Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteCCH Note: Division 8B is modified by the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705; the ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647; the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2021/716 (as amended by the ASIC Corporations and Credit (Amendment) Instrument 2023/589).
CCH Note: Subdivision A is modified by the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705; the ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647; the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2021/716 (as amended by the ASIC Corporations and Credit (Amendment) Instrument 2023/589).
CCH Note: Section 921N is modified by the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705; the ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647; the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2021/716 (as amended by the ASIC Corporations and Credit (Amendment) Instrument 2023/589).
This section applies if an instrument of a kind specified in subsection 921L(1) is in force against a person (the affected person ).
Variation or revocation at ASIC ' s initiative
921N(2)
ASIC may request a Financial Services and Credit Panel to make a decision under subsection (5) in relation to the instrument if ASIC is satisfied that there has been a change in any of the circumstances on the basis of which the instrument was made.
Application by affected person for variation or revocation
921N(3)
The affected person may apply to ASIC in the approved form for: (a) the instrument to be revoked; or (b) a specified variation to be made to the instrument.
921N(4)
If the affected person makes an application under subsection (3) , ASIC must decide to: (a) request a Financial Services and Credit Panel to make a decision under subsection (5) in relation to the instrument; or (b) refuse to make such a request.
Decisions of Financial Services and Credit Panel about variations or revocations
921N(5)
If ASIC makes a request of a Financial Services and Credit Panel under subsection (2) or paragraph (4)(a) , the panel must decide to: (a) revoke the instrument; or (b) if the affected person made an application under subsection (3) - make the variation of the instrument specified in the application; or (c) make a variation of the instrument (even if the affected person made an application under subsection (3) and the application specified another variation); or (d) refuse to revoke the instrument; or (e) refuse to vary the instrument.
921N(6)
The panel must give written notice of the panel ' s decision to: (a) if the decision is mentioned in paragraph (5)(a) , (b) or (c) - all of the following:
(i) the affected person;
(ii) ASIC;
(b) otherwise - the affected person.
(iii) if the affected person is authorised to provide personal advice to retail clients, on behalf of a financial services licensee, in relation to relevant financial products - the licensee; or
[ CCH Note: S 921N(6) will be amended by No 115 of 2021, s 3, Sch 1[145], by inserting para (a)(iia) (effective 1 July 2026 or a day or days to be fixed by Proclamation). Para (a)(iia) will read:
(iia) the Registrar;]
921N(7)
A notice given under subsection (6) must be accompanied by a statement of reasons for the decision to which the notice relates.
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