Corporations Act 2001
While an approval given under section 921K is in force in relation to a compliance scheme, the monitoring body for the scheme may, by written notice given to ASIC, propose to modify the scheme. 921R(2)
The notice must:
(a) set out the text of the proposed modification; and
(b) contain an explanation of the purpose of the proposed modification. Disallowance of modification 921R(3)
Within the 28-day period beginning on the day ASIC receives the notice, ASIC may, by written notice given to the monitoring body, disallow all or a specified part of the proposed modification if ASIC is satisfied on reasonable grounds that:
(a) compliance with the Code of Ethics will not be appropriately monitored or enforced under the scheme as modified; or
(b) if the proposed modification is a new monitoring body for the scheme - the new monitoring body does not have sufficient resources or expertise to appropriately monitor or enforce compliance with the Code of Ethics under the scheme. Effect of disallowance 921R(4)
If ASIC disallows the proposed modification within the 28-day period, the proposed modification does not take effect. 921R(5)
If ASIC disallows a specified part of the proposed modification within the 28-day period:
(a) the specified part does not take effect; and
(b) the proposed modification without the specified part takes effect at the end of the period. No disallowance 921R(6)
Otherwise, the proposed modification takes effect at the end of the 28-day period.
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