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 7.8 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.
CCH Note: Division 3 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
CCH Note: Section 984A is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
Subject to subsection (2), this Division applies to property other than money (for example, share certificates) given to a financial services licensee (the licensee ) in the following circumstances: (a) the property is given in connection with:
(i) a financial service that has been provided, or that will or may be provided, to a person (the client ); or
(b) the property is given:
(ii) a financial product held by a person (the client ); and
(i) by the client; or
(ii) by a person acting on behalf of the client; or
(c) the licensee is accountable for the property.
(iii) for the benefit of the client; and
984A(2)
The regulations may: (a) exempt property given in specified circumstances from some or all of the provisions of this Division; or (b) declare that this Division applies in relation to property given in specified circumstances as if specified provisions of this Division were omitted, modified or varied as set out in the regulations.
The circumstances that may be specified include (but are not limited to) that the property was given in connection with a specified class of financial product or financial service.
984A(3)
An exemption in regulations made for the purposes of paragraph (2)(a) may be made subject to conditions specified in, or imposed in accordance with, the regulations. The regulations may provide for consequences of a contravention of a condition.
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