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 7.8 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (Div 8 only) (as amended by ASIC Corporations (Amendment) Instrument 2024/554).
For legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.8, 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: Division 2 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
CCH Note: Subdivision B is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
CCH Note: Section 982B is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
The licensee must ensure that money to which this Subdivision applies is paid into an account that satisfies these requirements: (a) the account is:
(i) with an Australian ADI; or
and is designated as an account for the purposes of this section of this Act; and (b) the only money paid into the account is:
(ii) of a kind prescribed by regulations made for the purposes of this paragraph;
(i) money to which this Subdivision applies (which may be money lent by several different persons); or
(ii) interest on the amount from time to time standing to the credit of the account.
The money must be paid into such an account on the day it is received by the licensee, or on the next business day.
982B(2)
The licensee may, for the purposes of this section, maintain a single account or 2 or more accounts.
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