Corporations Act 2001
CHAPTER 7
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FINANCIAL SERVICES AND MARKETS
PART 7.8
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OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE
Division 2
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Dealing with clients
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money
Subdivision C
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Powers of Court
SECTION 983A
COURT MAY FREEZE CERTAIN ACCOUNTS
983A(1)
The Court may, by order, restrain dealings in respect of specified accounts with financial institutions that a person holds or maintains (whether in Australia or elsewhere), subject to such terms and conditions as the Court imposes, if subsection (2) or (3) applies in relation to the person.
983A(2)
This subsection applies to a person if, on application by ASIC, the Court is satisfied that the person holds, or has at any time held, an Australian financial services licence and that: (a) there are reasonable grounds for believing that there is a deficiency in an account maintained by the person for the purposes of section 981B or 982B , whether the account is maintained in this jurisdiction or elsewhere; or (b) there has been undue delay, or unreasonable refusal, on the person ' s part in paying, applying or accounting for money as provided for by this Division, by a condition of the licence, or by the operating rules of a licensed market or a licensed CS facility in which the person is or has been a participant; or (c) without limiting the generality of paragraph (a) or (b), the person has contravened section 981B or 982B .
983A(3)
This subsection applies to a person if, on application by ASIC, the Court is satisfied that the person holds, or has at any time held, an Australian financial services licence and that: (a) the licence has been revoked or suspended; or (b) the person is incapable, through mental or physical incapacity, of managing his or her affairs; or (c) the person no longer carries on a financial services business; or (d) the person has died.
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteCCH Note: Division 2 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
CCH Note: Subdivision C is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
CCH Note: Section 983A is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
The Court may, by order, restrain dealings in respect of specified accounts with financial institutions that a person holds or maintains (whether in Australia or elsewhere), subject to such terms and conditions as the Court imposes, if subsection (2) or (3) applies in relation to the person.
983A(2)
This subsection applies to a person if, on application by ASIC, the Court is satisfied that the person holds, or has at any time held, an Australian financial services licence and that: (a) there are reasonable grounds for believing that there is a deficiency in an account maintained by the person for the purposes of section 981B or 982B , whether the account is maintained in this jurisdiction or elsewhere; or (b) there has been undue delay, or unreasonable refusal, on the person ' s part in paying, applying or accounting for money as provided for by this Division, by a condition of the licence, or by the operating rules of a licensed market or a licensed CS facility in which the person is or has been a participant; or (c) without limiting the generality of paragraph (a) or (b), the person has contravened section 981B or 982B .
983A(3)
This subsection applies to a person if, on application by ASIC, the Court is satisfied that the person holds, or has at any time held, an Australian financial services licence and that: (a) the licence has been revoked or suspended; or (b) the person is incapable, through mental or physical incapacity, of managing his or her affairs; or (c) the person no longer carries on a financial services business; or (d) the person has died.
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