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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 8B - Compliance schemes    View history reference

Subdivision D - Other provisions    View history reference

SECTION 921S  OBLIGATION TO REVIEW COMPLIANCE SCHEME  

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921S(1)  

A monitoring body for a compliance scheme must cause another person to complete a review of the scheme before the end of:


(a) the 5-year period beginning on the day ASIC approves the scheme under section 921K; and


(b) each subsequent 5-year period.

921S(2)  

The other person mentioned in subsection (1) must not be:


(a) an associate of the monitoring body; or


(b) a person covered by the scheme; or


(c) if a relevant provider covered by the scheme is authorised to provide personal advice to retail clients, on behalf of a financial services licensee, in relation to relevant financial products - the licensee; or


(d) if a relevant provider covered by the scheme is a member of a professional association - the professional association.

921S(3)  

As soon as reasonably practical after the review has been completed, the monitoring body must:


(a) make the review publicly available; and


(b) give a copy of the review to ASIC.


 



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