Corporations Act 2001
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.
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:
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) .