5CApplication of the Act to certain decisions of the Australian Securities Commission

#### 5C Application of the Act to certain decisions of the Australian Securities Commission (1) In this regulation, unless the contrary intention appears: > relevant decision means a decision to which section 1317B of the Corporations Law applies that was made by the Australian Securities Commission on or after 11 December 1993. > the Commission is taken to include a reference to a delegate of the Commission. (2) For the purposes of paragraph 27A(2)(e) of the Act, it is declared that subsection 27A(1) of the Act does not apply to a relevant decision. (3) Subject to subregulation (5), the Commission must take steps that are reasonable in the circumstances to give notice, in accordance with subregulation (4), to each person whose interests are affected by a relevant decision. (4) The notice may be in writing or otherwise, and must tell the person to whom it is given: (a) of the making of the relevant decision; and (b) of the right of the person to have that decision reviewed under section 1317B of the Corporations Law. (5) The Commission need not give notice to a person if the Commission considers that it is not reasonably practicable to do so, having regard to: (a) the cost of giving the notice; and (b) the manner in which the person’s interests are affected by the relevant decision. (6) Failure by the Commission to comply with subregulation (3) in relation to a decision does not affect the validity of the relevant decision. (7) In exercising its powers under subsection 29(6) of the Act in relation to a relevant decision, the Tribunal must have regard to any absence of notice of that decision to the applicant for review.