Power to request information
71 Power to request information
This section applies to a person if the Regulator has reason to believe that information (the compellable information) relating to whether this Act or the associated provisions has been complied with is in a person’s possession, custody or control (whether held electronically or in any other form).
The Regulator may, in writing, require the person to give specified compellable information to the Regulator:
within a specified period of time; and
in a specified form or manner.
The person must not fail to comply with a requirement under this section.
Civil penalty: 50 penalty units.
The person must not, in purported compliance with a requirement under this section, give to the Regulator information that is false or misleading in a material particular.
Civil penalty: 60 penalty units.
Subsection (3) does not apply to the extent that the person has a reasonable excuse. However, a person does not have a reasonable excuse merely because the information in question is:
of a commercial nature; or
subject to an obligation of confidentiality arising from a commercial relationship; or
commercially sensitive.
Subsection (3) does not apply in relation to compellable information if giving the information might tend to incriminate the person or expose the person to a penalty.
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