Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 921ZC

Registration--relevant providers who are financial services licensees applying to be registered

  (1)   If an application for registration is made in accordance with section   921ZA by a relevant provider who is a financial services licensee, ASIC must register the relevant provider under this subsection by recording in the Register of Relevant Providers that the relevant provider is registered.

Registration--financial services licensees applying to register relevant providers

  (1A)   If an application is made in accordance with section   921ZB by a financial services licensee to register a relevant provider, ASIC must register the relevant provider under this subsection by recording in the Register of Relevant Providers that the relevant provider is registered in relation to the licensee.

  (1B)   To avoid doubt, a relevant provider is able to be registered under subsection   (1A) multiple times in relation to different financial services licensees.

Note:   The relevant provider may provide personal advice on behalf of multiple licensees, so long as the relevant provider is registered in relation to at least one of them.

Refusal to register relevant provider

  (2)   Despite subsection   (1) or (1A), ASIC must refuse to register a relevant provider under that subsection if:

  (a)   a banning order is in force against the relevant provider that has the effect that the relevant provider is prohibited from providing personal advice to retail clients in relation to relevant financial products; or

  (b)   a disqualification order under Division   8 is in force against the relevant provider that has the effect of disqualifying the relevant provider from providing personal advice to retail clients in relation to relevant financial products.

  (3)   Despite subsection   (1) or (1A), if a registration prohibition order is in force against a relevant provider, ASIC must refuse to register the relevant provider under that subsection until after the prohibition end day specified in the order.

Notice of registration

  (4)   If:

  (a)   an application is made in accordance with section   921ZA by a relevant provider; and

  (b)   ASIC registers the relevant provider under subsection   (1) of this section;

ASIC must, as soon as practicable after recording in the Register of Relevant Providers that the relevant provider is registered, give a written notice of the registration to the relevant provider.

  (5)   If:

  (a)   an application is made in accordance with section   921ZB to register a relevant provider; and

  (b)   ASIC registers the relevant provider under subsection   (1A) of this section;

ASIC must, as soon as practicable after recording in the Register of Relevant Providers that the relevant provider is registered in relation to the applicant, give a written notice of the registration to:

  (c)   the relevant provider; and

  (d)   the applicant.

Notice of refusal to register relevant provider

  (6)   If ASIC refuses to register a relevant provider under subsection   (1) or (1A), ASIC must, within 5 business days after the refusal, give a written notice of the refusal to:

  (a)   the relevant provider; and

  (b)   if the refusal relates to an application made in accordance with section   921ZB--the applicant.

  (7)   The notice must specify which of the following provisions apply in relation to the relevant provider:

  (a)   paragraph   (2)(a) or (b);

  (b)   subsection   (3).