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

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CCH note - modifying legislative instruments: The application of Pt 7.8 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (Div 8 only) (as amended by ASIC Corporations (Amendment) Instrument 2024/554).

For legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.8, 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 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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SECTION 981M COMPLYING WITH CLIENT MONEY REPORTING RULES

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

981M(1)
Financial services licensees must comply with the client money reporting rules.

Note: This subsection is a civil penalty provision (see section 1317E ). For relief from liability to a civil penalty relating to this subsection, see section 1317S .

981M(2)
If there is an inconsistency between the client money reporting rules, and any of the following other rules:

(a) the market integrity rules;

(b) the derivative transaction rules;

(c) the derivative trade repository rules;

those other rules prevail to the extent of the inconsistency.

Note: If there is an inconsistency between the client money reporting rules and the operating rules of a licensed market or of a licensed CS facility, the client money reporting rules prevail: see subsections 793B(2) and 822B(2) .

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