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 8C - Registration of relevant providers  

Subdivision C - Registration and period of registration  

SECTION 921ZC   REGISTRATION OF RELEVANT PROVIDERS  


Registration - relevant providers who are financial services licensees applying to be registered

921ZC(1)    


If an application for registration is made in accordance with section 921ZA by a relevant provider who is a financial services licensee, ASIC must register the relevant provider under this subsection by recording in the Register of Relevant Providers that the relevant provider is registered.

Registration - financial services licensees applying to register relevant providers

921ZC(1A)    
If an application is made in accordance with section 921ZB by a financial services licensee to register a relevant provider, ASIC must register the relevant provider under this subsection by recording in the Register of Relevant Providers that the relevant provider is registered in relation to the licensee.


921ZC(1B)    
To avoid doubt, a relevant provider is able to be registered under subsection (1A) multiple times in relation to different financial services licensees.

Note: The relevant provider may provide personal advice on behalf of multiple licensees, so long as the relevant provider is registered in relation to at least one of them.



Refusal to register relevant provider

921ZC(2)    


Despite subsection (1) or (1A) , ASIC must refuse to register a relevant provider under that subsection if:

(a)    a banning order is in force against the relevant provider that has the effect that the relevant provider is prohibited from providing personal advice to retail clients in relation to relevant financial products; or

(b)    a disqualification order under Division 8 is in force against the relevant provider that has the effect of disqualifying the relevant provider from providing personal advice to retail clients in relation to relevant financial products.


921ZC(3)    


Despite subsection (1) or (1A) , if a registration prohibition order is in force against a relevant provider, ASIC must refuse to register the relevant provider under that subsection until after the prohibition end day specified in the order.

Notice of registration

921ZC(4)    


If:

(a)    an application is made in accordance with section 921ZA by a relevant provider; and

(b)    ASIC registers the relevant provider under subsection (1) of this section;

ASIC must, as soon as practicable after recording in the Register of Relevant Providers that the relevant provider is registered, give a written notice of the registration to the relevant provider.


921ZC(5)    


If:

(a)    an application is made in accordance with section 921ZB to register a relevant provider; and

(b)    ASIC registers the relevant provider under subsection (1A) of this section;

ASIC must, as soon as practicable after recording in the Register of Relevant Providers that the relevant provider is registered in relation to the applicant, give a written notice of the registration to:

(c)    the relevant provider; and

(d)    the applicant.



Notice of refusal to register relevant provider

921ZC(6)    


If ASIC refuses to register a relevant provider under subsection (1) or (1A) , ASIC must, within 5 business days after the refusal, give a written notice of the refusal to:

(a)    the relevant provider; and

(b)    if the refusal relates to an application made in accordance with section 921ZB - the applicant.


921ZC(7)    
The notice must specify which of the following provisions apply in relation to the relevant provider:

(a)    paragraph (2)(a) or (b) ;

(b)    subsection (3) .


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