Corporations Act 2001
[ CCH Note: Subdiv A heading will be inserted by No 135 of 2020, s 3, Sch 11 (effective 1 October 2021). Subdiv A heading will read:
Subdivision A - General obligations]
If an entity starts to control, or stops controlling, a financial services licensee, the licensee must lodge a notification with ASIC:
(a) in the prescribed form; and
(b) before the end of 30 business days after the day the entity starts to control, or stops controlling, the financial services licensee.
Note: Failure to comply with this subsection is an offence: see subsection 1311(1) .912DA(2)
An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code .