Corporations Regulations 2001

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.

The application must:

specify the infringement notice’s unique code; and

set out the reasons for the application.

Within 14 days after receiving the application, ASIC must:

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

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

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.

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.