Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.8.05J

Extension of client money reporting infringement notice period

  (1)   During the client money reporting infringement notice period, a recipient may apply, in writing, to ASIC for a further period of no more than 28 days in which to comply with the client money reporting infringement notice.

  (2)   The application must:

  (a)   specify the client money reporting infringement notice's unique identification code; and

  (b)   set out the reasons for the application.

  (3)   Within 14 days after receiving the application, ASIC must:

  (a)   grant or refuse a further period no longer than the period sought (and no longer than 28 days); and

  (b)   notify the recipient in writing of the decision and, if the decision is a refusal, the reasons for the decision.

  (4)   If ASIC refuses a further period under paragraph   (3)(a), the recipient may not make a further application under subregulation   (1) in relation to that client money reporting infringement notice.

  (5)   If ASIC does not grant or refuse a further period under paragraph   (3)(a) within 14 days after receiving the application, ASIC is taken to have refused a further period.


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