Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

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

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History

Ch 7 amended by No 8 of 2022, s 3, Sch 2[165] (effective 1 July 2022).

Ch 7 inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1].

As Act No 122 of 2001 repealed Ch 7 and 8 the history notes for Ch 7 use " inserted " and references to the former provisions have been removed.

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

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Division 2 - Dealing with clients ' money  

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CCH Note: Division 2 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

Subdivision AA - Client money reporting rules  

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CCH Note: Subdivision AA is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

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History

Subdiv AA inserted by No 25 of 2017, s 3, Sch 5[14] (effective 4 April 2018).

SECTION 981L   ASIC TO CONSULT BEFORE MAKING RULES  

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CCH Note: Section 981L is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

981L(1)    
ASIC must not make a client money reporting rule unless ASIC has consulted the public about the proposed rule.

981L(2)    
Without limiting the ways in which ASIC may comply with the obligation in subsection (1) to consult the public about a proposed rule, ASIC is taken to comply with that obligation if ASIC, on its website:

(a) makes the proposed rule, or a description of the content of the proposed rule, available; and

(b) invites the public to comment on the proposed rule.

981L(3)    
A failure to consult as required by subsection (1) does not invalidate a client money reporting rule.

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History

S 981L inserted by No 25 of 2017, s 3, Sch 5[14] (effective 4 April 2018).

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