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As Act No 122 of 2001 repealed Ch 7 and 8 the history notes for Ch 7 use " inserted " and references to the former provisions have been removed.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 9 - Enforcement  

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CCH Note: Division 9 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

SECTION 993C   OFFENCE OF FAILING TO COMPLY WITH REQUIREMENTS RELATING TO CLIENT MONEY ACCOUNT  

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CCH Note: Section 993C is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

Strict liability offence

993C(1)    
A financial services licensee commits an offence if the licensee contravenes a requirement in regulations made for the purposes of section 981C .

993C(2)    
An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code .

Ordinary offence

993C(3)    
A financial services licensee commits an offence if:

(a)    a requirement in regulations made for the purposes of section 981C applies to the licensee; and

(b)    the licensee contravenes the requirement.

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History

S 993C inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1].

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