All ASIC and Reserve Bank directions under this Part—protection from liability for compliance in good faith
(1) An action or other proceeding (whether criminal or civil) does not lie against a person in relation to anything done, or omitted to be done, in good faith by the person if: (a) the person does the thing, or omits to do the thing, for the purpose of any of the following: (i) complying with a direction given under this Part by ASIC, or the Reserve Bank, to a body corporate; (ii) taking a measure, or an action, specified in such a direction; (iii) doing, or refraining from doing, anything in accordance with such a direction; and (b) it is reasonable for the person to do the thing, or to omit to do the thing, in order to achieve that purpose; and (c) the person is any of the following: (i) an officer or senior manager of the body corporate, or of a related body corporate; (ii) an employee or agent of the body corporate, or of a related body corporate; (iii) the body corporate or a related body corporate; (iv) a person engaged to provide services (including advice) to the body corporate or a related body corporate. Note: In a prosecution for an offence, a defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code. (2) For the purposes of paragraph (1)(b), treat it as reasonable for a person to do a thing, or to omit to do a thing, in order to achieve a purpose unless no reasonable person in that person’s position would do the thing, or omit to do the thing, in order to achieve that purpose.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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