Financial Services Reform Act 2001 (122 of 2001)

Schedule 1   Financial Services and Markets

Part 1   Main amendments

Corporations Act 2001

1   Chapter 7 - Part 7.8 - Division 9

Division 9 - Enforcement

993A Overview

This Division contains provisions creating offences by reference to various rules contained in preceding Divisions of this Part. However, it does not create all the offences relating to those rules, as some offences are created by subsection 1311(1). Where offences are created by subsection 1311(1) in relation to a rule, this is indicated by a note at the end of the provision containing the rule.

993B Offence of failing to pay client money into an account as required

Strict liability offence

(1) 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.

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

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

Ordinary offence

(3) 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.

993C Offence of failing to comply with requirements relating to client money account

Strict liability offence

(1) A financial services licensee commits an offence if the licensee contravenes a requirement in regulations made for the purposes of section 981C.

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

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

Ordinary offence

(3) A financial services licensee commits an offence if:

(a) a requirement in regulations made for the purposes of section 981C applies to the licensee; and

(b) the licensee contravenes the requirement.

993D Offence of failing to pay loan money into an account as required

Strict liability offence

(1) A financial services licensee commits an offence if:

(a) the licensee is required by subsection 982B(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.

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

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

Ordinary offence

(3) A financial services licensee commits an offence if:

(a) the licensee is required by subsection 982B(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.