Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 990D — Ineligible person or firm must not consent to act or disqualify themselves etc.
(1) A person or firm, while ineligible to act as auditor of the licensee, must not: (a) consent to be appointed as auditor of the licensee; or (b) act as auditor of the licensee; or (c) prepare a…
Section 990E — Duration of appointment of auditors
An auditor of the licensee holds office until: (a) death; or (b) removal in accordance with section 990F; or (c) resignation in accordance with sections 990G and 990H; or (d) becoming prohibited by…
Section 990F — Removal of auditors
The licensee: (a) must remove an auditor of the licensee from office if the auditor becomes ineligible to act as auditor of the licensee; and (b) may, with ASIC’s consent, remove an auditor of the…
Section 990G — Resignation of auditors—requirements for resignation
(1) An auditor of the licensee may, by written notice given to the licensee, resign as auditor of the licensee if: (a) the auditor has, by written notice given to ASIC, applied for consent to the…
Section 990H — Resignation of auditors—when resignation takes effect
The resignation of an auditor of the licensee takes effect on: (a) if the notice of resignation specifies a date as the date the resignation is to take effect—the date so specified; or (b) the date…
Section 990I — Auditor’s right of access to records, information etc.
(1) An auditor of the licensee has a right of access at all reasonable times to the financial records or other records (including any register) of the licensee. (2) An auditor of the licensee is…
Section 990J — Auditor’s fees and expenses
(1) The reasonable fees and expenses of an auditor of the licensee are payable by the licensee. (2) The auditor may recover those fees by action against the licensee.
Section 990K — Auditor to report on certain matters
(1) If an auditor, in the performance of duties as auditor of the licensee, becomes aware of a matter referred to in subsection (2), the auditor must, within 7 days after becoming aware of the…
Section 990L — Qualified privilege for auditor etc.
Qualified privilege for auditor (1) An auditor of the licensee has qualified privilege in respect of: (a) a statement that the auditor makes, orally or in writing, in the course of the auditor’s…
Section 991A — Financial services licensee not to engage in unconscionable conduct
(1) A financial services licensee must not, in or in relation to the provision of a financial service, engage in conduct that is, in all the circumstances, unconscionable. (2) If a person suffers…
Section 991B — Financial services licensee to give priority to clients’ orders
(1) This section applies if: (a) a person (the client) has instructed a financial services licensee to buy or sell financial products of a particular class that are able to be traded on a licensed…
Section 991C — Regulations may deal with various matters relating to instructions to deal through licensed markets
The regulations may do all or any of the following in relation to instructions received by financial services licensees to deal in financial products through licensed markets: (a) impose requirements…
Section 991D — Regulations may require records to be kept in relation to instructions to deal on licensed markets and foreign markets
The regulations may impose requirements for the keeping of records relating to all or any of the following: (a) instructions received by financial services licensees to deal in financial products…
Section 991E — Obligations of financial services licensee in relation to dealings with non-licensees
Obligation to disclose if acting on own behalf (1) Subject to the regulations, a financial services licensee must not, either personally or through an authorised representative, enter into a…
Section 991F — Dealings involving employees of financial services licensees
(1) Subject to the regulations, a financial services licensee and an employee of the licensee must not, on their own behalves, jointly acquire a financial product. Note: Failure to comply with this…
Section 992A — Prohibition on hawking of financial products
General prohibition (1) A person must not offer a financial product for issue or sale to another person (the consumer), or request or invite the consumer to ask or apply for a financial product or to…
Section 992AA — Right of return and refund for hawked financial products
(1) If a person (the issuer) contravenes section 992A in relation to a financial product issued or sold to another person (the consumer), the consumer has a right of return and refund exercisable at…
Section 992B — Exemptions and modifications by ASIC
(1) ASIC may: (a) exempt a person or class of persons from all or specified provisions of this Part; or (b) exempt a financial product or class of financial products from all or specified provisions…
Section 992C — Exemptions and modifications by regulations
(1) The regulations may: (a) exempt a person or class of persons from all or specified provisions of this Part; or (b) exempt a financial product or a class of financial products from all or…
Section 993A — Overview
This Division contains provisions creating offences by reference to various rules contained in preceding Divisions of this Part. However, it does not create all the offences relating to those rules,…
Section 993B — Offence of failing to pay client money into an account as required
Strict liability offence (1) A financial services licensee commits an offence if: (a) the licensee is required by subsection 981B(1) to pay particular money into an account in accordance with that…
Section 993C — Offence of failing to comply with requirements relating to client money account
Strict liability offence (1) A financial services licensee commits an offence if the licensee contravenes a requirement in regulations made for the purposes of section 981C. (2) An offence based on…
Section 993D — Failing to pay loan money into an account as required
Failing to pay loan money into account as required (1) A financial services licensee contravenes this subsection if: (a) the licensee is required by subsection 982B(1) to pay particular money into an…
Section 994A — Meaning of some terms relating to design and distribution requirements
(1) In this Act: excluded conduct means: (a) a dealing in a financial product that consists of arranging for a retail client to apply for or acquire the product, where the arranging is undertaken:…
Section 994AA — Meaning of financial product—Part 7.8A
(1) In this Part, financial product includes a financial product within the meaning of Division 2 of Part 2 of the ASIC Act. Note: Whether a target market determination is required to be made in…
Section 994B — Target market determinations for financial products
Requirement to make a target market determination (1) Subject to subsection (3), a person must make a target market determination for a financial product if: (a) under Part 6D.2, the person is…
Section 994C — Target market determinations to be reviewed
Reviews of target market determinations (1) A person who makes a target market determination may at any time: (a) review the determination; or (b) make a new target market determination in accordance…
Section 994D — Prohibition on engaging in retail product distribution conduct unless target market determination made
If: (a) under section 994B, a person must make a target market determination for a financial product but the determination has not been made; and (b) the product is on offer for acquisition by issue,…
Section 994E — Reasonable steps to ensure consistency with target market determinations
Persons who make target market determinations (1) A person who makes a target market determination for a financial product must take reasonable steps that will, or are reasonably likely to, result in…
Section 994F — Record keeping and notification obligations
Record keeping by persons who make, or are required to make, target market determinations (1) A person who makes, or who is required by this Part to make, a target market determination for a…
Section 994G — Notice to ASIC
If: (a) a person makes a target market determination for a financial product; and (b) the person becomes aware of a significant dealing in the product in relation to a retail client (except a dealing…
Section 994H — Information to be provided to ASIC
(1) ASIC may, in writing, require: (a) a person who makes, or is required by this Part to make, a target market determination for a financial product; or (b) a regulated person who engages in retail…
Section 994J — Stop orders
(1) This section applies if ASIC is satisfied that a provision of Division 2, or section 994E, has been contravened in relation to a financial product. (2) ASIC may order, in writing, that specified…
Section 994L — Exemptions and modifications by ASIC
Individuals (1) ASIC may, by notifiable instrument: (a) exempt a specified person from all or specified provisions of this Part; or (b) exempt a specified financial product from all or specified…
Section 994M — Civil liability
(1) If: (a) a person (the first person) contravenes section 994B, 994C or 994D or subsection 994E(1) or (3); and (b) another person (the client) suffers loss or damage because of the contravention;…
Section 994N — Additional powers of court to make orders
(1) The court dealing with an action under subsection 994M(1) may, in addition to awarding loss or damage under that subsection and if it thinks it necessary in order to do justice between the…
Section 994P — Orders to redress loss or damage suffered by non-party consumers etc.
Orders (1) If: (a) a person engaged in conduct (the contravening conduct) in contravention of section 994B, 994C or 994D or subsection 994E(1) or (3); and (b) the contravening conduct caused, or is…
Section 994Q — Kinds of orders that may be made to redress loss or damage suffered by non-party consumers etc.
Without limiting subsection 994P(1), the orders that the Court may make under that subsection against a person (the respondent) include all or any of the following: (a) an order declaring the whole…
Section 1010A — Part generally does not apply to securities
(1) Apart from section 1017F and Divisions 5A, 5B, 5C and 6 (and provisions of Division 7 that apply in relation to that section or provisions of those Divisions), nothing in this Part applies in…
Section 1010BA — Part does not apply to contribution plans and ESS contribution plans
Apart from section 1017F and Divisions 5A and 6 (and provisions of Division 7 that apply in relation to that section or provisions of those Divisions), nothing in this Part applies in relation to…
Section 1010B — Part does not apply to financial products not issued in the course of a business
(1) Apart from Division 5A, nothing in this Part applies in relation to a financial product that is not or was not issued, or that will not be issued, in the course of a business of issuing financial…
Section 1010C — Meaning of offer, purchase and sale—Part 7.9
(1) For the purposes of this Part, a reference to a sale or purchase of a financial product is a reference to a sale of the product by, or a purchase of the product from, a person who has (whether by…
Section 1010D — General approach to offence provisions
Division 7 contains provisions creating offences by reference to various rules contained in Divisions of this Part. However, it does not create all the offences relating to those rules, as some…
Section 1011A — Jurisdictional scope of Division
(1) Subject to subsection (2), sections 1012A, 1012B and 1012C only apply in relation to offers and recommendations referred to in those sections that are received in this jurisdiction. (2) Section…
Section 1011B — Meaning of regulated person
In this Division, a regulated person, in relation to a financial product, is: (a) an issuer of the financial product; or (b) a seller of the financial product if the sale takes place in circumstances…
Section 1011C — Treatment of offers of options over financial products
For the purposes of this Division: (a) an offer of an option over a financial product is not to be taken to be an offer of the underlying financial product; and (b) the grant of an option without an…
Section 1012A — Obligation to give Product Disclosure Statement—personal advice recommending particular financial product
Section sets out recommendation situation in which Product Disclosure Statement required (1) This section sets out the situations in which giving financial product advice that consists of, or…
Section 1012DA — Product Disclosure Statement not required for sale amounting to indirect issue
Product Disclosure Statement not required (1) In a recommendation situation or sale situation, the regulated person does not have to give the client a Product Disclosure Statement if: (a) but for…
Section 1012DAA — Rights issues for which Product Disclosure Statement is not required
(1) In a recommendation situation or issue situation, the regulated person does not have to give the client a Product Disclosure Statement if: (a) but for subsection (2), the regulated person would…
Section 1012GA — Product Disclosure Statement for certain general insurance product quotes may be provided later, or is not required
(1) A regulated person, in making an offer to issue, or an offer to arrange for the issue of, a general insurance product to a client, may deal with the product under this section only if: (a) the…