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 7.6 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 Class Order 14/1262: Relief for 31 Day Notice Term Deposits (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.
CCH Note - modifying legislative instruments: The application of Division 5 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 5, 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: This provision is modified by legislative instruments. See the CCH note at the end of the provision for details.
[ CCH Note: S 916F heading will be amended by No 69 of 2020, s 3, Sch 1[1142], by substituting " THE REGISTRAR " for " ASIC " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
A person must lodge with ASIC in a prescribed form a written notice (in accordance with subsection (2) ), within 15 business days, if the person authorises a representative to provide a financial service as mentioned in section 916A or 916B .
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
[ CCH Note: S 916F(1) will be amended by No 69 of 2020, s 3, Sch 1[1143], by substituting " a notice with the Registrar " for " with ASIC a written notice (in accordance with subsection (2)) " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
[ CCH Note: S 916F(1AAA) will be inserted by No 69 of 2020, s 3, Sch 1[1144] (effective 1 July 2026 or a day or days to be fixed by Proclamation). S 916F(1AAA) will read:
916F(1AAA)
The notice must meet any requirements of the data standards.]
916F(1AA)
Subsection (1) does not apply to an authorisation of a representative by an authorised representative (the authoriser ) if: (a) the authorisation is given as mentioned in subsection 916B(3) ; and (b) the relevant consent under subsection 916B(3) was given in respect of a specified class of individuals of which the representative is a member; and (c) the representative is an employee of the authoriser; and (d) the only financial services that the representative is authorised to provide are one or more of the following:
(i) general advice that relates to financial products covered by regulations made for the purposes of this paragraph;
(ii) dealing in financial products covered by regulations made for the purposes of this paragraph;
(e) the authoriser provides information about the representative and the representative ' s authorisation when requested.
(iii) personal advice about a basic deposit product or about a facility for making non-cash payments that relates to a basic deposit product; and
Note 1: Regulations made for the purposes of paragraph (d) may be expressed to cover all financial products, or only 1 or more specified kinds of financial products.
Note 2: A defendant bears an evidential burden in relation to the matters in subsection (1AA) . See subsection 13.3(3) of the Criminal Code .
916F(1A)
A person who authorises an individual to provide a financial service on behalf of a financial services licensee as mentioned in section 916B must give the licensee written notice (in accordance with subsection (2) ), within 15 business days of the individual being authorised to provide the financial service, if the licensee's consent to the authorisation was given in respect of a specified class of individuals.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
916F(2)
The notice must include the following details: (a) the name and business address of the representative; (b) details of the authorisation, including the date on which it was made and what the representative is authorised to do on behalf of the relevant licensee; (c) details of each other financial services licensee on behalf of whom the representative is an authorised representative.
916F(3)
A person must notify ASIC, by lodging a written notice, within 10 business days if: (a) the person authorised a representative under section 916A or 916B and there is a change in any details relating to the representative that are required to be included under subsection (2) ; or (b) the person revokes an authorisation to which subsection (1) applied.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
[ CCH Note: S 916F(3) will be amended by No 69 of 2020, s 3, Sch 1[1145], by substituting " lodge a notice with the Registrar " for " notify ASIC, by lodging a written notice, " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
[ CCH Note: S 916F(3A) will be inserted by No 69 of 2020, s 3, Sch 1[1146] (effective 1 July 2026 or a day or days to be fixed by Proclamation). S 916F(3A) will read:
916F(3A)
The notice must meet any requirements of the data standards.]
916F(4)
For the purposes of an offence based on subsection (3) , strict liability applies to the physical element of circumstance of the offence, that the details mentioned in subsection (3) changed.
Note: For strict liability , see section 6.1 of the Criminal Code .
CCH Note - modifying legislative instruments: Section 916F is modified by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Notification of Authorised Representatives) Instrument 2022/301; 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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