Section 1222L — Corporations Act 2001: Notifying ASIC of status as a retail CCIV or wholesale CCIV

(1) For the purposes of paragraph 1222J(1)(b), a CCIV is notified as a retail CCIV if: (a) the most recent notice lodged with ASIC under this section is a notice that the CCIV is, or wishes to be, a retail CCIV; or (b) both: (i) the notice required by subsection 1222A(4) to be lodged with the application to register the CCIV stated that the CCIV was to be a retail CCIV; and (ii) the CCIV has not lodged a notice with ASIC under this section stating that the CCIV is eligible to be, and wishes to be, a wholesale CCIV. (2) Subject to this section, a CCIV may at any time: (a) lodge with ASIC a notice in the prescribed form stating that the CCIV is, or wishes to be, a retail CCIV; or (b) lodge with ASIC a notice in the prescribed form stating that the CCIV is eligible to be, and wishes to be, a wholesale CCIV. Note: A CCIV that lodges a notice under paragraph (2)(b) will be a retail CCIV despite the notice if it is not eligible to be a wholesale CCIV because it passes the retail CCIV test: see section 1222J. Lodging a notice under paragraph (2)(b) in this situation is an offence: see subsection (7). When a retail CCIV notice must be lodged (3) A CCIV must lodge a notice under paragraph (2)(a) if, because of the operation of paragraph 1222J(1)(a) (about the retail CCIV test), the CCIV becomes a retail CCIV. (4) A notice required by subsection (3) must be lodged within 2 business days of the CCIV becoming a retail CCIV. (5) An offence based on subsection (3) is an offence of strict liability. (6) In any proceedings against a person for an offence based on subsection (3), it is a defence if at the relevant time the person did not know, and could not reasonably be expected to have known, that the CCIV satisfied the retail CCIV test. Note: A defendant bears an evidential burden in relation to the matter in this subsection: see subsection 13.3(3) of the Criminal Code. When a wholesale CCIV notice must not be lodged (7) A CCIV commits an offence if: (a) the CCIV lodges a notice under paragraph (2)(b); and (b) the CCIV satisfies the retail CCIV test. (8) An offence based on subsection (7) is an offence of strict liability.