Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 8B - Action against relevant providers  

Subdivision A - Action by Financial Services and Credit Panels  

SECTION 921M   COPY OF INSTRUMENT TO BE GIVEN TO RELEVANT PROVIDER ETC.  

921M(1)  
If, under subsection 921K(1) , a Financial Services and Credit Panel makes an instrument in relation to a relevant provider, the panel must:

(a)  give a copy of the instrument to the relevant provider; and

(b)  at the same time, give a copy of the instrument to:


(i) ASIC; and

(ii) if the relevant provider is authorised to provide personal advice to retail clients, on behalf of a financial services licensee, in relation to relevant financial products - the licensee; and

(c)  at the same time, give the relevant provider a written notice informing the relevant provider of their right to make an application under subsection 921N(3) in relation to the instrument.

Note: ASIC must enter details of certain instruments in the Register of Relevant Providers (see paragraph 922Q(2)(uc) ).

921M(2)  
A copy of an instrument given to a person under paragraph (1)(a) or (b) must be accompanied by a statement of reasons for the decision to make the instrument.

921M(3)  
A failure to comply with subsection (1) or (2) in relation to an instrument does not affect the validity of the instrument.


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