Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
CCH Note: Division 8B is modified by the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705; the ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647; the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2021/716 (as amended by the ASIC Corporations and Credit (Amendment) Instrument 2023/589).
CCH Note: Subdivision A is modified by the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705; the ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647; the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2021/716 (as amended by the ASIC Corporations and Credit (Amendment) Instrument 2023/589).
CCH Note: Section 921L is modified by the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705; the ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647; the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2021/716 (as amended by the ASIC Corporations and Credit (Amendment) Instrument 2023/589).
For the purposes of subsection 921K(1) , the following kinds of instrument are specified: (a) a written direction that a relevant provider:
(i) undertake specified training; or
(ii) receive specified counselling; or
(iii) receive specified supervision; or
(b) a written order (a registration suspension order ), in relation to a relevant provider, that suspends all of the relevant provider ' s registrations under section 921ZC for a period (the suspension period ) specified in the order; (c) a written order (a registration prohibition order ), in relation to a relevant provider, that:
(iv) report specified matters to ASIC;
(i) cancels all of the relevant provider ' s registrations under section 921ZC at a time (the cancellation time ) specified in the order; and
(ii) provides that the person who is or was the relevant provider is not to be registered under section 921ZC until after a day (the prohibition end day ) specified in the order.
Note: If a registration prohibition order is in force against a person who is or was a relevant provider:
[ CCH Note: S 921L(1) will be amended by No 115 of 2021, s 3, Sch 1[142], by substituting " the Registrar " for " ASIC " in para (b) of the note (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
Effect of paragraph (1)(a) direction
921L(2)
A relevant provider must comply with a direction in relation to the relevant provider that is in force under paragraph (1)(a) .
Note: This subsection is a civil penalty provision (see section 1317E ).
Effect of registration suspension order
921L(3)
For the purposes of this Part, if a registration suspension order is in force against a relevant provider, all of the relevant provider ' s registrations under section 921ZC are taken not to be in force during the suspension period specified in the order.
Suspension period and cancellation time
921L(4)
The suspension period specified in a registration suspension order that is made in relation to a relevant provider must begin at or after the time a copy of the order is given to the relevant provider.
921L(5)
The cancellation time specified in a registration prohibition order that is made in relation to a relevant provider must be a time that is at or after a copy of the order is given to the relevant provider.
When instruments come into force
921L(6)
An instrument of a kind specified in subsection (1) that is made in relation to a relevant provider comes into force when a copy of it is given to the relevant provider in accordance with subsection 921M(1) .
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