19Inconsistency with corresponding foreign laws

19 Inconsistency with corresponding foreign laws

(1) If the Regulator is satisfied that an accountable person of an accountable entity, or of a significant related entity, would contravene a law of a foreign country if the person were to comply with a particular obligation under section 18, the Regulator may: (a) give a written notice specifying that obligation to the accountable person; and (b) specify in the notice: (i) the extent to which the accountable person need not comply with that obligation; and (ii) conditions to which the notice is subject.

Note: A decision not to specify an obligation, or to specify conditions, is a reviewable decision (see Part 5 of Chapter 3).

(2) The accountable person is not required to comply with that obligation: (a) to the extent that compliance would result in the accountable person contravening that law of a foreign country; or (b) if the notice specifies the extent to which the accountable person need not comply with that obligation—to the extent so specified; if the conditions (if any) specified in the notice are complied with. (3) The Regulator must give a copy of the notice to the accountable entity or significant related entity. (4) A notice under subsection (1) is not a legislative instrument.