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 9 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
CCH Note: Section 993B is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
Strict liability offence
993B(1)
A financial services licensee commits an offence if: (a) the licensee is required by subsection 981B(1) to pay particular money into an account in accordance with that subsection; and (b) the licensee does not pay the money into an account in accordance with that subsection.
993B(2)
An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
Ordinary offence
993B(3)
A financial services licensee commits an offence if: (a) the licensee is required by subsection 981B(1) to pay particular money into an account in accordance with that subsection; and (b) the licensee does not pay the money into an account in accordance with that subsection.
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