Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 981F — Regulations may deal with how money to be dealt with if licensee ceases to be licensed etc.
The regulations may include provisions dealing with how money in an account maintained for the purposes of section 981B, or an investment of such money, is to be dealt with if: (a) the licensee…
Section 981G — Account provider not liable merely because of licensee’s contravention
Nothing in this Subdivision, or in regulations made for the purposes of this Subdivision, makes the body (not being the licensee) that the account is with under paragraph 981B(1)(a) subject to any…
Section 981H — Money to which Subdivision applies taken to be held in trust
(1) Subject to subsection (3), money to which this Subdivision applies that is paid to the licensee: (a) by the client; or (b) by a person acting on behalf of the client; or (c) in the licensee’s…
Section 981J — Client money reporting rules
(1) ASIC may, by legislative instrument, make rules (the client money reporting rules) dealing with matters as permitted by this Subdivision, for purposes relating to derivative retail client money.…
Section 981K — Matters that may be dealt with in client money reporting rules
(1) The client money reporting rules may impose any of the following kinds of requirements: (a) requirements to report information (see also paragraph (2)(b)); (b) reconciliation requirements (see…
Section 981L — ASIC to consult before making rules
(1) ASIC must not make a client money reporting rule unless ASIC has consulted the public about the proposed rule. (2) Without limiting the ways in which ASIC may comply with the obligation in…
Section 981M — Complying with client money reporting rules
(1) Financial services licensees must comply with the client money reporting rules. Note: This subsection is a civil penalty provision (see section 1317E). For relief from liability to a civil…
Section 981N — Alternatives to civil proceedings
(1) The regulations may provide for a person who is alleged to have contravened subsection 981M(1) (complying with client money reporting rules) to do one or more of the following as an alternative…
Section 981P — Compliance with requirements to provide data or other information to ASIC: protection from liability
If: (a) a financial services licensee, or a person acting on behalf of a financial services licensee: (i) provides data or information to ASIC; or (ii) otherwise allows ASIC access to data or…
Section 982A — Money to which this Subdivision applies
(1) Subject to subsection (2), this Subdivision applies to money paid to a financial services licensee (the licensee) by way of a loan from a person (the client) in connection with activities…
Section 982B — Obligation to pay money into an account
(1) The licensee must ensure that money to which this Subdivision applies is paid into an account that satisfies these requirements: (a) the account is: (i) with an Australian ADI; or (ii) of a kind…
Section 982C — Licensee to give client statement setting out terms of loan etc.
Obligation to give client a statement (1) The licensee must, in accordance with the regulations, give the client a statement setting out: (a) the terms and conditions on which the loan is made and…
Section 982D — Permitted use of loan
The licensee must only use the money: (a) for the purpose, and in the manner, set out in the statement given under section 982C; or (b) for another purpose, or in another manner, agreed on in writing…
Section 983A — Court may freeze certain accounts
(1) The Court may, by order, restrain dealings in respect of specified accounts with financial institutions that a person holds or maintains (whether in Australia or elsewhere), subject to such terms…
Section 983B — Interim order freezing accounts
(1) Before considering an application under section 983A, the Court may, if it considers it desirable to do so, grant an interim order that is an order of the kind applied for and is expressed to…
Section 983C — Duty of person to whom order directed to make full disclosure
If an order made under section 983A is directed to a financial institution, the institution must: (a) disclose to ASIC every account kept at the institution in the name of the person to whom the…
Section 983D — Further orders and directions
(1) If an order is made under section 983A or 983B, the Court may, on application by ASIC or a person whom the order affects, make a further order that does one or more of the following: (a) deals…
Section 983E — Power of Court to make order relating to payment of money
(1) An order made under section 983D may include directions to a person to whom money is ordered to be paid directing that the person: (a) must pay the money into a separate account; or (b) is…
Section 984A — Property to which Division applies
(1) Subject to subsection (2), this Division applies to property other than money (for example, share certificates) given to a financial services licensee (the licensee) in the following…
Section 984B — How property to which this Division applies is to be dealt with
(1) Subject to subsection (2), the licensee must ensure that property to which this Division applies is only dealt with in accordance with: (a) the requirements (if any) specified in regulations made…
Section 985A — Meaning of contract of insurance and insured
(1) In this Division: contract of insurance includes a contract of life insurance. Note: Contract of life insurance has a meaning affected by subsection (2). insured, in relation to a contract of…
Section 985EA — Application of this Subdivision
This Subdivision applies to a financial services licensee (the provider) in relation to: (a) the issuing of a margin lending facility to a retail client; or (b) the increasing of the limit of a…
Section 985B — Status of amounts paid to financial services licensees in respect of contracts of insurance
(1) If: (a) a contract of insurance is arranged or effected by a financial services licensee; and (b) the licensee is not the insurer; payment to the licensee of money payable (whether in respect of…
Section 985C — Regulations may impose other requirements etc. if financial services licensee is not the insurer
(1) The regulations may impose requirements to be complied with by a financial services licensee in relation to, or make other provision dealing with, a situation specified in subsection (2) that…
Section 985D — Financial services licensees etc. not to deal in general insurance products from unauthorised insurers etc.
(1) A financial services licensee, or an authorised representative of a financial services licensee, must not deal in a general insurance product if the insurer for the product, or (if there is more…
Section 985E — Requirements before issuing etc. margin lending facility
Requirement to make assessment of unsuitability (1) The provider must not: (a) issue the margin lending facility to the retail client; or (b) increase the limit of the margin lending facility that…
Section 985F — Assessment of unsuitability of margin lending facility
For the purposes of paragraph 985E(1)(c), the provider must make an assessment that: (a) specifies the period the assessment covers; and (b) assesses whether the margin lending facility will be…
Section 985G — Reasonable inquiries etc. about the retail client
Requirement to make inquiries and take steps to verify (1) For the purposes of paragraph 985E(1)(d), the provider must, before making the assessment: (a) make reasonable inquiries about the retail…
Section 985H — When margin lending facility must be assessed as unsuitable
Requirement to assess the margin lending facility as unsuitable (1) The provider must assess that the margin lending facility will be unsuitable for the retail client if the margin lending facility…
Section 985J — Giving the retail client the assessment
Requirement to give assessment if requested (1) If, before the margin lending facility is issued or the limit is increased, the retail client requests a copy of the assessment from the provider, the…
Section 985K — Unsuitable margin lending facilities
Requirement not to issue unsuitable margin lending facilities etc. (1) The provider must not: (a) issue the margin lending facility to the retail client; or (b) increase the limit of the margin…
Section 985L — Issue of margin lending facility must not be conditional on agreement to receive communications through agent
A financial services licensee must not require, as a condition of issuing a margin lending facility to a retail client, that the retail client enter into an agreement of the kind referred to in…
Section 985M — Notification of margin calls
Provider must notify retail client of margin call (1) A financial services licensee (the provider) that has issued a margin lending facility to a retail client must, when the facility goes into…
Section 986A — Reporting in relation to money to which Subdivision A or B of Division 2 applies or property to which Division 3 applies
The regulations may impose reporting requirements to be complied with by a financial services licensee in relation to money to which Subdivision A or B of Division 2 applies or property to which…
Section 986B — Reporting in relation to dealings in derivatives
The regulations may impose reporting requirements to be complied with by a financial services licensee in relation to dealings in derivatives on behalf of other people.
Section 987A — Application of Division
(1) This Division applies in relation to a financial services licensee and a financial services business carried on by the licensee, whether that business is carried on in this jurisdiction or…
Section 988A — Obligation to keep financial records
(1) A financial services licensee must (subject to subsection (2)): (a) keep financial records that correctly record and explain the transactions and financial position of the financial services…
Section 988B — Records to be kept so that profit and loss statements and balance sheet can be prepared and audited
The records must be kept in a way that: (a) enables true and fair profit and loss statements, and balance sheets, of the financial services business of the licensee to be prepared from time to time;…
Section 988C — Language of records
(1) The records must be kept in writing in the English language, or in a manner that enables them to be readily accessible and readily converted into writing in the English language. (2) If any of…
Section 988D — Location of records
If any of the records are kept outside this jurisdiction, the licensee must: (a) cause to be sent to and kept at a place in this jurisdiction such particulars with respect to the business dealt with…
Section 988E — Particular categories of information to be shown in records
The records must be kept in sufficient detail to show particulars of: (a) all money received or paid by the licensee, including money paid to, or disbursed from, an account maintained for the…
Section 988F — Regulations may impose additional requirements
The regulations may impose additional requirements to be complied with in relation to the records including, for example, requirements for things to be contained in the records, and requirements…
Section 988G — Records taken to be made with licensee’s authority
An entry in the records is, unless the contrary is proved, to be taken to have been made by, or with the authority of, the licensee.
Section 989CA — Audit to be conducted in accordance with auditing standards
(1) If an individual auditor, or an audit company, conducts an audit of a profit and loss statement and balance sheet for the purposes of this Subdivision, the individual auditor or audit company…
Section 989B — Financial services licensee to prepare and lodge annual profit and loss statement and balance sheet
(1) A financial services licensee must, in respect of each financial year, prepare a true and fair profit and loss statement and balance sheet in accordance with this Subdivision. Note: Failure to…
Section 989C — Requirements as to contents and applicable accounting principles
The profit and loss statement and the balance sheet must: (a) contain the information that is required by the regulations; and (b) be prepared in accordance with any requirements in the regulations…
Section 989D — Time of lodgment
(1) Unless an extension is granted under subsection (3), the profit and loss statement and the balance sheet must be lodged before: (a) if the licensee is not a body corporate—the day that is 2…
Section 990A — Sections 990B to 990H not to apply to public companies
Sections 990B to 990H do not apply to a financial services licensee that is a public company.
Section 990B — Appointment of auditor by licensee
(1) A financial services licensee must, within 1 month after beginning to hold the licence, appoint as auditor or auditors to audit the licensee’s financial statements: (a) a person or persons; or…
Section 990C — When a person or firm is ineligible to act as auditor
A person or firm is ineligible to act as auditor of the licensee if regulations made for the purposes of this section provide that the person or firm is ineligible so to act.