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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.12 - MISCELLANEOUS    View history reference

Division 2 - Other matters    View history reference

SECTION 1101A  APPROVED CODES OF CONDUCT  

 View history reference

1101A(1)  [Approval in writing]  


ASIC may, on application, approve codes of conduct that relate to any aspect of the activities of:


(a) financial services licensees; or


(b) authorised representatives of financial services licensees; or


(c) issuers of financial products;

being activities in relation to which ASIC has a regulatory responsibility. The approval must be in writing.

1101A(2)  [Variation of code]  


ASIC may, on application, approve a variation of an approved code of conduct. The approval must be in writing.

1101A(3)  [Consistency with laws]  


ASIC must not approve a code of conduct, or a variation of a code of conduct, unless it is satisfied that:


(a) the code, or the code as proposed to be varied, is not inconsistent with this Act or any other law of the Commonwealth under which ASIC has regulatory responsibilities; and


(b) it is appropriate to approve the code, having regard to the following matters, and to any other matters that ASIC considers are relevant:


(i) the ability of the applicant to ensure that persons who hold out that they comply with the code will comply with the code as in force from time to time; and

(ii) the desirability of codes of conduct being harmonised to the greatest extent possible.

1101A(4)  [Revoking approval]  


ASIC may revoke an approval of a code of conduct:


(a) on application by the person who applied for the approval; or


(b) if ASIC is no longer satisfied as mentioned in subsection (3).

The revocation must be in writing.


 



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