153PProhibited conduct notices

153P Prohibited conduct notices

(1) The Commission may give a corporation a notice (a prohibited conduct notice) in writing, stating one or more recommendations for the kind or kinds of order the Treasurer or the Court could make under Division 5 or 6, if the Commission reasonably believes that:

(a) any of the following conditions are satisfied:

(i) the corporation has engaged in prohibited conduct;

(ii) the corporation is engaging in prohibited conduct; and

(b) the Treasurer or the Court making that kind or those kinds of order in relation to the corporation, or any other connected body corporate in relation to the prohibited conduct, is a proportionate means of preventing the corporation, or any related body corporate, from engaging in that kind of prohibited conduct in the future; and

(c) if that kind of order is, or those kinds of order include, a divestiture order—the following conditions are satisfied:

(i) such a divestiture order will result, or is likely to result, in a benefit to the public;

(ii) if such a divestiture order will result, or is likely to result, in a detriment to the public—the benefit mentioned in subparagraph (i) would, or is likely to, outweigh that detriment.

(2) The notice must:

(a) be expressed to be given under this section; and

(b) state the day on which the notice is given; and

(c) identify:

(i) the corporation; and

(ii) the prohibited conduct mentioned in paragraph (1)(a); and

(iii) each connected body corporate in relation to the prohibited conduct (other than the corporation); and

(d) state the recommendations mentioned in subsection (1); and

(e) explain the reasons why the Commission reasonably believes that:

(i) the requirements in paragraphs (1)(a) and (b) are met; and

(ii) if paragraph (1)(c) applies—the requirement in that paragraph is met; and

(f) state that the corporation may, within the period mentioned in subsection (3), make representations to the Commission regarding the conduct mentioned in subparagraph (c)(ii) and the recommendations mentioned in paragraph (d).

(3) For the purposes of paragraph (2)(f), the period:

(a) starts on the day on which the notice is given; and

(b) ends:

(i) if subparagraph (ii) does not apply—45 days after that day; or

(ii) if the Commission allows a later day—that later day.

(4) A failure to comply with subparagraph (2)(c)(iii) does not affect the validity of the notice.

(5) The Commission must give a copy of the notice to each body corporate identified in the notice (in accordance with subparagraph (2)(c)(iii)) as soon as practicable after issuing it.