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

CCH note - modifying legislative instruments: The application of Pt 7.6 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Custody Standards for Providers of Custodial and Depository Services) Instrument 2024/17 (other than Divs 4 and 8); the ASIC Corporations (Investor Directed Portfolio Services) Instrument 202 3/6 69 (as amended by ASIC Corporations (Amendment) Instrument 2024/554) (other than Divs 4 and 8); the ASIC Corporations (Record-Keeping Requirements for Australian Financial Services Licensees when Giving Personal Advice) Instrument 2024/508 (other than Divs 4 and 8); the ASIC Corporations (31-day Notice Term Deposits) Instrument 2025/172 (other than Divs 4 and 8); and the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 202 4/6 20 (other than Divs 4 and 8) (as amended by ASIC Corporations and Credit (Amendment) Instrument 2025/289).

The application of Pt 7.6 is also affected by the Class Order 1 [frac412] 62: Relief for 31 Day Notice Term Deposits (other than Divs 4 and 8); and the ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/98 (other than Divs 4 and 8).

For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.6, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.

Division 11 - Agreements with unlicensed persons relating to the provision of financial services

View history reference

CCH Note - modifying legislative instruments: The application of Division 11 is affected by the following legislative instruments that commenced on or after 1 January 2022: 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 202 3/6 47; and the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 202 3/6 48.

For legislative instruments or class orders before 1 January 2022 that affect the application of Division 11, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.

Subdivision B - Effect on agreements

View history reference

CCH Note - modifying legislative instruments: The application of Subdivision B is affected by the following legislative instruments that commenced on or after 1 January 2022: 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 202 3/6 47; and the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 202 3/6 48.

For legislative instruments or class orders before 1 January 2022 that affect the application of Subdivision B, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.

SECTION 925F NON-LICENSEE NOT ENTITLED TO RECOVER COMMISSION

View history reference

CCH note: This provision is modified by legislative instruments. See the CCH note at the end of the provision for details.

925F(1)
Without limiting the generality of section 925E , this section:

(a) applies while the client is entitled to give a notice under section 925A ; and

(b) applies after the client so gives a notice, even if the notice does not result under section 925B in rescission of the agreement;

but does not otherwise apply.

925F(2)
The non-licensee is not entitled to recover by any means (including, for example, set-off or a claim on a quantum meruit ) any brokerage, commission or other fee for which the client would, but for this section, have been liable to the non-licensee under or in connection with the agreement.

View history note

CCH Note - modifying legislative instruments: Section 925F is modified by the following legislative instruments that commenced or were amended on or after 1 January 2022: 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 202 3/6 47; and the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 202 3/6 48.

For modifying legislative instruments or class orders before 1 January 2022, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.