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 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 3 - Obligations of financial services licensees  

Subdivision B - Providing information and assistance to ASIC  

SECTION 912DAA   OBLIGATION TO LODGE A REPORT - REPORTABLE SITUATIONS IN RELATION TO THE FINANCIAL SERVICES LICENSEE  

Reporting a reportable situation to ASIC

912DAA(1)    
If there are reasonable grounds to believe that a reportable situation has arisen in relation to a financial services licensee:

(a)    the financial services licensee must lodge a report in relation to the reportable situation with ASIC; and

(b)    the report must be lodged in accordance with this section.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

Report must be in the prescribed form

912DAA(2)    
The report must be lodged with ASIC in writing in the prescribed form.

Period within which report must be lodged

912DAA(3)    
The report must be lodged with ASIC within 30 days after the financial services licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the reportable situation has arisen.

Strict liability applies in relation to paragraphs (1)(a) and (b)

912DAA(4)    
Strict liability applies in relation to paragraphs (1)(a) and (b) .

If report is received by APRA

912DAA(5)    
A report that a financial services licensee is required to lodge under this section in relation to a reportable situation is taken to have been lodged with ASIC if:

(a)    the licensee is a body regulated by APRA; and

(b)    the licensee has given a report to APRA that contains all of the information that is required in a report under this section in relation to the reportable situation.

912DAA(6)    
Subsection (1) does not apply to a financial services licensee in relation to a reportable situation if:

(a)    the licensee is a body regulated by APRA; and

(b)    the auditor or actuary of the licensee gives APRA a written report about a matter to which the reportable situation relates; and

(c)    the report is given before, or within 10 business days after, the licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe that the reportable situation has arisen.

Civil penalty provision

912DAA(7)    
A person contravenes this subsection if the person contravenes subsection (1) .

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

Meaning of knowledge and recklessness

912DAA(8)    

For the purposes of this section:

knowledge
has the meaning given by section 5.3 of the Criminal Code .

recklessness
has the meaning given by section 5.4 of the Criminal Code .