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As Act No 122 of 2001 repealed Ch 7 and 8 the history notes for Ch 7 use " inserted " and references to the former provisions have been removed.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

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

SECTION 983C  

983C   DUTY OF PERSON TO WHOM ORDER DIRECTED TO MAKE FULL DISCLOSURE  

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CCH Note: Section 983C is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

If an order made under section 983A is directed to a financial institution, the institution must:

(a)    disclose to ASIC every account kept at the institution in the name of the person to whom the order relates, and any account that the institution reasonably suspects is held or kept at the institution for the benefit of that person; and

(b)    permit ASIC to make a copy of, or to take an extract from, any account of the person to whom the order relates or any of the institution ' s books relating to that person.

Note: Failure to comply with this section is an offence (see subsection 1311(1) ).

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History

S 983C inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1].

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