THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.3 - PARTICIPANTS IN THE SECURITIES INDUSTRY

Division 1 - Dealers and investment advisers and operators of managed investment schemes

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SECTION 787   LICENSEE TO NOTIFY BREACH OF LICENCE CONDITION  

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787(1)  [Notice to be lodged within 1 day]  

Within 1 day after the happening of an event constituting a contravention of a condition of a licence, the licensee must lodge a written notice setting out particulars of the event.

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787(2)  [Defences]  

It is a defence to a charge arising under subsection (1) if it is proved that:

(a)  when the licensee was required to lodge the notice, the licensee was unaware of a fact or occurrence that gave rise to the requirement; and

(b)  in a case where the licensee has since become aware of that fact or occurrence - the licensee lodged the notice as soon as practicable after becoming so aware.

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