CHAPTER 2N
-
UPDATING ASIC INFORMATION ABOUT COMPANIES, REGISTERED SCHEMES AND NOTIFIED FOREIGN PASSPORT FUNDS
[
CCH Note:
Ch 2N heading will be amended by No 69 of 2020, s 3, Sch 1
[
633], by omitting
"
ASIC
"
, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
History
Ch 2N heading substituted by No 61 of 2018, s 3, Sch 2[120] (effective 18 September 2018).
PART 2N.4
-
RETURN OF PARTICULARS
History
Part 2N.4 inserted by No 24 of 2003, s 3, Sch 1
[
30] (effective 1 July 2003).
SECTION 348A
ASIC MAY GIVE A RETURN OF PARTICULARS
[
CCH Note:
S 348A heading will be amended by No 69 of 2020, s 3, Sch 1[657], by inserting
"
THE REGISTRAR OR
"
before
"
ASIC
"
, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
348A(1)
ASIC may give to a company or responsible entity of a registered scheme a return of particulars for the company or scheme if ASIC suspects or believes that particulars recorded in relation to the company or scheme in a register maintained by ASIC under subsection
1274(1)
are not correct.
[
CCH Note:
S 348A(1) will be amended by No 69 of 2020, s 3, Sch 1[658]
-
[
660], by substituting
"
The Registrar
"
for
"
ASIC
"
(first occurring),
"
the Registrar suspects
"
for
"
ASIC suspects
"
and
"
records maintained by the Registrar in the performance of functions or the exercise of powers under this Act
"
for
"
a register maintained by ASIC under subsection 1274(1)
"
, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
History
S 348A(1) substituted by No 101 of 2007, s 3, Sch 1
[
208].
S 348A(1) inserted by No 24 of 2003, s 3, Sch 1
[
30].
348A(1A)
ASIC may give to the operator of a notified foreign passport fund a return of particulars for the fund if ASIC suspects or believes that particulars recorded in relation to the fund in a register:
(a)
that ASIC maintains, or ensures is maintained, under subsection
1214(1)
; or
(b)
that ASIC maintains under subsection
1274(1)
;
are not correct.
History
S 348A(1A) inserted by No 61 of 2018, s 3, Sch 2[131] (effective 18 September 2018).
348A(2)
Subsection
(2A)
applies if an agreement or approval under subsection
352(1)
covers the lodgment of a response to a return of particulars for a company, registered scheme or notified foreign passport fund.
[
CCH Note:
S 348A(2) will be amended by No 69 of 2020, s 3, Sch 1[661], by omitting
"
company, registered scheme or
"
, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
History
S 348A(2) substituted by No 61 of 2018, s 3, Sch 2[132] (effective 18 September 2018).
348A(2A)
ASIC may satisfy subsection (1) or (1A) by making the return of particulars available by electronic means to:
(a)
the company, the responsible entity of the scheme or the operator of the fund; or
(b)
an agent of the company, the responsible entity or the operator.
[
CCH Note:
S 348A(2A) will be amended by No 69 of 2020, s 3, Sch 1[662], by omitting
"
(1) or
"
, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
History
S 348A(2A) inserted by No 61 of 2018, s 3, Sch 2[132] (effective 18 September 2018).
348A(3)
A return of particulars must specify the date ofissue.
History
S 348A(3) inserted by No 24 of 2003, s 3, Sch 1
[
30].
SECTION 348B
348B
ASIC MAY ASK QUESTIONS
[
CCH Note:
S 348B heading will be amended by No 69 of 2020, s 3, Sch 1[663], by inserting
"
THE REGISTRAR OR
"
before
"
ASIC
"
, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
ASIC may include, in a return of particulars for a company, a registered scheme or a notified foreign passport fund a requirement that the company, responsible entity of the scheme or operator of the fund provide a particular prescribed by the regulations for the purposes of this section.
[
CCH Note:
S 348B will be amended by No 69 of 2020, s 3, Sch 1[664], by inserting
"
The Registrar or
"
before
"
ASIC
"
, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
History
S 348B substituted by No 61 of 2018, s 3, Sch 2[133] (effective 18 September 2018).
SECTION 348C
ASIC MAY REQUIRE A SOLVENCY RESOLUTION AND STATEMENT
[
CCH Note:
S 348C heading will be amended by No 69 of 2020, s 3, Sch 1[665], by inserting
"
THE REGISTRAR OR
"
before
"
ASIC
"
, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
348C(1)
ASIC may include, in a return of particulars for a company, a requirement that the company comply with subsection
(2)
or subsection
(3)
. The company may choose which subsection to comply with.
Note: This section does not apply to CCIVs: see subsection
1232U(2)
.
[
CCH Note:
S 348C(1) will be amended by No 69 of 2020, s 3, Sch 1[666], by inserting
"
The Registrar or
"
before
"
ASIC
"
, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
History
S 348C(1) amended by No 8 of 2022, s 3, Sch 2[141] (effective 1 July 2022).
348C(2)
The company complies with this subsection if:
(a)
before the company lodges a response to the return of particulars, the directors of the company pass a solvency resolution; and
(b)
the response to the return of particulars states whether the resolution passed was a positive solvency resolution or a negative solvency resolution.
348C(3)
The company complies with this subsection if the response to the return of particulars states the date on which the directors passed a positive solvency resolution under section
347A
in respect of the company
'
s most recent review date.
History
S 348C inserted by No 24 of 2003, s 3, Sch 1
[
30].
SECTION 348D
GENERAL REQUIREMENTS IN RELATION TO A RETURN OF PARTICULARS
Response is required
348D(1)
A company, responsible entity of a registered scheme or operator of a notified foreign passport fund, must respond to a return of particulars that it receives. The response must comply with subsection
(2)
.
History
S 348D(1) amended by No 61 of 2018, s 3, Sch 2[134] (effective 18 September 2018).
S 348D(1) inserted by No 24 of 2003, s 3, Sch 1
[
30].
Contents of response
348D(2)
The response to a return of particulars by a company, the responsible entity of a registered scheme or the operator of a notified foreign passport fund:
(a)
must be lodged with ASIC within 2 months after the date of issue of the return; and
(b)
must be in the prescribed form; and
(c)
must be signed or authenticated; and
(d)
if, as at the date that the response is signed or authenticated, any particular set out in the return is not correct
-
must be such that the particulars set out in the return, taken together with the response, are correct as at the date the response is signed or authenticated; and
(e)
if the return includes a requirement that the company, responsible entity of the scheme or operator of the fund provide a particular under section
348B
-
must provide the required particular, correct as at the date the response is signed or authenticated; and
(f)
if the return includes a requirement to comply with a subsection of section
348C
-
must include the statement required by the subsection that the company chooses to comply with.
[
CCH Note:
S 348D(2) will be amended by No 69 of 2020, s 3, Sch 1[667] and
[
668], by inserting
"
the Registrar or
"
before
"
ASIC
"
in para (a) and substituting para (b) and (c) (effective 1 July 2026 or a day or days to be fixed by Proclamation). Para (b) and (c) will read:
(b)
in the case of a return by a company or by the responsible entity of a registered scheme
-
must meet any requirements of the data standards; and
(c)
in the case of a return by the operator of a notified foreign passport fund
-
must:
(i)
be in the prescribed form; and
(ii)
be signed or authenticated; and]
History
S 348D(2) amended by No 61 of 2018, s 3, Sch 2[135] and
[
136] (effective 18 September 2018).
S 348D(2) amended by No 101 of 2007, s 3, Sch 1
[
209].
S 348D(2) inserted by No 24 of 2003, s 3, Sch 1
[
30].
Response satisfies other requirements to notify
348D(3)
If a company responds to a return of particulars:
(a)
correcting a particular; or
(b)
providing a particular;
in accordance with subsection
(2)
, any requirement elsewhere in this Act to lodge a prescribed form in relation to the particular is satisfied by the response.
[
CCH Note:
S 348D(3) will be amended by No 69 of 2020, s 3, Sch 1[669], by substituting
"
give notice (however described)
"
for
"
lodge a prescribed form
"
, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
History
S 348D(3) inserted by No 24 of 2003, s 3, Sch 1
[
30].
348D(4)
Subsection
(3)
does not affect the company
'
s liability for late lodgment fees incurred before the response to the return of particulars is lodged or continuing offences committed before that time.
[
CCH Note:
S 348D(4) will be amended by No 69 of 2020, s 3, Sch 1[670], by inserting
"
with the Registrar or ASIC
"
after
"
lodged
"
, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
History
S 348D(4) amended by No 103 of 2004, s 3, Sch 11
[
13].
S 348D(4) inserted by No 24 of 2003, s 3, Sch 1
[
30].
Strict liability offences
348D(5)
An offence based on subsection
(1)
is an offence of strict liability.
Note: For
strict liability
, see section
6.1
of the
Criminal Code
.
History
S 348D(5) inserted by No 24 of 2003, s 3, Sch 1
[
30].