Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteCCH note - modifying legislative instruments: The application of Pt 7.6 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Custody Standards for Providers of Custodial and Depository Services) Instrument 2024/17 (other than Divs 4 and 8); the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (as amended by ASIC Corporations (Amendment) Instrument 2024/554) (other than Divs 4 and 8); the ASIC Corporations (Record-Keeping Requirements for Australian Financial Services Licensees when Giving Personal Advice) Instrument 2024/508 (other than Divs 4 and 8); and the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2024/620 (other than Divs 4 and 8).
The application of Pt 7.6 is also affected by Class Order 14/1262: Relief for 31 Day Notice Term Deposits (other than Divs 4 and 8).
For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.6, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
CCH Note - modifying legislative instruments: The application of Division 3 is affected by the following legislative instruments that commenced on or after 1 January 2022: 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 (Record-Keeping Requirements for Australian Financial Services Licensees when Giving Personal Advice) Instrument 2024/508 (other than Divs 4 and 8).
For legislative instruments or class orders before 1 January 2022 that affect the application of Division 3, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
CCH Note - modifying legislative instruments: The application of Subdivision B is affected by the following legislative instruments that commenced on or after 1 January 2022: 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; and the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648.
For legislative instruments or class orders before 1 January 2022 that affect the application of Subdivision B, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
CCH note: This provision is modified by legislative instruments. See the CCH note at the end of the provision for details.
Reporting a reportable situation to ASIC
912DAA(1)
If there are reasonable grounds to believe that a reportable situation has arisen in relation to a financial services licensee: (a) the financial services licensee must lodge a report in relation to the reportable situation with ASIC; and (b) the report must be lodged in accordance with this section.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
Report must be in the prescribed form
912DAA(2)
The report must be lodged with ASIC in writing in the prescribed form.
Period within which report must be lodged
912DAA(3)
The report must be lodged with ASIC within 30 days after the financial services licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the reportable situation has arisen.
Strict liability applies in relation to paragraphs (1)(a) and (b)
912DAA(4)
Strict liability applies in relation to paragraphs (1)(a) and (b) .
If report is received by APRA
912DAA(5)
A report that a financial services licensee is required to lodge under this section in relation to a reportable situation is taken to have been lodged with ASIC if: (a) the licensee is a body regulated by APRA; and (b) the licensee has given a report to APRA that contains all of the information that is required in a report under this section in relation to the reportable situation.
912DAA(6)
Subsection (1) does not apply to a financial services licensee in relation to a reportable situation if: (a) the licensee is a body regulated by APRA; and (b) the auditor or actuary of the licensee gives APRA a written report about a matter to which the reportable situation relates; and (c) the report is given before, or within 10 business days after, the licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe that the reportable situation has arisen.
Civil penalty provision
912DAA(7)
A person contravenes this subsection if the person contravenes subsection (1) .
Note: This subsection is a civil penalty provision (see section 1317E ).
Meaning of knowledge and recklessness
912DAA(8)
For the purposes of this section:
knowledge
has the meaning given by section
5.3
of the
Criminal Code
.
recklessness
has the meaning given by section
5.4
of the
Criminal Code
.
CCH Note - modifying legislative instruments: Section 912DAA is modified by the following legislative instruments that commenced or were amended on or after 1 January 2022: 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; the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2021/716 (as amended by ASIC Corporations (Amendment) Instrument 2024/554); and the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2024/620.
For modifying legislative instruments or class orders before 1 January 2022, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
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