Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 9 - Registers relating to financial services  

Subdivision B - Notice requirements relating to the Register of Relevant Providers  

SECTION 922M   FAILING TO COMPLY WITH OBLIGATION TO NOTIFY ASIC  

Failing to comply with obligation to notify ASIC

922M(1)  
A person contravenes this subsection if:

(a) the person is required to cause a notice to be lodged under a notice provision; and

(b) the person fails to cause the notice to be lodged in accordance with that provision.

Note: A notice must be lodged in accordance with section 922L in order to be lodged in accordance with a notice provision (see subsection (1) of the notice provision).

922M(2)  
However, subsection (1) does not apply if:

(a) the person fails to cause the notice to be lodged in accordance with section 922D ; and

(b) the only reason the person fails to cause the notice to be lodged in accordance with that section is because the information referred to in paragraph 922F(1)(h) , (l) or (m) is not included in the notice; and

(c) subsection 922F(3) provides that the notice does not need to include that information.

Note: In criminal proceedings, a defendant bears an evidential burden in relation to the matter in subsection (2) (see subsection 13.3(3) of the Criminal Code ).

Fault-based offence

922M(3)  
A person commits an offence if the person contravenes subsection (1).

922M(4)  
Subsection 4K(2) of the Crimes Act 1914 does not apply to subsection (1) of this section.

Note: A person may commit an offence or contravene a civil penalty provision if the person gives false or misleading information (see section 1308 of this Act and section 137.1 of the Criminal Code ).

Civil liability

922M(5)  
A person contravenes this subsection if the person contravenes subsection (1).

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