Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.8.05H

Compliance with client money reporting infringement notice

             (1)  A recipient complies with a client money reporting infringement notice if, during the client money reporting infringement notice period, the recipient does all of the following:

                     (a)  pays the total penalty specified in the infringement notice under subparagraph 7.8.05F(h)(i) (if any);

                     (b)  undertakes or institutes the remedial measures specified in the infringement notice under subparagraph  7.8.05F (g)(ii) (if any);

                     (c)  accepts the sanctions specified in the infringement notice under subparagraph  7.8.05F (g)(iii) (if any);

                     (d)  gives an undertaking (including an undertaking to comply with the infringement notice) with the terms specified in the infringement notice under subparagraph 7.8.05F(g)(iv) (if any).

             (2)  The client money reporting infringement notice period for a client money reporting infringement notice:

                     (a)  starts on the day on which the infringement notice is given to the recipient; and

                     (b)  ends:

                              (i)  27 days after the day on which the infringement notice is given to the recipient; or

                             (ii)  on another day permitted by this regulation.

             (3)  If the recipient applies for a further period of time in which to comply with the client money reporting infringement notice, and the application is granted, the client money reporting infringement notice period ends at the end of the further period allowed.

             (4)  If the recipient applies for a further period of time in which to comply with the client money reporting infringement notice, and the application is refused, the client money reporting infringement notice period ends on the later of:

                     (a)  28 days after the day on which the infringement notice was given to the recipient; and

                     (b)  7 days after the notice of refusal is given to the recipient.

             (5)  If the recipient applies for the client money reporting infringement notice to be withdrawn, and the application is refused, the client money reporting infringement notice period ends 28 days after the notice of refusal is given to the recipient.



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