590AAccepting undertaking

590A Accepting undertaking (1) This section applies if a person contravenes or is alleged to have contravened this Law, other than section 26F. (2) The Regulator or an authorised officer (the promisee) may accept an undertaking made by the person in relation to the contravention or alleged contravention. (3) The undertaking must be in the approved form. (4) The promisee may accept the undertaking only if the promisee reasonably believes the undertaking will ensure the person complies with this Law. (5) The promisee may accept the undertaking at any time before the proceeding for the contravention, or alleged contravention, ends. (6) If the promisee accepts an undertaking before the proceeding ends, the promisee must use reasonable diligence to have the proceeding discontinued as soon as possible. (7) The promisee must give the person written notice of— (a) the promisee’s decision to accept or reject the undertaking; and (8) If the promisee decides to accept the undertaking and the promisee is not the Regulator, the promisee must give the following documents to the Regulator within 28 days after accepting the undertaking— (a) a copy of the undertaking; (b) a statement of the reasons for the promisee’s decision to accept the undertaking.

(9) The Regulator must publish the following information on the Regulator’s website— (a) a promisee’s decision to accept an undertaking under this section; (10) An authorised officer may act under this section only if— this section; or officer may act under this section.