Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 741 — ASIC’s power to exempt and modify
(1) ASIC may: (a) exempt a person from a provision of this Chapter; or (b) declare that this Chapter applies to a person as if specified provisions were omitted, modified or varied as specified in…
Section 742 — Exemptions and modifications by regulations
(1) The regulations may: (a) exempt a person or class of persons from all or specified provisions of this Chapter; or (b) exempt a security or class of securities from all or specified provisions of…
Section 760A — Object of Chapter
The main object of this Chapter is to promote: (a) confident and informed decision making by consumers of financial products and services while facilitating efficiency, flexibility and innovation in…
Section 760B — Outline of Chapter
An outline of this Chapter is set out in the table below. Part-by-Part outline of Chapter 7 Part... Covers... 1 7.1 meaning of some terms relating to financial services and markets 2 7.2 licensing of…
Section 761A — Meaning of some terms relating to financial services and markets
In this Act: AFCA (short for the Australian Financial Complaints Authority) means the operator of the AFCA scheme. AFCA regulated superannuation scheme means: (a) the scheme provided for by the…
Section 761CA — Meaning of class and kind of financial products and financial services
The regulations may include provisions identifying, or providing for the identification of, what constitutes a class or kind of financial products or financial services for the purposes of a…
Section 761CAA — Meaning of claimant intermediary
(1) A person is a claimant intermediary if the person: (a) carries on a business of representing persons insured under insurance products in pursuing claims under those products; and (b) represents…
Section 761DA — Meaning of insurance claims manager
(1) A person is an insurance claims manager if: (a) the person carries on a business of providing claims handling and settling services on behalf of one or more insurers; and (b) where the person, as…
Section 761EA — Meaning of margin lending facility, margin call and associated expressions
(1) A margin lending facility is: (a) a standard margin lending facility; or (b) a non-standard margin lending facility; or (c) a facility of a kind that has been declared by ASIC to be a margin…
Section 761FA — Meaning of person—generally includes multiple trustees
(1) This section applies in relation to a trust while the trust continues to have: (a) 2 or more trustees; or (b) a single trustee who was a trustee of the trust at a time when it had 2 or more…
Section 761GA — Meaning of retail client—sophisticated investors
A financial product, or a financial service (other than a traditional trustee company service, a crowd-funding service or a superannuation trustee service) in relation to a financial product, is not…
Section 761B — Meaning of arrangement
(1) For the purposes of this Chapter, arrangement means a contract, agreement, understanding, scheme or other arrangement (as existing from time to time): (a) whether formal or informal, or partly…
Section 761D — Meaning of derivative
(1) Subject to subsections (2), (3) and (4), a derivative is an arrangement in relation to which the following conditions are satisfied: (a) under the arrangement, a party to the arrangement must, or…
Section 761E — Meaning of acquire, issue and provide
General (1) This section defines when a financial product is issued to a person. It also defines who the issuer of a financial product is. If a financial product is issued to a person: (a) the person…
Section 761F — Meaning of person—generally includes a partnership
(1) This Chapter applies to a partnership as if the partnership were a person, but it applies with the following changes: (a) obligations that would be imposed on the partnership are imposed instead…
Section 761G — Meaning of retail client and wholesale client
Providing a financial product or financial service to a person as a retail client (1) A financial product or a financial service is provided to a person as a retail client unless subsection (5), (6),…
Section 761H — References to this Chapter include references to regulations or other instruments made for the purposes of this Chapter
(1) A reference in a provision of this Chapter to this Chapter, or to a particular provision or group of provisions of this Chapter, includes (unless a contrary intention appears) a reference to…
Section 762A — Overview of approach to defining what a financial product is
General definition (1) Subdivision B sets out a general definition of financial product. Subject to subsections (2) and (3), a facility is a financial product if it falls within that definition.…
Section 762B — What if a financial product is part of a broader facility?
If a financial product is a component of a facility that also has other components, this Act, in applying to the financial product, only applies in relation to the facility to the extent it consists…
Section 762C — Meaning of facility
In this Act: facility includes: (a) intangible property; or (b) an arrangement or a term of an arrangement (including a term that is implied by law or that is required by law to be included); or (c)…
Section 763A — Meaning of financial product
(1) A financial product is a facility through which, or through the acquisition of which, a person does one or more of the following: (a) makes a financial investment; (b) manages financial risk; (c)…
Section 763B — Meaning of makes a financial investment
A person (the investor) makes a financial investment if: (a) the investor gives money or money’s worth (the contribution) to another person and any of the following apply: (i) the other person uses…
Section 763C — Meaning of manages financial risk
A person manages financial risk if they: (a) manage the financial consequences to them of particular circumstances happening; or (b) avoid or limit the financial consequences of fluctuations in, or…
Section 763D — Meaning of makes non-cash payments
(1) A person makes non-cash payments if they make payments, or cause payments to be made, otherwise than by the physical delivery of Australian or foreign currency in the form of notes and/or coins.…
Section 763E — What if a financial product is only incidental?
(1) If: (a) something (the incidental product) that, but for this section, would be a financial product because of this Subdivision is: (i) an incidental component of a facility that also has other…
Section 764A — Specific things that are financial products (subject to Subdivision D)
(1) Subject to Subdivision D, the following are financial products: (a) a security; (b) any of the following in relation to a registered scheme: (i) an interest in the scheme; (ii) a legal or…
Section 765A — Specific things that are not financial products
(1) Despite anything in Subdivision B or Subdivision C, the following are not financial products: (a) an excluded security; (b) an undertaking by a body corporate to pay money to a related body…
Section 766A — Meaning of financial service
General (1) Subject to paragraph (2)(b), a person provides a financial service if they: (a) provide financial product advice; or (b) deal in a financial product; or (c) make a market for a financial…
Section 766B — Meaning of financial product advice, personal advice and general advice
(1) Financial product advice means a recommendation or a statement of opinion, or a report of either of those things, that: (a) is intended to influence a person or persons in making a decision in…
Section 766C — Meaning of dealing
(1) The the following conduct (whether engaged in as principal or agent) constitutes dealing in a financial product: (a) applying for or acquiring a financial product; (b) issuing a financial…
Section 766D — Meaning of makes a market
(1) A person makes a market for a financial product if: (a) either through a facility, at a place or otherwise, the person regularly states the prices at which they propose to acquire or dispose of…
Section 766E — Meaning of custodial or depository service
(1) A person (the provider) provides a custodial or depository service to another person (the client) if, under an arrangement between the provider and the client, or between the provider and another…
Section 766F — Meaning of crowd-funding service
Meaning of provides a crowd-funding service (1) A person provides a crowd-funding service if: (a) a CSF offer document for a CSF offer of securities of a company is published on a platform operated…
Section 766G — Meaning of claims handling and settling service
(1) A person provides a claims handling and settling service if: (a) the person makes a recommendation, or states an opinion, in the following circumstances: (i) the recommendation, or statement of…
Section 766H — Meaning of superannuation trustee service
(1) A person provides a superannuation trustee service if the person operates a registrable superannuation entity as trustee of the entity. Note 1: The meaning of person here is affected by section…
Section 767A — Meaning of financial market
(1) A financial market is a facility through which: (a) offers to acquire or dispose of financial products are regularly made or accepted; or (b) offers or invitations are regularly made to acquire…
Section 768A — Meaning of clearing and settlement facility
(1) A clearing and settlement facility is a facility that provides a regular mechanism for the parties to transactions relating to financial products to meet obligations to each other that: (a) arise…
Section 769A — Part 2.5 of Criminal Code does not apply
Despite section 1308A, Part 2.5 of the Criminal Code does not apply to any offences based on the provisions of this Chapter. Note: For the purposes of offences based on provisions of this Chapter,…
Section 769B — People are generally responsible for the conduct of their agents, employees etc.
(1) Subject to subsections (7) and (8), conduct engaged in on behalf of a body corporate: (a) by a director, employee or agent of the body, within the scope of the person’s actual or apparent…
Section 769C — Representations about future matters taken to be misleading if made without reasonable grounds
(1) For the purposes of this Chapter, or of a proceeding under this Chapter, if: (a) a person makes a representation with respect to any future matter (including the doing of, or refusing to do, any…
Section 790A — Meaning of clearing and settlement arrangements
Clearing and settlement arrangements for a transaction effected through a financial market are arrangements for the clearing and settlement of those transactions. The arrangements may be part of the…
Section 791A — Need for a licence
(1) A person must only operate, or hold out that the person operates, a financial market in this jurisdiction if: (a) the person has an Australian market licence that authorises the person to operate…
Section 791B — Other prohibitions on holding out
A person must not hold out: (a) that the person has an Australian market licence; or (b) that the operation of a financial market by the person in this jurisdiction is authorised by an Australian…
Section 791C — Exemptions by ASIC
Exemption of a particular financial market or person (1) ASIC may, in writing, exempt: (a) a particular financial market; or (b) a particular person; from all or specified provisions of this Part.…
Section 791D — When a financial market is operated in this jurisdiction
(1) A financial market is taken to be operated in this jurisdiction if it: (a) is operated by a body corporate that is registered under Chapter 2A; or (b) is covered by a declaration in force under…
Section 791E — Criteria for declarations that financial markets have a material connection with this jurisdiction
(1) When ASIC is deciding under subsection 791D(2) whether to declare that a financial market has a material connection with this jurisdiction: (a) the market must have a connection with this…
Section 791F — Ministerial consent to ASIC determination required
(1) ASIC must not make a determination under paragraph 791E(4)(b) unless the Minister has consented, in writing, to the making of the determination. (2) A consent given under subsection (1) is not a…
Section 791G — Revoking declarations that financial markets have a material connection with this jurisdiction
ASIC may, by written notice given to a body corporate, revoke a declaration made under subsection 791D(2) about a financial market operated by the body corporate if: (a) after having regard to…
Section 792A — General obligations
(1) A market licensee must: (a) to the extent that it is reasonably practicable to do so, do all things necessary to ensure that the market is a fair, orderly and transparent market; and (b) comply…
Section 792B — Obligation to notify ASIC of certain matters
(1) A market licensee must give written notice to ASIC, as soon as practicable, if it becomes aware that it may no longer be able to meet, or has breached, an obligation under section 792A. Note:…