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 10 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 923B 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 person contravenes this subsection if:
(a) the person carries on a financial services business or provides a financial service (whether or not on behalf of another person); and
(b) the person assumes or uses, in this jurisdiction, a restricted word or expression in relation to that business or service; and
(c) the person is not authorised, by the conditions on an Australian financial services licence held by the person, or by a person in relation to whom they are a representative, to assume or use that word or expression (see subsection (3)).
Note 1: For the meanings of restricted word or expression and assume or use , see subsection (4).
Note 2: A contravention of this subsection is an offence (see subsection 1311(1) ).
923B(2)
If a person assumes or uses a word or expression in circumstances that give rise to the person committing an offence based on subsection (1), the person is guilty of such an offence in respect of:
(a) the first day on which the offence is committed; and
(b) each subsequent day (if any) on which the circumstances that gave rise to the person committing the offence continue (including the day of conviction for any such offence or any later day).
923B(3)
ASIC can only impose a condition on an Australian financial services licence authorising a person to assume or use a restricted word or expression in these circumstances:
(a) in the case of a word or expression covered by subparagraph (4)(a)(i) - if the person:
(i) can, under the licence, provide a financial service relating to securities (whether or not the person can provide other financial services under the licence as well); and
(ii) is a participant in a licensed market whose licence covers dealings in securities;
(b) in the case of a word or expression covered by subparagraph (4)(a)(ii) - if the person:
(i) can, under the licence, provide a financial service relating to derivatives (whether or not the person can provide other financial services under the licence as well); and
(ii) is a participant in a licensed market whose licence covers dealings in derivatives;
(c) in the case of a word or expression covered by subparagraph (4)(a)(iii) - if the person:
(i) can, under the licence, provide a financial service relating to contracts of insurance (whether or not the person can provide other financial services under the licence as well); and
(ii) in providing that service, acts on behalf of intending insureds;
(d) in the case of a word or expression covered by subparagraph (4)(a)(iv) - if the person:
(i) can, under the licence, provide a financial service relating to contracts of general insurance (whether or not the person can provide other financial services under the licence as well); and
(ii) in providing that service, acts on behalf of intending insureds;
(e) in the case of a word or expression covered by subparagraph (4)(a)(v) - if the person:
(i) can, under the licence, provide a financial service relating to contracts of life insurance (whether or not the person can provide other financial services under the licence as well); and
(ii) in providing that service, acts on behalf of intending insureds;
(f) in the case of a word or expression covered by subparagraph (4)(a)(vi) - in the circumstances (if any) that are prescribed by regulations made for the purposes of this paragraph, or after ASIC has considered the matters (if any) that are so prescribed.
923B(4)
In this section:
(a) a reference to a restricted word or expression is a reference to:
(i) the expression stockbroker or sharebroker , or any other word or expression (whether or not in English) that is of like import to that expression; or
(ii) the expression futures broker , or any other word or expression (whether or not in English) that is of like import to that expression; or
(iii) the expression insurance broker or insurance broking , or any other word or expression (whether or not in English) that is of like import to that expression; or
(iv) the expression general insurance broker , or any other word or expression (whether or not in English) that is of like import to that expression; or
(v) the expression life insurance broker , or any other word or expression (whether or not in English) that is of like import to that expression; or
(vi) any other expression or word specified in the regulations as a restricted word or expression for the purposes of this section, or any other word or expression (whether or not in English) that is of like import to such a word or expression; and
(b) a reference to a word or expression being assumed or used includes a reference to the word or expression being assumed or used:
(i) as part of another word or expression; or
(ii) in combination with other words, letters or other symbols; and
(c) contract of insurance and insured have the same meanings as in Division 4 of Part 7.8 .
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