Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.8.05D

Effect of client money reporting infringement notice provisions

             (1)  Regulations 7.8.05C to 7.8.05Q do not require ASIC to give a client money reporting infringement notice to a person in relation to an alleged contravention of a client money reporting rule .

             (2)  Regulations 7.8.05C to 7.8.05Q do not affect the liability of a person to civil proceedings if ASIC does not give a client money reporting infringement notice to the person in relation to an alleged contravention of a client money reporting rule.

             (3)  Regulations 7.8.05C to 7.8.05Q do not affect the liability of a person to civil proceedings if:

                     (a)  ASIC gives a client money reporting infringement notice to the person in relation to an alleged contravention of a client money reporting rule; and

                     (b)  either:

                              (i)  the infringement notice is withdrawn; or

                             (ii)  the person does not comply with the infringement notice in accordance with regulation 7.8.05H.

             (4)  Regulations 7.8.05C to 7.8.05Q do not limit or otherwise affect the penalty that a C ourt could impose on the person for a contravention of a client money reporting rule .



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