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 7.5 - COMPENSATION REGIMES FOR FINANCIAL MARKETS  

Division 3 - Approved compensation arrangements  

Subdivision C - Changing Division 3 arrangements  

SECTION 884B   CHANGING DIVISION 3 ARRANGEMENTS - MATTERS REQUIRED TO BE DEALT WITH IN THE COMPENSATION RULES  

884B(1)    
If the proposed change is to a matter required by section 885B to be dealt with in the compensation rules, the change may only be made by changing the rules.

884B(2)    

As soon as practicable after the change is made, the operator must lodge with ASIC in a prescribed form written notice of the change.

884B(3)    
The notice must:

(a)    set out the text of the change; and

(b)    specify the date on which the change was made; and

(c)    contain an explanation of the purpose of the change.

884B(4)    

If no notice is lodged with ASIC in a prescribed form within 21 days after the change is made, the change ceases to have effect.

884B(5)    
As soon as practicable after receiving a notice under subsection (2) , ASIC must send a copy of the notice to the Minister.

884B(6)    
Within 28 days after receiving the copy of the notice, the Minister may disallow all or a specified part of the change to the compensation rules.

884B(7)    
The Minister must not disallow all or part of the change unless the Minister considers that, because of the change, or that part of the change, the compensation arrangements are not adequate.

884B(8)    
As soon as practicable after all or part of a change is disallowed, ASIC must give notice of the disallowance to the operator of the market concerned. The change ceases to have effect, to the extent of the disallowance, when the operator receives the notice.