Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES

CCH 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 the Class Order 14/1262: Relief for 31 Day Notice Term Deposits (other than Divs 4 and 8); and the ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/98 (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.

Division 8B - Action against relevant providers

View history reference

CCH Note - modifying legislative instruments: The application of Division 8B 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 8B, 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.

View history note

Subdivision F - Electronic communication

View history reference

CCH Note - modifying legislative instruments: The application of Subdivision F is modified 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 Subdivision F, 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.

View history note

SECTION 921X ELECTRONIC COMMUNICATION OF DOCUMENTS GIVEN TO FINANCIAL SERVICES AND CREDIT PANELS ETC.

View history reference

CCH note: This provision is modified by legislative instruments. See the CCH note at the end of the provision for details.

921X(1)
This section applies to any document that is required or permitted to be given to:

(a) a Financial Services and Credit Panel, or the Chair of a Financial Services and Credit Panel, under a provision of this Act; or

(b) ASIC under any of the following:

(i) Division 8A of this Part (Professional standards for relevant providers etc.);

(ii) this Division;

(iii) Division 8C of this Part (Registration of relevant providers);

(iv) Division 3 of Part 9.4AB (Infringement notices given by Financial Services and Credit Panels).

Giving a document to a Financial Services and Credit Panel etc.

921X(2)
The document may be given to the recipient by means of an electronic communication.

Signing the document

921X(3)
If the document is required to be signed by the person under a provision mentioned in subsection (1) , that requirement is taken to have been met in relation to the electronic communication of the document if:

(a) the person receives a copy or counterpart of the document:

(i) that is in a physical form; or

(ii) by means of an electronic communication; and

(b) the copy or counterpart includes the entire contents of the document; and

(c) the person indicates, by means of an electronic communication, that the person has signed the document; and

(d) a method is used to identify the person and to indicate the person ' s intention in respect of the information communicated in the document; and

(e) the method used was either:

(i) as reliable as appropriate for the purpose for which the document was generated or communicated, in light of all the circumstances, including any relevant agreement; or

(ii) proven in fact to have fulfilled the functions described in paragraph (d) , by itself or together with further evidence.

921X(4)
For the purposes of paragraph (3)(b) , a copy or counterpart of a document need not include:

(a) the signature of another person signing the document; or

(b) any material included in the document to identify another person signing the document or to indicate another person ' s intention in respect of the contents of the document.

View history note

CCH Note - modifying legislative instruments: Section 921X is modified by the following legislative instruments that commenced or were amended 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 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.

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.