A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

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  

 View history reference

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
 View history reference


(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
 View history reference


(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
 View history reference


(g) if those financial services are provided to persons as retail clients:

(i) have a dispute resolution system complying with subsection (2); and

(ii) give ASIC the information specified in any instrument under subsection (2A); and
 View history reference


(h) subject to subsection (5) - have adequate risk management systems; and
 View history reference

[ 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) (Repealed)
 View history reference


(c) membership of the AFCA scheme.
 View history reference

[ CCH Note: No 13 of 2018, Sch 1[44] and [ 72] contains the following Application of amendments (effective 6 March 2018):

44 Application of amendments  


(1) The amendments made by this Part apply on and after the day that is:


(a) the day specified under subitem (2); or


(b) if no such day is specified - the day that is 12 months after the day on which the first authorisation of an external dispute resolution scheme, under Part 7.10A of the Corporations Act 2001 as amended by Part 1 of this Schedule, comes into force.


(2) The Minister may, by notifiable instrument, specify a day for the purposes of paragraph (1)(a). The day must not be earlier than the day on which the first authorisation of an external dispute resolution scheme, under Part 7.10A of the Corporations Act 2001 as amended by Part 1 of this Schedule, comes into force.
...

72 Application of amendments  


(1) The amendments made by this Part apply on and after the day that is:


(a) the day specified under subitem (2); or


(b) if no such day is specified - the day that is 12 months after the day (the Part 4 application day ) on and after which the amendments made by Part 4 apply.

Note: For the application of the amendments made by Part 4: see item 58.


(2) The Minister may, by notifiable instrument, specify a day for the purposes of paragraph (1)(a). The day must not be:


(a) earlier than the Part 4 application day; or


(b) later than 12 months after the Part 4 application day.


(3) If the day specified under subitem (2) is the Part 4 application day, the amendments made by this Part apply on and from the time immediately after the start of the Part 4 application day.

]

912A(2A)  

 View history reference
ASIC may, by legislative instrument, specify information that financial services licensees must give ASIC relating to their internal dispute resolution procedures and the operation of their internal dispute resolution procedures.

912A(2B)  

 View history reference
An instrument under subsection (2A) must not specify any information that is personal information within the meaning of the Privacy Act 1988 .

912A(3)  

 View history reference
Regulations made for the purposes of subparagraph (2)(a)(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)  

 View history reference
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)  

 View history reference
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)  

 View history reference
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.
Top of page
More information on page