Corporations Regulations 2001
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
CCH note - modifying legislative instruments: The application of Pt 7.9 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.9, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
(a) a product provider is not able to return money in compliance with subsection 1017E(4) of the Act; and
(b) the product provider is not able to issue or transfer a financial product to, or in accordance with the instructions of, the person who paid that money in compliance with subsection 1017E(4) ; and
(c) the money is to be transferred to ASIC to be dealt with under Part 9.7 of the Act.
This regulation also applies if:
(a) money is taken out of an account mentioned in subsection 1017E(2) of the Act by a product provider for the purpose of returning it to the person by whom it was paid in compliance with paragraph 1017E(3) (a); and
(b) the product provider is not able to return the money in compliance with subsection 1017E(4) .
For paragraph 1017E(3) (d) of the Act, the situations mentioned in subregulations (1) and (2) are situations in which money may be taken out of an account mentioned in section 1017E .
For paragraph 1017E(4) (c) of the Act, the product provider must, after taking the money out of the account:
(a) transfer the money to ASIC to be dealt with under Part 9.7 of the Act; and
(b) give ASIC any information in the possession of the product provider that could reasonably assist ASIC to assess a claim by a person that the person is entitled to the money.
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