Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

Division 2 - Dealing with clients ' money  

Subdivision AA - Client money reporting rules  

REGULATION 7.8.05F  

7.8.05F   CONTENTS OF CLIENT MONEY REPORTING INFRINGEMENT NOTICE  

A client money reporting infringement notice:

(a) must state the date on which it is given; and

(b) must be identified by a unique code; and

(c) must state the name and address of the recipient; and

(d) must state that it is being given by ASIC under regulation 7.8.05C ; and

(e) must specify details of each alleged contravention of a client money reporting rule to which the infringement notice relates, including:

(i) the conduct that made up each alleged contravention (including, to the extent known, the date on which it occurred and the place at which it occurred); and

(ii) each client money reporting rule that ASIC alleges the recipient has contravened; and

(f) must, in relation to each client money reporting rule to which the infringement notice relates, state the maximum pecuniary penalty that a Court could order the recipient to pay for contravening the rule; and

(g) must, in relation to each alleged contravention of a client money reporting rule to which the infringement notice relates:

(i) specify the penalty (if any) payable for the alleged contravention; and

(ii) specify the remedial measures (if any) that the recipient must undertake or institute; and

(iii) specify the sanctions (if any) that the recipient must accept; and

(iv) specify the terms of an undertaking (if any) that the recipient must give under regulation 7.8.05B ; and

(h) if one or more penalties are specified in the infringement notice - must:

(i) specify the total penalty that the recipient must pay to the Commonwealth; and

(ii) state that the penalty is payable to ASIC on behalf of the Commonwealth; and

(iii) explain how the penalty can be paid; and

(i) must state that the recipient may choose not to comply with the infringement notice, but that if the recipient does not comply, civil proceedings may be brought against the recipient in relation to the alleged contravention; and

(j) must explain what the recipient must do to comply with the infringement notice and the effect of compliance with the infringement notice; and

(k) must state that the recipient may apply to ASIC:

(i) for withdrawal of the notice under regulation 7.8.05L ; or

(ii) for an extension of time under regulation 7.8.05J ; and

(l) must state that ASIC may publish details of the infringement notice under regulation 7.8.05Q ; and

(m) may include any other information that ASIC considers necessary.

Note: For the purposes of subparagraph (h)(i), the total penalty is the sum of the penalties payable under subparagraph (g)(i).