50BObligation to lodge a report—reportable situations in relation to the licensee

50B  Obligation to lodge a report—reportable situations in relation to the licensee Reporting a reportable situation to ASIC  (1) If there are reasonable grounds to believe that a reportable situation has arisen in relation to a licensee:  (a) the licensee must lodge a report in relation to the reportable situation with ASIC; and  (b) the report must be lodged in accordance with this section. Report must be in the approved form  (3) The report must be lodged with ASIC in writing in the approved form. Period within which report must be lodged  (4) The report must be lodged with ASIC within 30 days after the licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe that the reportable situation has arisen. Strict liability applies in relation to paragraphs (1)(a) and (b)  (5) Strict liability applies in relation to paragraphs (1)(a) and (b). If report is received by APRA  (6) A report that a licensee is required to lodge with ASIC under this section in relation to a reportable situation is taken to have been lodged with ASIC if:  (a) the licensee is a body regulated by APRA; and  (b) the licensee has given a report to APRA that contains all of the information that is required in a report under this section in relation to the reportable situation.  (7) Subsection (1) does not apply to a licensee in relation to a reportable situation if:  (a) the licensee is a body regulated by APRA; and  (b) the auditor or actuary of the licensee gives APRA a written report about a matter to which the reportable situation relates; and  (c) the report is given before, or within 10 business days after, the licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe that the reportable situation has arisen.