Corporations Act 2001
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 8B is modified by the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705; the ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647; the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.
CCH Note: Subdivision B is modified by the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705; the ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647; the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.
CCH Note: Section 921P is modified by the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705; the ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647; the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.
A Financial Services and Credit Panel must give a written notice (a proposed action notice ) to a relevant provider if the panel proposes to: (a) make an instrument under subsection 921K(1) in relation to the relevant provider because of circumstances (the relevant circumstances ) mentioned in that subsection; or (b) give the relevant provider an infringement notice for the alleged contravention by the relevant provider of a restricted civil penalty provision. 921P(2)
The proposed action notice must: (a) set out details of the action proposed to be taken, including:
(i) for an action mentioned in paragraph (1)(a) - the relevant circumstances; and
(b) invite the relevant provider to do either of the following within the period of 28 days beginning on the day the notice is given (or such longer period as is approved by the panel) (the response period ):
(ii) for an action mentioned in paragraph (1)(b) - the alleged contravention and the amount to be stated in the infringement notice for the purposes of paragraph 1317DAP(1)(f) ; and
(i) make a submission, in writing, in relation to the action;
(c) inform the relevant provider that if no submission or request for a hearing is made within the response period, the panel may take the action; and (d) for an action mentioned in paragraph (1)(a) - inform the relevant provider that if the panel makes an instrument under subsection 921K(1) , ASIC may be required to enter details of the instrument in the Register of Relevant Providers in accordance with paragraph 922Q(2)(uc) .
(ii) make a request, in writing, that the panel hold a hearing under Division 4 of Part 9 of the ASIC Act in relation to the action; and
[ CCH Note: S 921P(2) will be amended by No 115 of 2021, s 3, Sch 1[146], by substituting " the Registrar may be required to enter details of the instrument in the records maintained under section 922A " for " ASIC may be required to enter details of the instrument in the Register of Relevant Providers in accordance with paragraph 922Q(2)(uc) " in para (d) (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
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