Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) During the client money reporting infringement notice period, a recipient may apply, in writing, to ASIC for a further period of no more than 28 days in which to comply with the client money reporting infringement notice.
(2) The application must:
(a) specify the client money reporting infringement notice's unique identification code; and
(b) set out the reasons for the application.
(3) Within 14 days after receiving the application, ASIC must:
(a) grant or refuse a further period no longer than the period sought (and no longer than 28 days); and
(b) notify the recipient in writing of the decision and, if the decision is a refusal, the reasons for the decision.
(4) If ASIC refuses a further period under paragraph (3)(a), the recipient may not make a further application under subregulation (1) in relation to that client money reporting infringement notice.
(5) If ASIC does not grant or refuse a further period under paragraph (3)(a) within 14 days after receiving the application, ASIC is taken to have refused a further period.