Corporations Regulations 2001
CHAPTER 7
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FINANCIAL SERVICES AND MARKETS
PART 7.8
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OTHER PROVISIONS RELATING TO CONDUCT ETC CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE
Division 2
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Dealing with clients
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money
Subdivision AA
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Client money reporting rules
REGULATION 7.8.05H
COMPLIANCE WITH CLIENT MONEY REPORTING INFRINGEMENT NOTICE
7.8.05H(1)
A recipient complies with a client money reporting infringement notice if, during the client money reporting infringement notice period, the recipient does all of the following:
(a) pays the total penalty specified in the infringement notice under subparagraph 7.8.05F(h)(i) (if any);
(b) undertakes or institutes the remedial measures specified in the infringement notice under subparagraph 7.8.05F(g)(ii) (if any);
(c) accepts the sanctions specified in the infringement notice under subparagraph 7.8.05F(g)(iii) (if any);
(d) gives an undertaking (including an undertaking to comply with the infringement notice) with the terms specified in the infringement notice under subparagraph 7.8.05F(g)(iv) (if any).
7.8.05H(2)
The client money reporting infringement notice period for a client money reporting infringement notice:
(a) starts on the day on which the infringement notice is given to the recipient; and
(b) ends:
7.8.05H(3)
If the recipient applies for a further period of time in which to comply with the client money reporting infringement notice, and the application is granted, the client money reporting infringement notice period ends at the end of the further period allowed.
7.8.05H(4)
If the recipient applies for a further period of time in which to comply with the client money reporting infringement notice, and the application is refused, the client money reporting infringement notice period ends on the later of:
(a) 28 days after the day on which the infringement notice was given to the recipient; and
(b) 7 days after the notice of refusal is given to the recipient.
7.8.05H(5)
If the recipient applies for the client money reporting infringement notice to be withdrawn, and the application is refused, the client money reporting infringement notice period ends 28 days after the notice of refusal is given to the recipient.
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
A recipient complies with a client money reporting infringement notice if, during the client money reporting infringement notice period, the recipient does all of the following:
(a) pays the total penalty specified in the infringement notice under subparagraph 7.8.05F(h)(i) (if any);
(b) undertakes or institutes the remedial measures specified in the infringement notice under subparagraph 7.8.05F(g)(ii) (if any);
(c) accepts the sanctions specified in the infringement notice under subparagraph 7.8.05F(g)(iii) (if any);
(d) gives an undertaking (including an undertaking to comply with the infringement notice) with the terms specified in the infringement notice under subparagraph 7.8.05F(g)(iv) (if any).
7.8.05H(2)
The client money reporting infringement notice period for a client money reporting infringement notice:
(a) starts on the day on which the infringement notice is given to the recipient; and
(b) ends:
(i) 27 days after the day on which the infringement notice is given to the recipient; or
(ii) on another day permitted by this regulation.
7.8.05H(3)
If the recipient applies for a further period of time in which to comply with the client money reporting infringement notice, and the application is granted, the client money reporting infringement notice period ends at the end of the further period allowed.
7.8.05H(4)
If the recipient applies for a further period of time in which to comply with the client money reporting infringement notice, and the application is refused, the client money reporting infringement notice period ends on the later of:
(a) 28 days after the day on which the infringement notice was given to the recipient; and
(b) 7 days after the notice of refusal is given to the recipient.
7.8.05H(5)
If the recipient applies for the client money reporting infringement notice to be withdrawn, and the application is refused, the client money reporting infringement notice period ends 28 days after the notice of refusal is given to the recipient.
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