Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteCCH Note: Division 8C is modified by the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705; the ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647; the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2021/716 (as amended by the ASIC Corporations and Credit (Amendment) Instrument 2023/589).
[ CCH Note: Div 8C will be substituted by No 115 of 2021, s 3, Sch 2[1], (effective 1 July 2026 or a day or days to be fixed by Proclamation). Div 8C will read:
Division 8C - Registration for the purpose of providing personal advice
SECTION 921Y UNREGISTERED RELEVANT PROVIDERS NOT TO PROVIDE PERSONAL ADVICE
921Y
A relevant provider must not provide personal advice to retail clients in relation to relevant financial products unless a registration of the relevant provider under subsection 921ZC(1) is in force.Note 1: This section is a restricted civil penalty provision (see sections 921Q and 1317E ).
Note 2: See also Division 2 (requirement to be licensed or authorised) and Subdivision AA of Division 8A (limitations on authorisation to provide personal advice).
SECTION 921ZA APPLICATION FOR REGISTRATION
921ZA(1)
A person may apply to the Registrar to be registered under subsection 921ZC(1) .
921ZA(2)
The application must:
(a) meet any requirements of the data standards; and
(b) include the following declarations by the person:
(i) that the person is a fit and proper person to provide personal advice to retail clients in relation to relevant financial products;
(ii) if subsection 921BA(1) applies to the person - that the person has met the education and training standard in subsection 921B(2) ;
(iii) if subsection 921BA(2) applies to the person - that the person has met the education and training standard in subsection 921B(3) ;
(iv) if subsection 921BA(3) applies to the person - that the person has met the education and training standard in subsection 921B(4) ;
(v) if the person provides, or is to provide, a tax (financial) advice service and a determination is in force under subsection 921BB(1) - that the person meets each requirement set out in the determination that is of a kind mentioned in any of paragraphs (a) to (d) of that subsection.Note: A person may commit an offence or contravene a civil penalty provision if the person gives false or misleading information (see section 1308 of this Act and section 137.1 of the Criminal Code ).
921ZA(3)
Subject to Part VIIC of the Crimes Act 1914 , the person must have regard to the matters specified in section 921U (other than the matters specified in paragraphs (h) and (l) of that section) for the purposes of making a declaration mentioned in subparagraph (2)(b)(i) of this section.Note: Part VIIC of the Crimes Act 1914 includes provisions that, in certain circumstances, relieve persons from the requirement to disclose spent convictions and require persons aware of such convictions to disregard them.
SECTION 921ZC REGISTRATION
921ZC(1)
Subject to subsections (2) and (3) , if:
(a) a person makes an application in accordance with section 921ZA or 921ZD ; and
(b) the Registrar is satisfied that the person ' s identity has been established;the Registrar must register the person by recording in the records maintained under section 922A that the person is registered under this subsection.
Refusal to register person
921ZC(2)
The Registrar must refuse to register the person if:
(a) a banning order is in force against the person that has the effect that the person is prohibited from providing personal advice to retail clients in relation to relevant financial products; or
(b) a disqualification order under Division 8 is in force against the person that has the effect of disqualifying the person from providing personal advice to retail clients in relation to relevant financial products.
921ZC(3)
If a registration prohibition order is in force against the person, the Registrar must refuse to register the person until after the prohibition end day specified in the order.
Notice of new registration
921ZC(4)
If the person made an application in accordance with section 921ZA and the Registrar registers the person under subsection (1) , the Registrar must give the person a written notice of the registration as soon as practicable after doing so.
Notice of refusal to register person
921ZC(5)
If the Registrar refuses to register the person, the Registrar must, within 5 business days after the refusal, give the person a written notice of the refusal.
921ZC(6)
The notice must specify which of the following provisions apply in relation to the person:
(a) paragraph (2)(a) or (b) ;
(b) subsection (3) .
SECTION 921ZD APPLICATION FOR REGISTRATION RENEWAL
921ZD(1)
If a person is registered under subsection 921ZC(1) , and the registration is in force, the person may apply to the Registrar to renew (or further renew) that registration.
921ZD(2)
Subsections 921ZA(2) and (3) apply in relation to an application under subsection (1) of this section in the same manner as they apply in relation to an application under subsection 921ZA(1) .
SECTION 921ZE PERIOD OF REGISTRATION
921ZE(1)
If a person makes an application in accordance with section 921ZA , and the Registrar registers the person under subsection 921ZC(1) , the registration:
(a) comes into force when the Registrar records in the records maintained under section 922A that the person is registered under subsection 921ZC(1) ; and
(b) remains in force until the earliest of the following:
(i) the cancellation time specified in a registration prohibition order in force against the person;
(ii) the time when a banning order against the person takes effect;
(iii) the end of the financial year in which the person was registered.
921ZE(2)
If a person makes an application under subsection 921ZD(1) , and the Registrar registers the person under subsection 921ZC(1) , the registration:
(a) comes into force immediately after the end of the financial year in which the application is made; and
(b) remains in force until the earliest of the following:
(i) the cancellation time specified in a registration prohibition order in force against the person;
(ii) the time when a banning order against the person takes effect;
(iii) the end of the next financial year.]
CCH Note: Subdivision B is modified by the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705; the ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647; the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2021/716 (as amended by the ASIC Corporations and Credit (Amendment) Instrument 2023/589).
CCH Note: Section 921ZA is modified by the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705; the ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647; the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2021/716 (as amended by the ASIC Corporations and Credit (Amendment) Instrument 2023/589).
A relevant provider who is a financial services licensee may apply to ASIC to be registered under subsection 921ZC(1) .
Note: A notice must be lodged with ASIC under section 922D if a person becomes a relevant provider.
[ CCH Note: S 921ZA(1) will be amended by No 115 of 2021, s 3, Sch 1[147] and [ 148], by substituting " the Registrar " for " ASIC " and in the note (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
921ZA(2)
The application must: (a) be in the approved form; and (b) include the following written declarations by the relevant provider:
(i) that the relevant provider is a fit and proper person to provide personal advice to retail clients in relation to relevant financial products;
(ii) if subsection 921BA(1) applies to the relevant provider - that the relevant provider has met the education and training standard in subsection 921B(2) ;
(iii) if subsection 921BA(2) applies to the relevant provider - that the relevant provider has met the education and training standard in subsection 921B(3) ;
(iv) if subsection 921BA(3) applies to the relevant provider - that the relevant provider has met the education and training standard in subsection 921B(4) ;
(v) if the relevant provider provides, or is to provide, a tax (financial) advice service - that the relevant provider is a qualified tax relevant provider.
Note: A person may commit an offence or contravene a civil penalty provision if the person gives false or misleading information (see section 1308 of this Act and section 137.1 of the Criminal Code ).
[ CCH Note: S 921ZA(2) will be amended by No 115 of 2021, s 3, Sch 1[149], by substituting para (a) (effective 1 July 2026 or a day or days to be fixed by Proclamation). Para (a) will read:
(a) meet any requirements of the data standards; and]
921ZA(3)
Subject to Part VIIC of the Crimes Act 1914 , the relevant provider must have regard to the matters specified in section 921U (other than the matters specified in paragraphs (h) and (l) of that section) for the purposes of making a declaration mentioned in subparagraph (2)(b)(i) of this section.
Note: Part VIIC of the Crimes Act 1914 includes provisions that, in certain circumstances, relieve persons from the requirement to disclose spent convictions and require persons aware of such convictions to disregard them.
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