THE CORPORATIONS LAW

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.3 - PARTICIPANTS IN THE FUTURES INDUSTRY

Division 1 - Futures brokers and futures advisers

SECTION 1153   LICENSEE TO NOTIFY BREACH OF LICENCE CONDITION  

1153(1)  [Notice of contravention of condition]  

Within one business day after the happening of an event constituting a contravention of a condition of a licence held by a corporation, the licensee shall give to:

(a)  the Commission; and

(b)  each futures organisation of which the licensee is a member;

a written notice setting out particulars of the event.

1153(2)  [Defence]  

It is a defence to a prosecution for failing to give a particular notice to a person as required by this section if it is proved that:

(a)  when the requirement arose, the defendant was unaware of the event that gave rise to the requirement; and

(b)  the defendant:

(i) did not become aware of the event before the date of the information; or

(ii) did become so aware before that date but gave the notice to that person as soon as reasonably practicable after becoming so aware.