Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.8.05C

Client money reporting infringement notices

             (1)  This regulation is made for the purposes of subsection 981N(1) of the Act.

             (2)  If ASIC has reasonable grounds to believe that a person has contravened subsection 981M(1) of the Act, ASIC may give the person an infringement notice (a client money reporting infringement notice ) in relation to the alleged contravention.

             (3)  A client money reporting infringement notice may relate to one or more alleged contraventions of a client money reporting rule.

             (4)  If ASIC withdraws a client money reporting infringement notice given to a person in relation to an alleged contravention of a client money reporting rule, ASIC may give the person a new infringement notice in relation to the alleged contravention.

Example:    A client money reporting infringement notice given to a person in relation to an alleged contravention of a client money reporting rule may be withdrawn, and a new infringement notice given to the person in relation to that alleged contravention, if the original infringement notice contained an error.



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