Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 8B - Compliance schemes  

Subdivision D - Other provisions  

SECTION 921S   OBLIGATION TO REVIEW COMPLIANCE SCHEME  

921S(1)  
A monitoring body for a compliance scheme must cause another person to complete a review of the scheme before the end of:


(a) the 5-year period beginning on the day ASIC approves the scheme under section 921K ; and


(b) each subsequent 5-year period.

921S(2)  
The other person mentioned in subsection (1) must not be:


(a) an associate of the monitoring body; or


(b) a person covered by the scheme; or


(c) if a relevant provider covered by the scheme 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


(d) if a relevant provider covered by the scheme is a member of a professional association - the professional association.

921S(3)  
As soon as reasonably practical after the review has been completed, the monitoring body must:


(a) make the review publicly available; and


(b) give a copy of the review to ASIC.


 

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