153VCommission may vary or revoke no Treasurer action notice

153V Commission may vary or revoke no Treasurer action notice

(1) The Commission may, in writing, vary or revoke a no Treasurer action notice.

(2) The Commission cannot make a variation or revocation under subsection (1) later than 45 days after:

(a) unless paragraph (b) applies—the day on which the Commission made the no Treasurer action notice; or

(b) if there has been a previous variation of the no Treasurer action notice under this section—the day on which the Commission made the previous variation.

(3) The Commission cannot make a variation under subsection (1) unless the Commission is satisfied that the variation is minor or insubstantial.

(4) The Commission cannot make a revocation under subsection (1) unless the Commission is satisfied that the conditions in subsections (5) and (6) are met.

(5) The condition in this subsection is met if the Commission reasonably believes that it is appropriate to:

(a) give the Treasurer a prohibited conduct recommendation in respect of the prohibited conduct notice; or

(b) give the corporation a new prohibited conduct notice in respect of the prohibited conduct identified in the prohibited conduct notice (in accordance with subparagraph 153P(2)(c)(ii)).

(6) The condition in this subsection is met if the Commission reasonably believes that:

(a) all of the following conditions are met:

(i) the corporation or any related body corporate gave the Commission information relevant to the prohibited conduct notice that is false or misleading in a material particular, or failed to give the Commission information relevant to the prohibited conduct notice that is not publicly available;

(ii) the revocation is reasonably necessary to address the circumstances described in subparagraph (i); or

(b) the revocation is reasonably necessary to address information that was not in existence, or that the Commission did not have, when the prohibited conduct notice was given.

(7) A variation or revocation under subsection (1) must state the day on which it is made.

(8) The Commission must give a copy of a variation or revocation under subsection (1) to the Treasurer as soon as practicable after making it.

(9) The Commission must give a copy of a variation or revocation under subsection (1) to the corporation as soon as practicable after making it.

(10) If the no Treasurer action notice has not yet been given to the corporation in accordance with subsection 153U(3) by the time the Commission makes a variation or revocation under subsection (1):

(a) in the case of a variation:

(i) for the purposes of subsection 153U(3), the Commission must give the corporation a copy of the no Treasurer action notice as varied; and