Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

Division 9 - Enforcement  

SECTION 993B   OFFENCE OF FAILING TO PAY CLIENT MONEY INTO AN ACCOUNT AS REQUIRED  

993B(1)   Strict liability offence.  

A financial services licensee commits an offence if:


(a) the licensee is required by subsection 981B(1) to pay particular money into an account in accordance with that subsection; and


(b) the licensee does not pay the money into an account in accordance with that subsection.

993B(2)   [ Strict liability offence]  

An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code .

993B(3)   Ordinary offence.  

A financial services licensee commits an offence if:


(a) the licensee is required by subsection 981B(1) to pay particular money into an account in accordance with that subsection; and


(b) the licensee does not pay the money into an account in accordance with that subsection.


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