Corporations Act 2001
CHAPTER 7
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FINANCIAL SERVICES AND MARKETS
Division 8B
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Action against relevant providers
For the purposes of subsection 921K(1) , the following kinds of instrument are specified: (a) a written direction that a relevant provider:(a) the relevant provider
'
s registration under subsection
921ZC(1)
will cease to be in force at the cancellation time specified in the order (unless the registration has ceased to be in force at an earlier time) (see sections
921ZD
and
921ZE
); and
(b) the Registrar must refuse to register the relevant provider until after the prohibition end day specified in the order (see subsection
921ZC(3)
).
A relevant provider must comply with a direction in relation to the relevant provider that is in force under paragraph (1)(a) .
For the purposes of this Part, if a registration suspension order is in force against a relevant provider, the relevant provider ' s registration under subsection 921ZC(1) is taken not to be in force during the suspension period specified in the order. Suspension period and cancellation time 921L(4)
The suspension period specified in a registration suspension order that is made in relation to a relevant provider must begin at or after the time a copy of the order is given to the relevant provider. 921L(5)
The cancellation time specified in a registration prohibition order that is made in relation to a relevant provider must be a time that is at or after a copy of the order is given to the relevant provider. When instruments come into force 921L(6)
An instrument of a kind specified in subsection (1) that is made in relation to a relevant provider comes into force when a copy of it is given to the relevant provider in accordance with subsection 921M(1) .
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
PART 7.6
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LICENSING OF PROVIDERS OF FINANCIAL SERVICES
CCH Note: Part 7.6 (other than Divs 4 and 8) is modified by ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449.
Subdivision A
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Action by Financial Services and Credit Panels
SECTION 921L
INSTRUMENTS THAT FINANCIAL SERVICES AND CREDIT PANELS MAY MAKE IN RELATION TO RELEVANT PROVIDERS
921L(1)
For the purposes of subsection 921K(1) , the following kinds of instrument are specified: (a) a written direction that a relevant provider:
(i) undertake specified training; or
(ii) receive specified counselling; or
(iii) receive specified supervision; or
(b) a written order (a registration suspension order ) suspending a relevant provider ' s registration under subsection 921ZC(1) for a period (the suspension period ) specified in the order; (c) a written order (a registration prohibition order ) that:
(iv) report specified matters to ASIC;
(i) cancels the registration of a relevant provider under subsection 921ZC(1) at a time (the cancellation time ) specified in the order; and
(ii) provides that the relevant provider is not to be registered under that subsection until after a day (the prohibition end day ) specified in the order.
Note: If a registration prohibition order is in force against a relevant provider:
Effect of paragraph (1)(a) direction
921L(2)
A relevant provider must comply with a direction in relation to the relevant provider that is in force under paragraph (1)(a) .
Note: This subsection is a civil penalty provision (see section 1317E ).
Effect of registration suspension order 921L(3)For the purposes of this Part, if a registration suspension order is in force against a relevant provider, the relevant provider ' s registration under subsection 921ZC(1) is taken not to be in force during the suspension period specified in the order. Suspension period and cancellation time 921L(4)
The suspension period specified in a registration suspension order that is made in relation to a relevant provider must begin at or after the time a copy of the order is given to the relevant provider. 921L(5)
The cancellation time specified in a registration prohibition order that is made in relation to a relevant provider must be a time that is at or after a copy of the order is given to the relevant provider. When instruments come into force 921L(6)
An instrument of a kind specified in subsection (1) that is made in relation to a relevant provider comes into force when a copy of it is given to the relevant provider in accordance with subsection 921M(1) .
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