Commonwealth Consolidated Acts

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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 ASIC:

                     (a)  in the prescribed form; and

                     (b)  before the end of 15 business days after the end of the 6 months.

Note:          Failure to comply with this subsection is an offence: see subsection 1311(1).

             (2)  An offence based on subsection (1) is an offence of strict liability.

Note:          For strict liability, see section 6.1 of the Criminal Code .

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