Corporations Regulations 2001
CHAPTER 7
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FINANCIAL SERVICES AND MARKETS
PART 7.8
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OTHER PROVISIONS RELATING TO CONDUCT ETC CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE
Division 2
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Dealing with clients
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money
Subdivision AA
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Client money reporting rules
REGULATION 7.8.05L
APPLICATION TO WITHDRAW CLIENT MONEY REPORTING INFRINGEMENT NOTICE
7.8.05L(1)
During the client money reporting infringement notice period, a recipient of a client money reporting infringement notice may apply, in writing, to ASIC for the infringement notice to be withdrawn.
7.8.05L(2)
The application must:
(a) specify the client money reporting infringement notice ' s unique identification code; and
(b) set out the reasons for the application.
7.8.05L(3)
Within 14 days after receiving the application, ASIC must:
(a) withdraw or refuse to withdraw the client money reporting infringement notice; and
(b) notify the recipient in writing of the decision and, if the decision is a refusal, the reasons for the decision.
7.8.05L(4)
In deciding whether to withdraw the client money reporting infringement notice, ASIC may take the following matters into account:
(a) whether the recipient has previously been found to have contravened subsection 981M(1) of the Act;
(b) the circumstances in which the contravention set out in the infringement notice is alleged to have occurred;
(c) whether an infringement notice has previously been given to the recipient in relation to an alleged contravention of subsection 981M(1) of the Act, and whether the recipient complied with the infringement notice;
(d) any other relevant matters.
7.8.05L(5)
If ASIC refuses to withdraw the client money reporting infringement notice, the recipient may not make a further application under subregulation (1) in relation to that infringement notice.
7.8.05L(6)
If ASIC has not withdrawn, or refused to withdraw, the client money reporting infringement notice within 14 days after receiving the application, ASIC is taken to have refused to withdraw the infringement notice.
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
During the client money reporting infringement notice period, a recipient of a client money reporting infringement notice may apply, in writing, to ASIC for the infringement notice to be withdrawn.
7.8.05L(2)
The application must:
(a) specify the client money reporting infringement notice ' s unique identification code; and
(b) set out the reasons for the application.
7.8.05L(3)
Within 14 days after receiving the application, ASIC must:
(a) withdraw or refuse to withdraw the client money reporting infringement notice; and
(b) notify the recipient in writing of the decision and, if the decision is a refusal, the reasons for the decision.
7.8.05L(4)
In deciding whether to withdraw the client money reporting infringement notice, ASIC may take the following matters into account:
(a) whether the recipient has previously been found to have contravened subsection 981M(1) of the Act;
(b) the circumstances in which the contravention set out in the infringement notice is alleged to have occurred;
(c) whether an infringement notice has previously been given to the recipient in relation to an alleged contravention of subsection 981M(1) of the Act, and whether the recipient complied with the infringement notice;
(d) any other relevant matters.
7.8.05L(5)
If ASIC refuses to withdraw the client money reporting infringement notice, the recipient may not make a further application under subregulation (1) in relation to that infringement notice.
7.8.05L(6)
If ASIC has not withdrawn, or refused to withdraw, the client money reporting infringement notice within 14 days after receiving the application, ASIC is taken to have refused to withdraw the infringement notice.
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