section does not affect the validity of the decision.
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