Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 9 - Registers relating to financial services  

Subdivision B - Notice requirements relating to the Register of Relevant Providers  

SECTION 922HD   OBLIGATION TO NOTIFY ASIC IN RELATION TO FAILURES TO COMPLY WITH THE CODE OF ETHICS  

922HD(1)  
A notice must be lodged under this subsection, in accordance with section 922L , if:


(a) a monitoring body for a compliance scheme determines under subsection 921L(1) that a relevant provider covered by the scheme has failed to comply with the Code of Ethics; or


(b) a sanction is imposed on a relevant provider covered by a compliance scheme in relation to a failure to comply with the Code of Ethics by the relevant provider.

922HD(2)  
The notice must include the following information:


(a) if the relevant provider is a financial services licensee - the name of the licensee;


(b) if the relevant provider is not a financial services licensee:


(i) the name of the relevant provider; and

(ii) the name of the financial services licensee on whose behalf the relevant provider is authorised to provide personal advice to retail clients in relation to relevant financial products;


(c) if paragraph (1)(a) applies - details of the failure to comply;


(d) if paragraph (1)(b) applies - details of the sanction imposed.

922HD(3)  
If, in relation to the same failure to comply, the events mentioned in paragraphs (1)(a) and (b) occur within 30 business days of one another:


(a) a single notice may be lodged under subsection (1) within 30 business days of the later of those events; and


(b) only one notice is taken to be required to be caused to be lodged for the purposes of subsection 922M(1) .


 

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