24Internal review of certain decisions

24 Internal review of certain decisions

(1) A person who is affected by a decision of ASIC under section 18 may, if dissatisfied with the decision, request ASIC to reconsider the decision. (2) The request must: (a) be made by notice given to ASIC in the approved form within: (i) the period of 21 days after the day on which the person first receives notice of the decision; or (ii) any further period that ASIC allows; and (b) set out the reasons for making the request. (3) After receiving the request, ASIC must review the decision or cause the decision to be reviewed by a person: (a) to whom ASIC’s power under this section is delegated; and (b) who was not involved in the making of the decision. (4) Within 30 business days after receiving the request, the person reviewing the decision must: (a) reconsider the decision; and (b) confirm, revoke or vary the decision, as the person thinks fit. (5) If the person reviewing the decision does not confirm, revoke or vary the decision within the period of 30 business days after receiving the request, the person is taken to have confirmed the decision under subsection (4) immediately after the end of that period. (6) The person reviewing the decision must give a notice in writing to the person that made the request that sets out the result of the reconsideration of the decision and gives the reasons for that reconsideration.