Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 912DB — Obligation to notify ASIC if licensee does not provide financial service
(1) If a financial services licensee does not provide a financial service covered by the licence before the end of 6 months after the licence is granted, the licensee must lodge a notification with…
Section 912EB — Obligation to investigate reportable situations that may affect clients
Obligation to investigate (1) A financial services licensee must conduct an investigation into a reportable situation in accordance with this section if: (a) the licensee, or a representative of the…
Section 912C — Direction to provide a statement
(1) ASIC may, by giving written notice to a financial services licensee, direct the licensee to give to ASIC a written statement containing the specified information about: (a) the financial services…
Section 912DAC — Obligation to give notice—participants in licensed market or licensed CS facility
(1) If a financial services licensee becomes a participant in a licensed market or a licensed CS facility, or ceases to be such a participant: (a) the financial services licensee must lodge written…
Section 912EC — Obligation to keep records of compliance
(1) A financial services licensee must keep records sufficient to enable the licensee’s compliance with this Subdivision to be readily ascertained. Note 1: For preservation of records, see section…
Section 912D — Meaning of reportable situation
(1) There is a reportable situation in relation to a financial services licensee if one of the following paragraphs is satisfied: (a) the financial services licensee or a representative of the…
Section 912DAD — ASIC must publish details of certain reports
(1) ASIC must, for each financial year, publish information about: (a) reports lodged with ASIC during the financial year under section 912DAA in relation to reportable situations of the kind…
Section 912E — Surveillance checks by ASIC
(1) A financial services licensee and its representatives must give such assistance to ASIC, or a person authorised by ASIC, as ASIC or the authorised person reasonably requests in relation to…
Section 912F — Obligation to cite licence number in documents
(1) Whenever a financial services licensee identifies itself in a document of a kind specified in regulations made for the purposes of this subsection, the document must include the licensee’s…
Section 913A — Applying for a licence
A person may apply for an Australian financial services licence by lodging an application with ASIC in a prescribed form that: (a) includes the information required by regulations made for the…
Section 913BA — Fit and proper person test
(1) For the purposes of paragraph 913B(1)(c), subsection 914B(2) and paragraph 915C(1)(b), the requirement in this section is satisfied in relation to a person (the first person) and a licence, or a…
Section 913B — When a licence may be granted
(1) ASIC must grant an applicant an Australian financial services licence if (and must not grant such a licence unless): (a) the application was made in accordance with section 913A; and (b) ASIC has…
Section 913BB — Fit and proper person test—matters to which ASIC must have regard
(1) ASIC must have regard to the matters set out in subsection (2) (subject to Part VIIC of the Crimes Act 1914) for the purposes of applying any of the following provisions to a person: (a) a…
Section 913C — Licence numbers
(1) ASIC must give each Australian financial services licence a unique licence number when it is granted, and must notify the licensee of that number. (2) If: (a) a person is granted an Australian…
Section 914A — The conditions on the licence
(1) Subject to this section and section 914B, ASIC may, at any time, by giving written notice to a financial services licensee: (a) impose conditions, or additional conditions, on the licence; and…
Section 914B — ASIC may request information etc. in relation to an application for conditions to be varied
(1) This section applies if a financial services licensee applies under paragraph 914A(2)(b) for ASIC to: (a) impose conditions, or additional conditions, on the licence; or (b) vary or revoke…
Section 915A — Varying licences
(1) ASIC may vary an Australian financial services licence to take account of a change in the licensee’s name if the licensee lodges with ASIC in a prescribed form an application for the variation,…
Section 915B — Immediate suspension or cancellation
Licence held by an individual (1) ASIC may suspend or cancel an Australian financial services licence held by an individual, by giving written notice to the person, if the person: (a) ceases to carry…
Section 915C — Suspension or cancellation after offering a hearing
(1) ASIC may suspend or cancel an Australian financial services licence (subject to complying with subsection (4)) in any of the following cases: (a) the licensee has not complied with their…
Section 915D — Effect of suspension
(1) A suspended Australian financial services licence has no effect while it remains suspended. (2) Subsection (1) has effect subject to section 915H.
Section 915E — Revocation of suspension
ASIC may at any time revoke the suspension of an Australian financial services licence by giving written notice to the licensee.
Section 915F — Date of effect and publication of cancellation or suspension
(1) A variation, suspension, revocation of a suspension, or cancellation, of an Australian financial services licence takes effect when the written notice of that action is given to the licensee. (2)…
Section 915G — Statement of reasons
A notice of suspension or cancellation given to a licensee under this Subdivision must be accompanied by a statement of reasons for the action taken.
Section 915H — ASIC may allow licence to continue in effect
In the written notice of suspension or cancellation that ASIC gives to the licensee, ASIC may specify that the licence continues in effect as though the suspension or cancellation had not happened…
Section 915I — Special procedures for APRA-regulated bodies
(1) If a financial services licensee, or a related body corporate, is a body (the APRA body) regulated by APRA, other than an ADI (within the meaning of the Banking Act 1959), the following…
Section 915J — Variation, suspension and cancellation only under this Subdivision
An Australian financial services licence cannot be varied, suspended or cancelled otherwise than under this Subdivision. Note: The conditions on the licence can be varied under section 914A.
Section 916A — How representatives are authorised
(1) A financial services licensee may give a person (the authorised representative) a written notice authorising the person, for the purposes of this Chapter, to provide a specified financial service…
Section 916B — Sub-authorisations
(1) Subject to subsection (3), an authorised representative of a financial services licensee cannot, in that capacity, make a person their authorised representative or an authorised representative of…
Section 916C — Authorised representative of 2 or more licensees
(1) One person can be the authorised representative of 2 or more financial services licensees, but only if: (a) each of those licensees has consented to the person also being the authorised…
Section 916D — Licensees cannot authorise other licensees
(1) A financial services licensee cannot be the authorised representative of another financial services licensee. Note 1: Instead, the first licensee could use their own licence to provide financial…
Section 916E — Licensees acting under a binder
(1) Despite section 916D, a financial services licensee (the authorised licensee) may be the authorised representative of another financial services licensee who is an insurer, if the authorised…
Section 916F — Obligation to notify ASIC etc. about authorised representatives
(1) A person must lodge with ASIC in a prescribed form a written notice (in accordance with subsection (2)), within 30 business days, if the person authorises a representative to provide a financial…
Section 916G — ASIC may give licensee information about representatives
(1) If ASIC considers it appropriate to do so, it may give information to a financial services licensee about a person who ASIC believes is, or will be, a representative of the licensee. However,…
Section 917A — Application of Division
(1) This Division applies to any conduct of a representative of a financial services licensee: (a) that relates to the provision of a financial service; and (b) on which a third person (the client)…
Section 917B — Responsibility if representative of only one licensee
If the representative is the representative of only one financial services licensee, the licensee is responsible, as between the licensee and the client, for the conduct of the representative,…
Section 917C — Representatives of multiple licensees
(1) This section applies if the representative is the representative of more than one financial services licensee. Financial service covered by only one authority (2) If: (a) the representative is…
Section 917D — Exception if lack of authority is disclosed to client
A financial services licensee is not responsible under section 917B or 917C for the conduct of their representative if: (a) the conduct is not within authority in relation to the licensee (or in…
Section 917E — Responsibility extends to loss or damage suffered by client
The responsibility of a financial services licensee under this Division extends so as to make the licensee liable to the client in respect of any loss or damage suffered by the client as a result of…
Section 917F — Effect of Division
(1) If a financial services licensee is responsible for the conduct of their representative under this Division, the client has the same remedies against the licensee that the client has against the…
Section 920A — ASIC’s power to make a banning order
Making a banning order (1) ASIC may, in writing, make one or more orders (banning orders) against a person if: (a) ASIC suspends or cancels an Australian financial services licence held by the…
Section 920B — What a banning order prohibits
(1) A banning order made against a person may specify that the person is prohibited from doing one or more of the following: (a) providing any financial services; (b) providing specified financial…
Section 920C — Effect of banning orders
(1) A person against whom a banning order is made cannot be granted an Australian financial services licence contrary to the banning order. (2) A person against whom a banning order is made must not…
Section 920D — Variation or cancellation of banning orders
(1) ASIC may vary or cancel a banning order, by giving written notice to the person against whom the order was made, if ASIC is satisfied that it is appropriate to do so because of a change in any of…
Section 920E — Date of effect and publication of banning order, variation or cancellation
(1) A banning order, or variation or cancellation of a banning order, takes effect when it is given to the person against whom the order is or was made. (2) ASIC must publish a notice in the Gazette…
Section 920F — Statement of reasons
(1) A banning order given to a person must be accompanied by a statement of reasons for the order. (2) If ASIC varies a banning order made against a person, ASIC must, on request by the person, give…
Section 921A — Disqualification by the Court
(1) ASIC may apply to the Court for an order or orders under this section in relation to a person if ASIC: (a) cancels an Australian financial services licence held by the person; or (b) makes a…
Section 921BA — Relevant providers to meet education and training standards
Qualifications (1) A relevant provider must meet the education and training standard in subsection 921B(2). Exam (2) A relevant provider must meet the education and training standard in subsection…
Section 921GA — Approval of domestic qualifications
Application for approval (1) A person who: (a) has completed a bachelor or higher degree approved by a determination in force for the purposes of subparagraph 921B(2)(a)(i) (the domestic…
Section 921ZA — Application for registration—relevant providers who are financial services licensees applying to be registered
(1) A relevant provider who is a financial services licensee may apply to ASIC to be registered under subsection 921ZC(1). Note: A notice must be lodged with ASIC under section 922D if a person…
Section 921B — Meaning of education and training standards
(1) This section sets out the education and training standards for a person who is, or is to be, a relevant provider. Conditions for relevant providers (2) The first standard is that: (a) the person:…