Corporations Amendment Regulations 2007 (No. 6) (197 of 2007)

Schedule 1   Amendment

[2]   Subregulation 7.6.02AA (2)

substitute

(2) Subregulation (1) operates only in relation to a financial services licensee (other than an exempt licensee under regulation 7.6.02AAA):

(a) who has not complied with subsection 912B (1) of the Act, in its unmodified form; and

(b) until the licensee does so comply.

(3) Subregulations (1) and (2) are not taken to displace, or diminish, the requirement for a financial services licensee to comply with subsection 912B (1) of the Act in its unmodified form.

(4) A security bond lodged with ASIC by a financial services licensee in compliance with section 912B of the Act as modified by subregulation (1), or with any provision of the old Corporations Act, may be released by ASIC, at its discretion, if:

(a) ASIC considers that, in relation to the licensee, a security bond is no longer required because the licensee:

(i) has complied with subsection 912B (1) of the Act, in its unmodified form; or

(ii) is an exempt licensee within the meaning of regulation 7.6.02AAA; and

(b) ASIC has published on its internet website, and in a daily newspaper having national circulation:

(i) a proposal that it release the security bond; and

(ii) a direction to the web address at which further information may be obtained; and

(c) ASIC has advertised, at that web address, the existence of the security bond, and an invitation to submit valid claims against the bond; and

(d) 3 months after publication of the advertisement, no valid claim has been submitted.