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 8B - Action against relevant providers  

Subdivision C - Warnings and reprimands  

SECTION 921T   WARNINGS AND REPRIMANDS BY FINANCIAL SERVICES AND CREDIT PANELS  

921T(1)  
A Financial Services and Credit Panel may give a relevant provider a written warning or reprimand if the panel reasonably believes that:

(a)  the relevant provider is not a fit and proper person to provide personal advice to retail clients in relation to relevant financial products, having regard to the matters specified in section 921U but subject to Part VIIC of the Crimes Act 1914 ; or

(b)  the relevant provider has contravened a financial services law (including a restricted civil penalty provision); or

(c)  a circumstance mentioned in any of paragraphs 921K(1)(a) , (b) , (e) , (f) or (g) (power of Financial Services and Credit Panels to take action against relevant providers) exists or has occurred in relation to the relevant provider.

Note: Part VIIC of the Crimes Act 1914 includes provisions that, in certain circumstances, relieve persons from the requirement to disclose spent convictions and require persons aware of such convictions to disregard them.

921T(2)  
If a Financial Services and Credit Panel gives a relevant provider a warning or reprimand under subsection (1) , the panel must, at the same time, give a copy of the warning or reprimand to:

(a)  ASIC; and

(b)  if the relevant provider is authorised to provide personal advice to retail clients, on behalf of a financial services licensee, in relation to relevant financial products - the licensee.

921T(3)  
The warning or reprimand, and each copy of the warning or reprimand given to a person under subsection (2) , must be accompanied by a statement of reasons for the decision to give the warning or reprimand.

921T(4)  
A warning or reprimand given under subsection (1) is not a legislative instrument.