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 6 - Financial records, statements and audit

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CCH Note: Division 6 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

Subdivision D - Appointment etc. of auditors

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

SECTION 990L QUALIFIED PRIVILEGE FOR AUDITOR ETC.

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CCH Note: Section 990L is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

Qualified privilege for auditor

990L(1)
An auditor of the licensee has qualified privilege in respect of:

(a) a statement that the auditor makes, orally or in writing, in the course of the auditor ' s duties as auditor; or

(b) the lodging of a report under subsection 990K(1) ; or

(c) the sending of a report to:

(i) the licensee; or

(ii) a licensed market or a licensed CS facility;

under subsection 990K(1) ; or

(d) a disclosure made by the auditor in response to a notice given to the auditor under subsection 225A(5) of the ASIC Act.

Note: If the auditor is an audit company, the company has qualified privilege under this subsection in respect of statements made, and reports lodged or sent, by individuals on behalf of the company if those statements and notices can be properly attributed to the company.

Qualified privilege for registered company auditor acting on behalf of audit company

990L(2)
If the auditor of the licensee is an audit company, a registered company auditor acting on behalf of the company has qualified privilege in respect of:

(a) a statement that the registered company auditor makes (orally or in writing) in the course of the performance, on behalf of the company, of the company's duties as auditor; or

(b) the lodging by the registered company auditor, on behalf of the company, of a report under subsection 990K(1) ; or

(c) the sending by the registered company auditor, on behalf of the company, of a report to:

(i) the licensee; or

(ii) a licensed market or a licensed CS facility;

under subsection 990K(1) ; or

(d) a disclosure made by the registered company auditor in response to a notice given to the audit company under subsection 225A(5) of the ASIC Act.

Qualified privilege for subsequent publication

990L(3)
A person has qualified privilege in respect of the publishing of a document:

(a) prepared by an auditor of the licensee in the course of the auditor ' s duties as auditor; or

(b) required by or under this Chapter to be lodged with ASIC (whether or not the document has been so lodged).

[ CCH Note: S 990L(3) will be amended by No 69 of 2020, s 3, Sch 1[1166], by inserting " or the Registrar " after " ASIC " in para (b) (effective 1 July 2026 or a day or days to be fixed by Proclamation).]

990L(4)
A person has qualified privilege in respect of the publishing of a statement:

(a) made by an auditor of the licensee as mentioned in subsection (1) ; or

(b) a statement made by a registered company auditor as mentioned in subsection (2) .

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