Before issuing the infringement notice, ASIC must:
(a) give the disclosing entity a written statement that sets out ASIC's reasons for believing that the disclosing entity has contravened subsection 674(2) or 675(2); and
(b) give a representative of the disclosing entity an opportunity to:
(i) appear at a private hearing before ASIC; and
(ii) give evidence to ASIC; and
(iii) make submissions to ASIC;
in relation to the alleged contravention of subsection 674(2) or 675(2).
1317DAD(2)[Consultation with relevant market operator]
If the disclosing entity is a listed disclosing entity, ASIC must consult with the relevant market operator for the disclosing entity before giving the disclosing entity the statement under this subsection.
1317DAD(3)[When consultation not required]
ASIC does not need to consult the relevant market operator under subsection (2) if:
(a) the disclosing entity is the relevant market operator; or
(b) the disclosing entity conducts a business in competition with a business conducted by the relevant market operator.
1317DAD(4)Limit on the use of evidence or information given to ASIC.
Evidence or information that a representative of the disclosing entity gives ASIC under paragraph (1)(b) in relation to the alleged contravention of subsection 674(2) or 675(2) is:
(a) not admissible in evidence against the disclosing entity in any proceedings; and
(b) not admissible in evidence against a representative of the disclosing entity in any proceedings (other than proceedings for an offence based on the evidence or information given being false or misleading).