Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

Division 2 - Dealing with clients ' money  

Subdivision AA - Client money reporting rules  

REGULATION 7.8.05L   APPLICATION TO WITHDRAW CLIENT MONEY REPORTING INFRINGEMENT NOTICE  

7.8.05L(1)    
During the client money reporting infringement notice period, a recipient of a client money reporting infringement notice may apply, in writing, to ASIC for the infringement notice to be withdrawn.

7.8.05L(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.

7.8.05L(3)    
Within 14 days after receiving the application, ASIC must:


(a) withdraw or refuse to withdraw the client money reporting infringement notice; and


(b) notify the recipient in writing of the decision and, if the decision is a refusal, the reasons for the decision.

7.8.05L(4)    
In deciding whether to withdraw the client money reporting infringement notice, ASIC may take the following matters into account:


(a) whether the recipient has previously been found to have contravened subsection 981M(1) of the Act;


(b) the circumstances in which the contravention set out in the infringement notice is alleged to have occurred;


(c) whether an infringement notice has previously been given to the recipient in relation to an alleged contravention of subsection 981M(1) of the Act, and whether the recipient complied with the infringement notice;


(d) any other relevant matters.

7.8.05L(5)    
If ASIC refuses to withdraw the client money reporting infringement notice, the recipient may not make a further application under subregulation (1) in relation to that infringement notice.

7.8.05L(6)    
If ASIC has not withdrawn, or refused to withdraw, the client money reporting infringement notice within 14 days after receiving the application, ASIC is taken to have refused to withdraw the infringement notice.




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