If an event or matter occurred before a person was first admitted to the Australian legal profession or first registered as a foreign lawyer, the designated local regulatory authority may decide to take no action under this Part in connection with the event or matter if--
(a) the person disclosed the event or matter to the designated local regulatory authority in an application for a compliance certificate or for a declaration of early assessment of suitability for a compliance certificate or in his or her first application for an Australian registration certificate; or
(b) the designated local regulatory authority is satisfied that it is appropriate to do so given the passage of time and any other circumstances the designated local regulatory authority considers relevant.