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ASIC may refuse to receive document etc.

ASIC may refuse to receive document etc.

  (1)   If ASIC considers that a document submitted to ASIC under this Act or the Transitional Act:

  (a)   contains matter that, in a material particular, is false or misleading in the form or context in which it is included; or

  (b)   is incomplete; or

  (c)   is to be lodged in a prescribed form or in a prescribed manner under this Act or the Transitional Act and is not submitted in that form or manner; or

  (d)   otherwise contravenes this Act or the Transitional Act; or

  (e)   contains an error, alteration or erasure;

ASIC may refuse to receive the document and may make a request under subsection   (2).

Note:   The effect of ASIC refusing to receive the document is that the document is not lodged with ASIC (see subsection   (6)).

  (2)   For the purposes of subsection   (1), ASIC may request:

  (a)   that the document be appropriately amended or completed and resubmitted; or

  (b)   that a fresh document be submitted in its place; or

  (c)   if the document is incomplete--that a supplementary document in the prescribed form be lodged.

Notice to provide further document or information

  (3)   ASIC may give a written notice to an entity that submits a document (the first document ) under this Act or the Transitional Act, requiring the entity to:

  (a)   give to ASIC any other document; or

  (b)   give to ASIC any information;

that ASIC considers necessary in order to form an opinion as to whether it may refuse to receive the first document.

Notice must specify day by which entity must comply

  (4)   The notice must specify the day by which the entity must comply with the notice (which must be a reasonable period after the notice is given). ASIC may specify a later day by giving a written notice to the entity.

Requirement to comply with notice

  (5)   If the entity does not comply with the notice within the time specified in the notice, ASIC may refuse the first document.

Consequences of refusal to receive

  (6)   If ASIC refuses to receive a document, it is taken never to have been lodged with ASIC.

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