Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE

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Division 9 - Enforcement

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CCH Note: Division 9 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

SECTION 993B OFFENCE OF FAILING TO PAY CLIENT MONEY INTO AN ACCOUNT AS REQUIRED

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CCH Note: Section 993B is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

Strict liability offence

993B(1)
A financial services licensee commits an offence if:

(a) the licensee is required by subsection 981B(1) to pay particular money into an account in accordance with that subsection; and

(b) the licensee does not pay the money into an account in accordance with that subsection.

993B(2)
An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code .

Ordinary offence

993B(3)
A financial services licensee commits an offence if:

(a) the licensee is required by subsection 981B(1) to pay particular money into an account in accordance with that subsection; and

(b) the licensee does not pay the money into an account in accordance with that subsection.

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