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 7.4 - LIMITS ON INVOLVEMENT WITH LICENSEES  

Division 1A - Limit on control of certain Australian licensees that are not widely held market bodies  

Subdivision C - Approvals to exceed 20% voting power limit  

SECTION 852DR   TIME LIMIT FOR ASIC ' S DECISION  

Time limit

852DR(1)    
ASIC must decide an application lodged under this Subdivision within the 90-day period starting on the day the application was lodged. This subsection has effect subject to subsections (2) , (3) and (5) .

Extending the time limit

852DR(2)    
Before the end of the period mentioned in subsection (1) :

(a)    ASIC may, by written notice given to the applicant, extend the period by up to 30 days; and

(b)    if ASIC does so, this section has effect as if references to the period mentioned in subsection (1) were references to the period as so extended.

Stopping the clock

852DR(3)    
In working out the period mentioned in subsection (1) , disregard:

(a)    the period:

(i) starting on the day ASIC gives the applicant a notice under section 852DP requesting information about the application; and

(ii) ending on the day the applicant gives ASIC all of the information requested under, or ASIC otherwise disposes of, the notice; and

(b)    any day on which ASIC believes relevant information currently before ASIC, that was provided by the applicant in relation to the application, is incorrect.

Deemed approval

852DR(4)    
If ASIC has not decided the application by the end of the period mentioned in subsection (1) :

(a)    ASIC is taken to have granted whatever was applied for on the day after the end of that period; and

(b)    as soon as practicable afterwards, ASIC must give a notice to that effect to:

(i) the applicant; and

(ii) the controlled Australian financial body concerned.

Application of this section

852DR(5)    
This section does not apply in relation to an application lodged under section 852DG or 852DM if an unacceptable control situation exists in relation to the applicant and the controlled Australian financial body concerned at any time before ASIC decides the application.