Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.10B - FINANCIAL SERVICES COMPENSATION SCHEME OF LAST RESORT  

Division 4 - Powers, reporting and information sharing  

Subdivision B - Information sharing and reporting  

SECTION 1069F   REPORTING BY CSLR OPERATOR  

Reporting compensation payments

1069F(1)    
If the CSLR operator pays an amount of compensation:

(a)    to a person under section 1063 ; and

(b)    for a relevant AFCA determination that required payment of an amount by an entity or body (the AFCA member ) who is, or was, a member of the AFCA scheme;

the CSLR operator must, as soon as reasonably practicable, notify ASIC, in writing, of details about the AFCA member and the AFCA member ' s failure to pay the amount required by the relevant AFCA determination.

1069F(2)    
If the CSLR operator:

(a)    pays an amount of compensation:

(i) to a person under section 1063 ; and

(ii) for a relevant AFCA determination that required payment of an amount by another person (the AFCA member ) who is, or was, a member of the AFCA scheme; and

(b)    becomes aware that the AFCA member is a Chapter 5 body corporate while the determination is in force;

the CSLR operator must, as soon as reasonably practicable, notify an officer of the Chapter 5 body corporate, in writing, of the amount of compensation paid.

Reporting revised claims, fees and costs estimates that exceed cap

1069F(3)    
If a revised claims, fees and costs estimate for a levy period and a sub-sector comes into force that could cause the sub-sector levy cap for the levy period and the sub-sector to be exceeded (or further exceeded), the CSLR operator must notify the Minister of this as soon as practicable.

1069F(4)    
A notice to the Minister under subsection (3) must include the information (if any) prescribed by regulations made for the purposes of this subsection.