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 .
View history note
Hide history notePART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES
CCH 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 the Class Order 14/1262: Relief for 31 Day Notice Term Deposits (other than Divs 4 and 8); and the ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/98 (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.
Division 8B - Action against relevant providers
CCH Note - modifying legislative instruments: The application of Division 8B 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 Division 8B, 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.
Subdivision A - Action by Financial Services and Credit Panels
CCH Note - modifying legislative instruments: The application of Subdivision A 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 A, 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.
SECTION 921M COPY OF INSTRUMENT TO BE GIVEN TO AFFECTED PERSON ETC.
CCH note: This provision is modified by legislative instruments. See the CCH note at the end of the provision for details.
921M(1)
If, under subsection 921K(1) , a Financial Services and Credit Panel makes an instrument in relation to a person (the affected person ), the panel must:
(a)
give a copy of the instrument to the affected person; and(b)
at the same time, give a copy of the instrument to:
(i) ASIC; and
(ii) if the affected person is authorised to provide personal advice to retail clients, on behalf of a financial services licensee, in relation to relevant financial products - the licensee; and
(c)
at the same time, give the affected person a written notice informing the affected person of their right to make an application under subsection 921N(3) in relation to the instrument.Note: ASIC must enter details of certain instruments in the Register of Relevant Providers (see paragraph 922Q(2)(uc) ).
[ CCH Note: S 921M(1) will be amended by No 115 of 2021, s 3, Sch 1[143] and [ 144], by inserting para (b)(ia) and repealing the note (effective 1 July 2026 or a day or days to be fixed by Proclamation). Para (b)(ia) will read:
(ia) the Registrar; and]
921M(2)
A copy of an instrument given to a person under paragraph
(1)(a)
or
(b)
must be accompanied by a statement of reasons for the decision to make the instrument.
921M(3)
A failure to comply with subsection
(1)
or
(2)
in relation to an instrument does not affect the validity of the instrument.
CCH Note - modifying legislative instruments: Section 921M 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; and the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648.
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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