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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES    View history reference

Division 3 - Obligations of financial services licensees    View history reference

SECTION 912A  GENERAL OBLIGATIONS  

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912A(1)  

A financial services licensee must:


(a) do all things necessary to ensure that the financial services covered by the licence are provided efficiently, honestly and fairly; and


(aa) have in place adequate arrangements for the management of conflicts of interest that may arise wholly, or partially, in relation to activities undertaken by the licensee or a representative of the licensee in the provision of financial services as part of the financial services business of the licensee or the representative; and
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(b) comply with the conditions on the licence; and


(c) comply with the financial services laws; and


(ca) take reasonable steps to ensure that its representatives comply with the financial services laws; and


(d) subject to subsection (4) - have available adequate resources (including financial, technological and human resources) to provide the financial services covered by the licence and to carry out supervisory arrangements; and
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(e) maintain the competence to provide those financial services; and


(f) ensure that its representatives are adequately trained (including by complying with section 921D), and are competent, to provide those financial services; and
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(g) if those financial services are provided to persons as retail clients - have a dispute resolution system complying with subsection (2); and


(h) subject to subsection (5) - have adequate risk management systems; and
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[CCH Note: There is no paragraph 912A(1)(i).]


(j) comply with any other obligations that are prescribed by regulations made for the purposes of this paragraph.

912A(2)  

To comply with this subsection, a dispute resolution system must consist of:


(a) an internal dispute resolution procedure that:


(i) complies with standards, and requirements, made or approved by ASIC in accordance with regulations made for the purposes of this subparagraph; and

(ii) covers complaints against the licensee made by retail clients in connection with the provision of all financial services covered by the licence; and


(b) membership of one or more external dispute resolution schemes that:


(i) is, or are, approved by ASIC in accordance with regulations made for the purposes of this subparagraph; and

(ii) covers, or together cover, complaints (other than complaints that may be dealt with by the Superannuation Complaints Tribunal established by section 6 of the Superannuation (Resolution of Complaints) Act 1993) against the licensee made by retail clients in connection with the provision of all financial services covered by the licence.

912A(3)  

Regulations made for the purposes of subparagraph (2)(a)(i) or (2)(b)(i) may also deal with the variation or revocation of:


(a) standards or requirements made by ASIC; or


(b) approvals given by ASIC.

912A(4)  

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Paragraph (1)(d):


(a) does not apply to a body regulated by APRA, unless the body is an RSE licensee; and


(b) does not apply to an RSE licensee, unless the RSE licensee is also the responsible entity of a registered scheme.

912A(5)  

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Paragraph (1)(h):


(a) does not apply to a body regulated by APRA, unless the body is an RSE licensee that is also the responsible entity of a registered scheme; and


(b) does not apply to an RSE licensee that is also the responsible entity of a registered scheme, to the extent that the risk relates solely to the operation of a regulated superannuation fund by the RSE licensee.

912A(6)  

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In subsections (4) and (5):

regulated superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

RSE licensee has the same meaning as in the Superannuation Industry (Supervision) Act 1993.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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