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 9 - Enforcement

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

SECTION 993D FAILING TO PAY LOAN MONEY INTO AN ACCOUNT AS REQUIRED

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

Failing to pay loan money into account as required

993D(1)
A financial services licensee contravenes this subsection if:

(a) the licensee is required by subsection 982B(1) to pay particular money into an account in accordance with that subsection; and

(b) the licensee does not pay the money into an account in accordance with that subsection.

Fault-based offence

993D(2)
A person commits an offence if the person contravenes subsection (1).

Strict liability offence

993D(3)
A person commits an offence of strict liability if the person contravenes subsection (1).

Civil liability

993D(4)
A person contravenes this subsection if the person contravenes subsection (1).

Note: This subsection is a civil penalty provision (see section 1317E ).

View history note

[ CCH Note: The next section is s 1010A.]

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