Commonwealth Consolidated Acts Commonwealth Consolidated ActsWithout limiting subsection 994P(1), the orders that the Court may make under that subsection against a person (the respondent ) include all or any of the following:
(a) an order declaring the whole or any part of a contract made between the respondent and a non - party consumer referred to in that subsection, or a collateral arrangement relating to such a contract:
(i) to be void; and
(ii) if the Court thinks fit--to have been void ab initio or void at all times on and after such date as is specified in the order (which may be a date that is before the date on which the order is made);
(b) an order:
(i) varying such a contract or arrangement in such manner as is specified in the order; and
(ii) if the Court thinks fit--declaring the contract or arrangement to have had effect as so varied on and after such date as is specified in the order (which may be a date that is before the date on which the order is made);
(c) an order refusing to enforce any or all of the provisions of such a contract or arrangement;
(d) an order directing the respondent to refund money or return property to a non - party consumer referred to in that subsection;
(e) an order directing the respondent, at the respondent's own expense, to repair, or provide parts for, goods that have been supplied under the contract or arrangement to a non - party consumer referred to in that subsection;
(f) an order directing the respondent, at the respondent's own expense, to supply specified services to a non - party consumer referred to in that subsection;
(g) an order, in relation to an instrument creating or transferring an interest in land, directing the respondent to execute an instrument that:
(i) varies, or has the effect of varying, the first - mentioned instrument; or
(ii) terminates or otherwise affects, or has the effect of terminating or otherwise affecting, the operation or effect of the first - mentioned instrument.
No. 50, 2001
Compilation No. 137
Compilation date: 14 October 2024
Includes amendments: Act No. 38, 2024
This compilation is in 7 volumes
Volume 1: sections 1-260E
Volume 2: sections 283AA-600K
Volume 3: sections 601-742
Volume 4: sections 760A-994Q
Volume 5: sections 1010A-1243A
Volume 6: sections 1272-1708D
Volume 7: Schedules
Endnotes
Each volume has its own contents
About this compilation
This compilation
This is a compilation of the Corporations Act 2001 that shows the text of the law as amended and in force on 14 October 2024 (the compilation date ).
The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.
Self - repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Chapter 7--Financial services and markets
Part 7.9--Financial product disclosure and other provisions relating to issue, sale and purchase of financial products
Division 1--Preliminary
1010A Part generally does not apply to securities
1010B Part does not apply to financial products not issued in the course of a business
1010BA Part does not apply to contribution plans and ESS contribution plans
1010C Meaning of offer , purchase and sale --Part 7.9
1010D General approach to offence provisions
Division 2--Product Disclosure Statements
Subdivision A--Preliminary
1011A Jurisdictional scope of Division
1011B Meaning of regulated person
1011C Treatment of offers of options over financial products
Subdivision B--Requirement for a Product Disclosure Statement to be given
1012A Obligation to give Product Disclosure Statement--personal advice recommending particular financial product
1012B Obligation to give Product Disclosure Statement--situations related to issue of financial products
1012C Obligation to give Product Disclosure Statement--offers related to sale of financial products
1012D Situations in which Product Disclosure Statement is not required
1012DAA Rights issues for which Product Disclosure Statement is not required
1012DA Product Disclosure Statement not required for sale amounting to indirect issue
1012E Small scale offerings of managed investment and other prescribed financial products (20 issues or sales in 12 months)
1012F Product Disclosure Statement for certain superannuation products may be provided later
1012G Product Disclosure Statement may sometimes be provided later
1012GA Product Disclosure Statement for certain general insurance product quotes may be provided later, or is not required
1012H Obligation to take reasonable steps to ensure that Product Disclosure Statement is given to person electing to be covered by group financial product
1012I Obligation to give employer a Product Disclosure Statement in relation to certain superannuation products and RSAs
1012IA Treatment of arrangements under which a person can instruct another person to acquire a financial product
1012J Information must be up to date
1012K Anti - avoidance determinations
Subdivision C--Preparation and content of Product Disclosure Statements
1013A Who must prepare Product Disclosure Statement
1013B Title of Product Disclosure Statement
1013C Product Disclosure Statement content requirements
1013D Product Disclosure Statement content--main requirements
1013DA Information about ethical considerations etc.
1013E General obligation to include other information that might influence a decision to acquire
1013F General limitations on extent to which information is required to be included
1013FA Information not required to be included in PDS for continuously quoted securities
1013G Product Disclosure Statement must be dated
1013GA Extra requirements if Product Disclosure Statement relates to foreign passport fund products
1013H Requirements if Product Disclosure Statement states or implies that financial product will be able to be traded
1013I Extra requirements if Product Disclosure Statement relates to managed investment products that are ED securities
1013IA Extra requirements if Product Disclosure Statement relates to foreign passport fund products that are ED securities
1013J Requirements if Statement has been lodged with ASIC
1013K Requirements relating to consents to certain statements
1013L Product Disclosure Statement may consist of 2 or more separate documents given at same time
1013M Combining a Product Disclosure Statement and a Financial Services Guide in a single document
Subdivision D--Supplementary Product Disclosure Statements
1014A Meaning of Supplementary Product Disclosure Statement
1014B Title of Supplementary Product Disclosure Statement
1014C Form of Supplementary Product Disclosure Statement
1014D Effect of giving person a Supplementary Product Disclosure Statement
1014E Situation in which only a Supplementary Product Disclosure Statement need be given
1014F Application of other provisions in relation to Supplementary Product Disclosure Statements
Subdivision DA--Replacement Product Disclosure Statements
1014G Application of this Subdivision--stapled securities
1014H Meaning of Replacement Product Disclosure Statement
1014J Consequences of lodging a Replacement Product Disclosure Statement
1014K Form, content and preparation of Replacement Product Disclosure Statements
1014L Giving, lodgment and notice of Replacement Product Disclosure Statements
Subdivision E--Other requirements relating to Product Disclosure Statements and Supplementary Product Disclosure Statements
1015A Subdivision applies to Product Disclosure Statements and Supplementary Product Disclosure Statements
1015B Some Statements must be lodged with ASIC
1015C How a Statement is to be given
1015D Notice, retention and access requirements for Statement that does not need to be lodged
1015E Altering a Statement after its preparation and before giving it to a person
Subdivision F--Other rights and obligations related to Product Disclosure Statements
1016A Provisions relating to use of application forms
1016B If Statement lodged with ASIC, financial product is not to be issued or sold before specified period
1016C Minimum subscription condition must be fulfilled before issue or sale
1016D Condition about ability to trade on a market must be fulfilled before issue or sale
1016E Choices open to person making the offer if disclosure condition not met or Product Disclosure Statement defective
1016F Remedies for person acquiring financial product under defective Product Disclosure Document
Division 3--Other disclosure obligations of the issuer of a financial product
1017A Obligation to give additional information on request
1017B Ongoing disclosure of material changes and significant events
1017BA Trustees of regulated superannuation funds--obligation to make product dashboard publicly available
1017BB Trustees of registrable superannuation entities--obligation to make information relating to investment of assets publicly available
1017C Information for existing holders of superannuation products and RSAs
1017D Periodic statements for retail clients for financial products that have an investment component
1017DA Trustees of superannuation entities--regulations may specify additional obligations to provide information
1017E Dealing with money received for financial product before the product is issued
1017F Confirming transactions
1017G Certain product issuers and regulated persons must meet appropriate dispute resolution requirements
Division 4--Advertising for financial products
1018A Advertising or other promotional material for financial product must refer to Product Disclosure Statement
1018B Prohibition on advertising personal offers covered by section 1012E
Division 5--Cooling - off periods
1019A Situations in which this Division applies
1019B Cooling - off period for return of financial product
Division 5A--Unsolicited offers to purchase financial products off - market
1019D Offers to which this Division applies
1019E How offers are to be made
1019F Prohibition on inviting offers to sell
1019G Duration and withdrawal of offers
1019H Terms of offer cannot be varied
1019I Contents of offer document
1019J Obligation to update market value
1019K Rights if requirements of Division not complied with
Division 5B--Disclosure etc. in relation to short sales covered by securities lending arrangement of listed section 1020B products
1020AAA Treatment of transactions relating to section 1020B products
1020AA Meaning of securities lending arrangement
1020AB Seller disclosure
1020AC Licensee disclosure
1020AD Public disclosure of information
1020AE Licensee's obligation to ask seller about short sale
1020AF Regulations
Division 5C--Information about CGS depository interests
1020AG Jurisdictional scope of Division
1020AH Meaning of CGS depository interest information website , information statement and regulated person
1020AI Requirement to give information statements for CGS depository interest if recommending acquisition of interest
1020AJ Information statement given must be up to date
1020AK How an information statement is to be given
1020AL Civil action for loss or damage
Division 6--Miscellaneous
1020A Offers etc. relating to certain managed investment schemes not to be made in certain circumstances
1020BAA Offers etc. relating to foreign passport funds not to be made in certain circumstances
1020B Prohibition of certain short sales of securities, managed investment products, foreign passport fund products and certain other financial products
1020D Part cannot be contracted out of
1020F Exemptions and modifications by ASIC
1020G Exemptions and modifications by regulations
Division 7--Enforcement
Subdivision A--Offences
1021A Overview
1021B Meaning of defective and disclosure document or statement
1021C Offence of failing to give etc. a disclosure document or statement
1021D Offence of preparer of defective disclosure document or statement giving the document or statement knowing it to be defective
1021E Preparer of defective disclosure document or statement giving the document or statement (whether or not known to be defective)
1021F Offence of regulated person (other than preparer) giving disclosure document or statement knowing it to be defective
1021FA Paragraph 1012G(3)(a) obligation--offences relating to communication of information
1021FB Paragraph 1012G(3)(a) obligation--offences relating to information provided by product issuer for communication by another person
1021G Financial services licensee failing to ensure authorised representative gives etc. disclosure documents or statements as required
1021H Offences if a Product Disclosure Statement (or Supplementary PDS) does not comply with certain requirements
1021I Offence of giving disclosure document or statement that has not been prepared by the appropriate person
1021J Offences if preparer etc. of disclosure document or statement becomes aware that it is defective
1021K Offence of unauthorised alteration of Product Disclosure Statement (or Supplementary PDS)
1021L Offences of giving, or failing to withdraw, consent to inclusion of defective statement
1021M Offences relating to keeping and providing copies of Product Disclosure Statements (or Supplementary PDSs)
1021N Offence of failing to provide additional information requested under section 1017A
1021NA Offences relating to obligation to make product dashboard publicly available
1021NB Offences relating to obligation to make superannuation investment information publicly available
1021O Offences of issuer or seller of financial product failing to pay money into an account as required
1021P Offences relating to offers to which Division 5A applies
Subdivision B--Civil liability
1022A Meaning of defective and disclosure document or statement
1022B Civil action for loss or damage
1022C Additional powers of court to make orders
Part 7.9A--Product intervention orders
1023A Object
1023B Meaning of financial product-- Part 7.9A
1023C Application of product intervention orders
1023D ASIC may make product intervention orders
1023E Significant detriment to retail clients
1023F ASIC to consult before making product intervention orders
1023G Commencement and duration of product intervention orders
1023H Extension of product intervention orders
1023J Amendment of product intervention orders
1023K Revocation of product intervention orders
1023L ASIC to issue public notice of product intervention orders
1023M Remaking product intervention orders
1023N Product intervention orders may require notification
1023P Enforcement of product intervention orders
1023Q Civil liability
1023R Additional powers of court to make orders
1023S Avoidance schemes--prohibition
1023T Avoidance schemes--presumption of avoidance for certain schemes in civil cases
1023U Avoidance schemes--exemption by ASIC
Part 7.10--Market misconduct and other prohibited conduct relating to financial products and financial services
Division 1--Preliminary
1040A Content of Part
1040B Treat certain instruments as if they were financial products and Division 3 financial products
Division 2--The prohibited conduct (other than insider trading prohibitions)
1041A Market manipulation
1041B False trading and market rigging--creating a false or misleading appearance of active trading etc.
1041C False trading and market rigging--artificially maintaining etc. trading price
1041D Dissemination of information about illegal transactions
1041E False or misleading statements
1041F Inducing persons to deal
1041H Misleading or deceptive conduct (civil liability only)
1041I Civil action for loss or damage for contravention of sections 1041E to 1041H
1041J Sections of this Division have effect independently of each other
1041K Division applies to certain conduct to the exclusion of State Fair Trading Acts provisions
Division 2A--Proportionate liability for misleading and deceptive conduct
1041L Application of Division
1041M Certain concurrent wrongdoers not to have benefit of apportionment
1041N Proportionate liability for apportionable claims
1041O Defendant to notify plaintiff of concurrent wrongdoer of whom defendant aware
1041P Contribution not recoverable from defendant
1041Q Subsequent actions
1041R Joining non - party concurrent wrongdoer in the action
1041S Application of Division
Division 3--The insider trading prohibitions
Subdivision A--Preliminary
1042A Meaning of some terms relating to the insider trading prohibitions
1042B Application of Division
1042C Meaning of generally available
1042D Meaning of material effect
1042E Meaning of able to be traded
1042F Meaning of procure
1042G Information in possession of officer of body corporate
1042H Information in possession of partner or employee of partnership
Subdivision B--The prohibited conduct
1043A Prohibited conduct by person in possession of inside information
1043B Exception for withdrawal from registered scheme or notified foreign passport fund
1043C Exception for underwriters
1043D Exception for acquisition pursuant to legal requirement
1043E Exception for information communicated pursuant to a legal requirement
1043F Chinese wall arrangements by bodies corporate
1043G Chinese wall arrangements by partnerships etc.
1043H Exception for knowledge of person's own intentions or activities
1043I Exception for bodies corporate
1043J Exception for officers or agents of body corporate
1043K Transactions by holder of financial services licence or a representative of the holder of such a licence
1043L A specific situation in which a compensation order under section 1317HA may be made
1043M Defences to prosecution for an offence
1043N Relief from civil liability
Division 4--Defences, relief and limits on liability
1044A General defence or relief for publishers
1044B Limit on liability for misleading or deceptive conduct
Division 5--Miscellaneous
1045A Exemptions and modifications by regulations
Part 7.10A--External dispute resolution
Division 1--Authorisation of an external dispute resolution scheme
Subdivision A--Minister may authorise an external dispute resolution scheme
1050 Minister may authorise an external dispute resolution scheme
Subdivision B--Mandatory requirements and general considerations
1051 Mandatory requirements
1051A General considerations
Division 2--Regulating the AFCA scheme
1052 Obligation to comply with mandatory requirements
1052A ASIC may issue regulatory requirements
1052B Directions to increase limits on the value of claims
1052BA Directions to ensure sufficient financing
1052C General directions to AFCA
1052D Approval of material changes to the AFCA scheme
1052E Referring matters to appropriate authorities
Division 3--Additional provisions relating to superannuation complaints
Subdivision A--Preliminary
1053 Meaning of superannuation complaint
1053A Persons taken to be members of regulated superannuation funds, AFCA regulated superannuation schemes and approved deposit funds and holders of RSAs
1053B This Division does not restrict ability to make other complaints
Subdivision B--Powers of AFCA
1054 Power to join other parties to superannuation complaint
1054A Power to obtain information and documents
1054B Power to require attendance at conciliation conferences
1054BA Power to give directions
1054C Reference of questions of law to Federal Court
Subdivision C--Determinations of superannuation complaints
1055 Making a determination
1055A AFCA to give reasons
1055B Operation of determination of superannuation complaint
1055C Evidence of determination of superannuation complaint
1055D Compliance with determinations under the AFCA scheme
Subdivision D--Superannuation complaints relating to payment of death benefits
1056 When superannuation complaint cannot be made in relation to decision about the payment of death benefit
1056A Joining persons to complaints relating to death benefit decisions
Subdivision E--Appeals to the Federal Court
1057 Appeals to the Federal Court from determination of superannuation complaint
1057A Operation and implementation of determination that is subject to appeal
1057B Sending of documents to, and disclosure of documents by, the Federal Court
Subdivision F--Secrecy
1058 Secrecy
Division 4--Information sharing and reporting
1058A Authorised use or disclosure of information
1058B AFCA reporting to CSLR operator
Part 7.10B--Financial services compensation scheme of last resort
Division 1--Establishment of the scheme
1059 Establishment of the scheme
1060 Minister may authorise an operator of the scheme
1061 Minister may appoint independent member
1062 Mandatory requirements
Division 2--Compensation payments under the scheme
1063 Compensation payments
1064 Eligibility for compensation payments
1065 Meaning of relevant AFCA determination
1066 Applications for compensation payments
1067 Amount of compensation payments
1068 Offer of compensation payments
1069 Acceptance of offer of compensation payments
1069A CSLR operator's right of subrogation if compensation is paid
Division 3--Reimbursement of unpaid AFCA fees
1069B Payment of AFCA's unpaid fees
1069C Payment of AFCA's accumulated unpaid fees
Division 4--Powers, reporting and information sharing
Subdivision A--Powers of CSLR operator
1069D Power to obtain information and documents
Subdivision B--Information sharing and reporting
1069E Authorised use or disclosure of information
1069F Reporting by CSLR operator
1069G Publishing reports
Subdivision C--Powers of the Minister
1069H Ministerial determination
Division 5--Regulating the CSLR operator
1069J Obligation to comply with mandatory requirements
1069K ASIC may issue regulatory requirements
1069L General directions to CSLR operator
1069M Costs for first levy period
1069N Payment to the CSLR operator of amount for the first levy period for the scheme
1069P Payment to the CSLR operator of amounts equal to levy
1069Q Application of money by CSLR operator
1069R Investment by CSLR operator
1069S Recovery of overpayments
Part 7.11--Title and transfer
Division 1--Title to certain securities
1070A Nature of shares and certain other interests in a company or registered scheme
1070B Numbering of shares
1070C Matters to be specified in share certificate
1070D Loss or destruction of title documents for certain securities
Division 2--Transfer of certain securities
Subdivision A--General provisions
1071A Application of the Subdivision to certain securities
1071B Instrument of transfer
1071C Occupation need not appear in transfer document, register etc.
1071D Registration of transfer at request of transferor
1071E Notice of refusal to register transfer
1071F Remedy for refusal to register transfer or transmission
1071G Certification of transfers
1071H Duties of company with respect to issue of certificates
Subdivision B--Special provisions for shares
1072A Transmission of shares on death (replaceable rule--see section 135)
1072B Transmission of shares on bankruptcy (replaceable rule--see section 135)
1072C Rights of trustee of estate of bankrupt shareholder
1072D Transmission of shares on mental incapacity (replaceable rule--see section 135)
1072E Trustee etc. may be registered as owner of shares
1072F Registration of transfers (replaceable rule--see section 135)
1072G Additional general discretion for directors of proprietary companies to refuse to register transfers (replaceable rule--see section 135)
1072H Notices relating to non - beneficial and beneficial ownership of shares
Division 3--Transfer of certain securities effected otherwise than through a prescribed CS facility
1073A Application of the Division to certain securities
1073B Meaning of transfer
1073C Application of Division to certain bodies as if they were companies
1073D Regulations may govern transfer of certain securities
1073E ASIC may extend regulations to securities not otherwise covered
1073F Operation of this Division and regulations made for its purposes
Division 4--Transfer of financial products effected through prescribed CS facility
1074A Financial products to which this Division applies
1074C Operating rules of prescribed CS facility may deal with transfer of title
1074D Valid and effective transfer if operating rules complied with
1074E Regulations may govern transfer of financial products in accordance with operating rules of prescribed CS facility
1074F Issuer protected from civil liability for person's contravention of prescribed CS facility's certificate cancellation rules
1074G Operation of this Division and regulations made for its purposes
Division 5--Exemptions and modifications
1075A ASIC's power to exempt and modify
Part 7.12--Miscellaneous
Division 1--Qualified privilege
1100A Qualified privilege for information given to ASIC
1100B Qualified privilege for the conduct of market licensees and CS facility licensees
1100C Qualified privilege for information given to market licensees and CS facility licensees etc.
1100D Extension of protections given by this Division
Division 1A--Employee share schemes
Subdivision A--Introduction
1100E Simplified outline of this Division
1100F Geographical coverage of Division
1100G Offers and invitations both covered
1100H Person offering interests
1100J Offers may also be made in reliance on section 708 or 1012D
1100K Financial markets recognised under this Division
Subdivision B--Key concepts
1100L Meaning of employee share scheme
1100M Meaning of ESS interest
Subdivision C--Offers that are eligible to be made under this Division
1100N Offers that are eligible to be made under this Division
1100P Offers for no monetary consideration
1100Q Offers for monetary consideration
1100R Offers that would otherwise not need disclosure
1100S Requirements for trusts
1100T Meaning of ESS contribution plan
1100U Requirements for connected loans
1100V Issue cap for offers involving consideration
1100W Disclosure requirements for offers involving consideration
1100X Additional disclosure requirements for offers by unlisted bodies corporate
1100Y Terms of the offer--disclosure etc.
1100Z Terms of the offer--misleading statements and omissions
1100ZA Monetary cap for offers by unlisted bodies corporate
1100ZB Amounts that are excluded from the monetary cap
Subdivision D--Making offers under this Division
1100ZC Making offers under this Division
1100ZD Regulatory relief for certain subsequent sale offers of ESS interests
1100ZE Dealing with money received before ESS interest is issued
1100ZF Dealing with money received before liquidity period
1100ZG Revocation of regulatory relief in certain circumstances
Subdivision E--Prohibitions and defences
1100ZH Misstatement in, or omission from, disclosure information
1100ZI Misstatement in, or omission from, financial information for options and incentive rights
1100ZJ Obligation to inform person about deficiencies in disclosure documents
Subdivision F--ASIC powers
1100ZK ASIC's power to make exemptions and declare modifications etc. in relation to this Division
1100ZM ASIC's power to request documents
Subdivision A--Approved codes of conduct
1101A Approved codes of conduct
1101AA Variations to approved codes of conduct
1101AB Review of approved codes of conduct
1101AC Obligation to comply with enforceable code provisions
1101AD Regulations
Subdivision B--Mandatory codes of conduct
1101AE Mandatory codes of conduct
1101AF Obligation to comply with mandatory code of conduct
1101B Power of Court to make certain orders
1101C Preservation and disposal of records etc.
1101D Destruction of records by ASIC
1101E Concealing etc. of books
1101F Falsification of records
1101G Precautions against falsification of records
1101GA How Part 9.3 applies to books required to be kept by this Chapter etc.
1101H Contravention of Chapter does not generally affect validity of transactions etc.
1101I Gaming and wagering laws do not affect validity of contracts relating to financial products
1101J Delegation
Chapter 8--Mutual recognition of securities offers
Part 8.1--Preliminary
1200A Meaning of some terms relating to mutual recognition of securities offers
Part 8.2--Foreign offers that are recognised in this jurisdiction
1200B Meaning of recognised offer
1200C Conditions that must be met to be a recognised offer
1200D Required documents and information
1200E Warning statement
Division 2--Effect of a recognised offer
1200F Effect of a recognised offer
Division 3--Ongoing conditions for recognised offers
1200G Offering conditions
1200H Address for service condition
1200J Dispute resolution condition
Division 4--Modification of provisions of this Act
1200K Additional operation of section 675 (continuous disclosure)
1200L Pre - offer advertising
1200M Modification by the regulations
Division 5--ASIC's powers in relation to recognised offers
1200N Stop orders
1200P Ban on making subsequent recognised offers
1200Q Offence of breaching an ongoing condition
Division 6--Miscellaneous
1200R Service of documents
Part 8.3--Offers made under foreign recognition schemes
1200T Extension of this Act to recognised jurisdictions
1200U ASIC stop order for advertising in a recognised jurisdiction
Chapter 8A--Asia Region Funds Passport
Part 8A.1--Preliminary
1210 Meaning of participating economy
1210A List of participating economies
1210B Minister may determine that funds not to offer interests in this jurisdiction
Part 8A.2--Passport Rules
1211 Minister may make Passport Rules for this jurisdiction
1211A Meaning of Passport Rules
1211B Compliance with the Passport Rules
Part 8A.3--Australian passport funds
1212 Application for registration
1212A Registration of Australian passport funds
1212B All documents etc. lodged with ASIC to bear APFRN
1212C Notifying ASIC if offering interests in another participating economy in another name
Part 8A.4--Notified foreign passport funds
Division 1--Becoming a notified foreign passport fund
1213 Notice of intention to offer interests in a foreign passport fund
1213A ASIC may notify operator that notice of intention lacks information required
1213B Rejecting a notice of intention
1213C Notified foreign passport funds--authority to offer interests in this jurisdiction
1213D Meaning of consideration period
Division 2--Treatment of notified foreign passport funds
1213E Notified foreign passport funds to be treated as managed investment schemes
1213F Operators and notified foreign passport funds not to be treated as companies etc.
1213G Offences relating to the operation of notified foreign passport funds
Division 3--Conduct of notified foreign passport funds in this jurisdiction
1213H Notified foreign passport funds must not issue debentures in this jurisdiction
Division 4--Providing key information in relation to notified foreign passport funds
Subdivision A--Obligations to provide information to members in this jurisdiction
1213J Constitution--right to obtain a copy
1213K Register of members--right to obtain a copy
1213L Use of information on register of members
1213M Reports required under the law of the home economy
1213N Order for copies of books of a notified foreign passport fund
Subdivision B--Obligations to provide information to ASIC
1213P Register of members--ASIC may require lodgment
1213Q Destruction of records by ASIC
Part 8A.5--Register of Passport Funds
1214 Register of Passport Funds
Part 8A.6--Stop orders
1215 Stop order--Australian passport funds
1215A Stop order--notified foreign passport fund
1215B Interim stop orders
1215C Revocation of stop order made under section 1215 or 1215A
1215D Compliance with stop orders
Part 8A.7--Deregistration and denotification
Division 1--Deregistration of Australian passport funds
Subdivision A--Voluntary deregistration
1216 Application to deregister
1216A ASIC to deregister
1216B When is there an expectation that a fund would become an Australian passport fund?
Subdivision B--Deregistration initiated by ASIC
1216C Deregistration--initiated by ASIC
Subdivision C--Process for deregistration
1216D Process for deregistration
Division 2--Denotification of notified foreign passport funds
Subdivision A--Voluntary denotification
1216E Application to be removed as a notified foreign passport fund
1216F ASIC to remove fund as a notified foreign passport fund
1216G When is there an expectation that a fund would become a notified foreign passport fund?
Subdivision B--Notified foreign passport fund deregistered in the fund's home economy
1216H ASIC to remove a fund as a notified foreign passport fund
Subdivision C--Process for removal as a notified foreign passport fund
1216J Process for removal as a notified foreign passport fund
Division 3--Continued application of the Corporations legislation
1216K ASIC's power to continue the application of the Corporations legislation
1216L Regulations may continue the application of the Corporations legislation
Part 8A.8--Exemptions and modifications
1217 ASIC's power to make exemptions and declare modifications etc. in relation to this Chapter
1217A ASIC's power to make exemptions and declare modifications etc. in relation to the Passport Rules
1217B Exemptions and modification by regulations
Chapter 8B--Corporate collective investment vehicles
Part 8B.1--Preliminary
1221 Objects of this Chapter
Part 8B.2--Registration of CCIVs
Division 1--Registering a CCIV
Subdivision A--Requirements for registration as a CCIV
1222 Requirements for registration as a CCIV
Subdivision B--How a CCIV is registered
1222A Applying for registration
1222B No other way to register a CCIV
1222C Registration of a CCIV
1222D Corporate director and members of a CCIV
Subdivision C--Names of CCIVs
1222E Special requirements for naming of CCIVs
1222F Special requirements for acceptable abbreviations of CCIV names
1222G Carrying on business using "CCIV" in name
1222H Change of name not allowed while sub - fund in liquidation
Subdivision D--Retail CCIVs and wholesale CCIVs
1222J Meaning of retail CCIV and wholesale CCIV
1222K Retail CCIV test
1222L Notifying ASIC of status as a retail CCIV or wholesale CCIV
1222M Table of provisions that apply only to retail CCIVs
Subdivision E--Listing not permitted for certain CCIVs and sub - funds
1222N Certain CCIVs and sub - funds must not be listed
Subdivision F--Changing company type not permitted
1222P Part 2B.7 does not apply to a CCIV
Division 2--Registering a sub - fund of a CCIV
Subdivision A--What is a sub - fund of a CCIV
1222Q What is a sub - fund of a CCIV
Subdivision B--How a sub - fund of a CCIV is registered
1222R Initial sub - funds to be registered when the CCIV is registered
1222S Registration of a sub - fund
1222T Sub - fund is established on registration
1222U Application to register further sub - funds
Subdivision C--Names of sub - funds
1222V A sub - fund's name
1222W Using sub - fund name and ARFN on documents
1222X Acceptable abbreviations of sub - fund names
1222Y Sub - fund changing its name
1222Z ASIC's power to direct CCIV to change a sub - fund's name
1222ZA Effect of name change
Division 3--Registers
1222ZB Registers relating to CCIVs
Part 8B.3--Corporate governance of CCIVs
Division 1--Governance rules
Subdivision A--How a CCIV exercises company powers
1223 Execution of documents (including deeds) by the CCIV itself
Subdivision B--Constitution
1223A Replaceable rules do not apply to a CCIV
1223B Requirement for a CCIV to have a constitution
1223C Retail CCIV--ASIC may direct CCIV to modify its constitution
1223D Adoption, modification and repeal of constitution
1223E Effect of constitution
Subdivision C--Minimum content requirements for the constitution of a CCIV
1223F Wholesale CCIV--Basic content requirement
1223G Retail CCIV--Basic content requirements
1223H Retail CCIV--Additional content requirement for redemption of shares
Division 2--Officers and employees of the CCIV
Subdivision A--Officers and employees generally
1224 A CCIV has a single corporate director
1224A A CCIV has no secretary and no employees
1224B Meaning of officer of a CCIV
1224C General duties owed by officers
1224D Duties owed by director
1224E Certain provisions in Chapter 2D do not apply to CCIVs
Subdivision B--The corporate director of a CCIV
1224F Who can be the director of a CCIV
1224G Retail CCIV--additional rules about who can be the director
1224H Effectiveness of acts by corporate director
1224J Corporate director must operate the CCIV
1224K Corporate director not required to disclose material personal interest
1224L Corporate director may appoint an agent or engage a person
1224M Retail CCIV--responsibility of corporate director for certain acts of agents
1224N Retail CCIV--limitation on right of corporate director to fees and indemnities
1224P Retail CCIV--limitation on right of corporate director to acquire shares in CCIV
1224Q Exercise of powers while sub - fund is in liquidation
Subdivision C--Replacing the corporate director
1224R Changes only take effect when ASIC alters record of registration
1224S CCIV does not have an eligible corporate director
1224T Retirement of corporate director
1224U Replacement of corporate director by members
1224V Appointment of temporary corporate director by Court
1224W Temporary corporate director to initiate appointment of permanent corporate director
1224X Temporary corporate director fails to initiate appointment of permanent corporate director
1224Y Members fail to appoint permanent corporate director
1224Z Former corporate director to hand over books and provide reasonable assistance
1224ZA Rights, obligations and liabilities of former corporate director
1224ZB Effect of change of corporate director on documents etc. to which former corporate director is party
Subdivision D--Termination payments
1224ZC Member approval not needed for benefit specified in constitution
1224ZD Modified member approval for CCIVs
1224ZE Benefits paid to corporate director not covered by exemptions
Division 3--Officers, employees and auditors of the corporate director
Subdivision A--Officers and auditors of the corporate director
1225 Retail CCIV--duties owed by officers of corporate director
1225A Responsibility of secretary of corporate director for certain contraventions by CCIV
1225B Responsibility of secretary of corporate director for certain contraventions by corporate director
1225C Extended obligation of directors of corporate director
1225D Right of access to CCIV books
1225E Extended operation of sections 199A and 199B (about indemnities and insurance)
Subdivision B--Employees of the corporate director
1225F Retail CCIV--duties owed by employees of corporate director
Division 4--Compliance plan for retail CCIVs
Subdivision A--Documenting the compliance plan
1226 Requirement for compliance plan
1226A Contents of the compliance plan
1226B Compliance plan may incorporate provisions from another CCIV's plan
1226C ASIC may require further information about compliance plan
1226D Changing the compliance plan
1226E ASIC may require consolidation of compliance plan to be lodged
Subdivision B--Auditing the compliance plan
1226F Engaging auditor
1226H Contraventions by auditor
1226J Removal and resignation of auditors
1226K Action on change of auditor of compliance plan
Division 5--Member protection
Subdivision A--Related party transactions by retail CCIVs to be approved at sub - fund level
1227 Application of Chapter 2E to retail CCIVs
1227A Need for member approval for financial benefit
1227B Exceptions not available for a retail CCIV
1227C Requirements for explanatory statement to members
1227D Modified references
1227E Related parties of a CCIV
Subdivision B--Rights and remedies of members of a CCIV
1227G Orders the Court can make
1227H Applying for and granting leave
1227J Varying and cancelling class rights
1227K Certain actions taken to vary rights etc.
1227L Company must lodge documents and resolutions with ASIC
Subdivision C--Civil liability of corporate director to members
1227M Civil liability of corporate director to members
Division 6--Meetings
Subdivision A--Directors' meetings
1228 Resolutions of CCIVs
Subdivision B--Meetings of members of CCIVs or sub - funds
1228A Meetings of members of CCIVs
1228B Meetings of members of sub - funds
1228C Auditors of scheme compliance plans
1228D Copy of the register of members--sub - funds
1228E Members' resolutions
1228F Voting at meetings of members
1228G Corporate director and associates cannot vote if interested in resolution
1228H How to work out the value of a share
Division 7--Corporate contraventions
Subdivision A--General provisions relating to establishing civil and criminal liability under Commonwealth laws
1229 Application of this Subdivision
1229A Other rules for corporate contraventions do not apply
1229B General rule for attributing conduct and state of mind to a CCIV
1229C Exceptions etc. specific to this Act
Subdivision B--Consequences of contraventions of Commonwealth laws
1229D Corporate director generally taken to commit offences committed by CCIV
1229E Corporate director generally liable for civil penalties for which the CCIV would be liable
Subdivision C--Consequences of contraventions of State and Territory laws
1229F Compensation orders--State and Territory laws
1229G Time limit for application for compensation order
1229H Civil evidence and procedure rules for compensation orders
Part 8B.4--Corporate finance, financial reporting and sustainability reporting for CCIVs
Division 1--Shares
Subdivision A--Issuing and converting shares in a CCIV
1230 Shares can only be issued in respect of sub - funds
1230A Minimum of one class of shares per sub - fund
1230B Power to issue redeemable shares
1230C Conversion of shares
Subdivision B--Redemption of shares
1230D Redemptions to which this Subdivision applies
1230E Redeemed shares to be cancelled
1230F Requirements for redemptions by all CCIVs
1230G Further requirements for redemptions by retail CCIVs
1230H When a sub - fund is liquid
1230J Redemption offers for non - liquid sub - funds of retail CCIVs
1230K Satisfying redemption requests for non - liquid sub - funds of retail CCIVs
Subdivision C--Partly - paid shares
1230L Section 254N does not apply to a CCIV
Subdivision D--Dividends
1230M Circumstances in which a dividend may be paid
1230N Dividend rights
Subdivision E--Notice requirements
1230P Part 2H.6 does not apply to a CCIV
Subdivision F--Cross - investment between sub - funds of a CCIV
1230Q Cross - investment between sub - funds is permitted
1230R Requirements or restrictions for cross - investment
1230S Consequences for failing to comply with requirements or restrictions for cross - investment
1230T Requirements or restrictions on membership rights for shares acquired from cross - investment
1230U Cross - investment between sub - funds is not a share buy - back
1230V General duties still apply for cross - investment between sub - funds
Division 2--Transactions affecting share capital
Subdivision A--Reductions in share capital and share buy - backs
1231 Purpose
1231A CCIV may make reduction not otherwise authorised
1231B Consequences of making an unauthorised reduction
1231C A CCIV's power to buy back its own shares
1231D Authorised reductions--share redemptions
1231E Authorised reductions--regulations
1231F Authorised reductions--Court orders
1231G Authorised reductions--return of financial product
1231H Other share capital reductions
Subdivision B--Self - acquisition and control of shares
1231J Directly acquiring own shares
1231K Taking security over own shares
Subdivision C--Financial assistance
1231L Part 2J.3 does not apply to a CCIV
Subdivision D--Interaction with other duties
1231M Other duties still apply
Division 3--Debentures
1231N Debentures can only be issued in respect of sub - funds
1231P Modified operation of section 283AA
Division 4--Financial reports, sustainability reports and audit of CCIVs
Subdivision A--Application of Chapter 2M to CCIVs and their sub - funds
1232 Application of Chapter 2M to CCIVs
Subdivision B--Financial records (all CCIVs)
1232A Obligation to keep financial records for sub - funds
1232B Access to financial records of CCIVs and sub - funds
Subdivision C--Financial and sustainability reporting (retail CCIVs only)
1232C Annual financial reports, sustainability reports and directors' reports for sub - funds--general rules
1232D Annual financial reports, sustainability reports and directors' reports for sub - funds--special rules for financial reports and sustainability reports
1232E Annual financial reports and directors' reports for sub - funds--special rules for directors' reports
1232F Half - year financial reports and directors' reports for sub - funds with ED securities on issue
1232G Audit and auditor's report for sub - funds
Subdivision D--Annual financial reporting to members (retail CCIVs only)
1232H Annual financial and sustainability reporting to members of sub - funds
1232J Deadline for reporting to members of sub - funds
1232K Consideration of reports at AGM
1232L Additional reporting by CCIVs that are debenture issuers
Subdivision E--Lodging reports with ASIC (retail CCIVs only)
1232M Relodgement if financial reports, sustainability reports or directors' reports relating to sub - fund amended after lodgement
Subdivision F--Appointment and removal of auditors (retail CCIVs only)
1232N Conflict of interest situation
1232P Auditor independence--specific requirements
1232Q People who are regarded as officers of a CCIV
1232R Appointment, removal and fees of auditors for CCIVs
1232S Effect of winding up of sub - fund on office of auditor
Subdivision G--Sanctions for contravention of Chapter 2M
1232T Extended liability of directors of the corporate director for contraventions of Chapter 2M
Division 5--Updating ASIC information about CCIVs
1232U Solvency resolutions
Part 8B.5--Operating a CCIV
Division 1--Preliminary
1233 Meaning of property
1233A References to liabilities of a CCIV
Division 2--Requirement to operate sub - funds as separate businesses
1233B Sub - funds to be operated as separate businesses
Division 3--Requirement for assets and liabilities to be allocated between sub - funds
Subdivision A--The CCIV's allocation register
1233C Corporate director to keep allocation register
1233D Requirement to enter assets on the allocation register
1233E Requirement to enter liabilities on the allocation register
1233F Liquidator may require corporate director to record debt, claim or property in allocation register
1233G Requirement to retain records of allocations for 7 years
Subdivision B--What are the assets of a particular sub - fund
1233H Meaning of assets --sub - fund of a CCIV
1233J When an allocation determination is required
1233K When property must be converted into money etc.
Subdivision C--What are the liabilities of a particular sub - fund
1233L Meaning of liabilities --sub - fund of a CCIV
1233M When an allocation determination is required
1233N Variations of proportional allocation of liabilities
1233P Creditor may require corporate director to provide information about allocation
Subdivision D--Orders the Court can make
1233Q Orders the Court can make in relation to assets and liabilities of sub - funds
Division 4--Purposes for which sub - fund assets may be applied
1234 Unallocated money and property may not be applied for any purpose
1234A Requirement for segregated application of assets of sub - funds
1234B Purposes for which sub - fund assets may be applied
1234C Property that is required to be converted to be applied only for that purpose
1234D Requirement for security interests to be segregated
1234F Consequences of non - compliant application of assets
Division 5--How CCIV assets must be held
1234G Who may hold the assets of a CCIV
1234H Person other than CCIV holds money or property on trust
1234J How CCIV money and property must be held
1234K Regulations may create exceptions
Part 8B.6--External administration and deregistration
Division 1--Preliminary
1235 Construing terms and expressions affected by substituted references
Division 2--Arrangements and reconstructions of sub - funds
1235A Object of this Division
1235B Compromises etc. not to be made between 2 or more sub - funds
1235C Applying arrangements and reconstructions provisions to sub - funds
1235D Persons not to be appointed to administer compromise or arrangement
1235E Provisions for facilitating reconstruction and amalgamation of sub - funds within a CCIV
1235F Court may make order in relation to assets and liabilities of sub - funds
Division 3--Receivers, and other controllers, of property of sub - funds
Subdivision A--Preliminary
1236 Object of this Division
1236A Meaning of property and receiver --sub - fund of a CCIV
Subdivision B--Appointment of controllers
1236B Appointment of a controller of property of a sub - fund of a CCIV
1236C Persons not to act as receivers
1236D Notifying of appointment or cessation of controller
Subdivision C--Application of Part 5.2 to control of property of sub - funds
1236E Applying Part 5.2 etc. to sub - funds
Subdivision D--Modified duties and powers of receivers etc.
1236F Liability of controller
1236H Controller may require reports relating to other sub - funds if necessary
1236J Controller may inspect books of CCIV
Subdivision E--Other modifications
1236K Application of sub - fund property to meet certain priority payments
1236L Transfer of books to ASIC etc.
Division 4--Administration and restructuring
1236M Part 5.3A does not apply to a CCIV
1236N Part 5.3B does not apply to a CCIV
Division 5--Winding up of sub - funds
Subdivision A--Preliminary
1237 Object of this Division
1237A No winding up of a CCIV
Subdivision B--Application of winding up provisions to winding up of sub - funds
1237B Applying winding up provisions to sub - funds
1237C References to debts etc. of a sub - fund
Subdivision C--Winding up of a sub - fund in insolvency
1237D When a sub - fund is presumed to be insolvent
1237E Statutory demand--creditor may serve demand on CCIV
1237F Statutory demand--CCIV may apply to set aside demand
1237G Statutory demand--determining application to set aside where there is a dispute or offsetting claim
1237H Statutory demand--determining application to set aside where there is a dispute about the sub - fund
1237J Substitution of sub - fund where statutory demand not relied on
1237K Declaration of solvency
Subdivision D--Modified duties and powers of liquidator of a sub - fund
1237L Disqualification of liquidator
1237M Notifying of appointment, resignation or removal of liquidator
1237N Duties and powers of liquidator
1237P Retention and destruction of books
Subdivision E--Modified duties and powers of officers of corporate director and CCIV
1237Q Officers of corporate director to help liquidator
1237R Corporate director may retain certain books
1237S Corporate director may access certain books
1237T Corporate director may direct ASIC not to destroy books
1237U Mandatory examination
1237V Court may make order imposing liability on unlicensed person operating CCIV
Subdivision F--Proof and ranking of claims
1237W Liquidator must be satisfied debt or claim is a liability of the sub - fund
1237X Determination of debts and claims that relate to the business of 2 or more sub - funds and are of uncertain value
1237Y Application of sub - fund property
Subdivision G--Powers of Courts
1237Z Warrant in relation to books
Subdivision H--Recovering property
1237ZA Presumptions to be made in recovery proceedings
1237ZB Directors of the corporate director
1237ZC Vesting of PPSA security interests if collateral not registered within time
Division 6--Recovering property of sub - funds
1238 Duties owed by directors of corporate director of a CCIV
1238A Applying property recovery provisions to CCIVs
1238B References to incurring debts
1238C When debts arise in relation to redeemable shares
Division 7--External administration offences
1238D Applying external administration offences to CCIVs
1238E Interpretation of ceased to carry on business
1238F Frauds by officers
Division 8--Miscellaneous
1238G Applying external administration miscellaneous provisions to sub - funds
Division 9--Deregistration and transfer of registration
Subdivision A--Deregistration
1239 Deregistration of a sub - fund--voluntary
1239A Deregistration of a sub - fund--ASIC initiated
1239B Process for ASIC initiated deregistration of a sub - fund
1239C Deregistration of a sub - fund--following amalgamation or winding up
1239D Effect of deregistration of a sub - fund
1239E The Commonwealth's and ASIC's power to fulfil outstanding obligations in relation to deregistered sub - fund
1239F Claims against insurers in relation to deregistered sub - fund
1239G Reinstatement of a sub - fund
1239H CCIV reinstated following reinstatement of a sub - fund
1239J Notices relating to reinstatement of a sub - fund
1239K Deregistration of a CCIV
1239L Books of the CCIV to be kept by former corporate director
1239M A CCIV may not be reinstated under section 601AH
Subdivision B--Transfer of registration
1239N Registration of CCIV cannot be transferred
Part 8B.7--Control, financial services and disclosure
Division 1--Takeovers, compulsory acquisitions and buy - outs
1240A Takeovers--prohibition on acquisitions of shares in a listed CCIV
1240B Takeovers--directors of the corporate director of a listed CCIV
1240C Takeovers--bidder's statement content
1240D Takeovers Panel--declaration of unacceptable circumstances may only be made in relation to a listed CCIV
1240E Compulsory acquisition--only available for securities in a listed CCIV
Division 2--Continuous disclosure
1240F Continuous disclosure--CCIVs
Division 3--Fundraising
1240G Fundraising rules do not apply to CCIVs
1240H Offering securities of a CCIV or sub - fund that does not exist
Division 4--Financial services and markets
1241 Application of Chapter 7 to CCIVs
1241A For Chapter 7, treat the corporate director as providing financial services etc. being provided by the CCIV
1241B Certain licensing concepts do not apply to CCIVs
1241C Extra kinds of financial services relating to CCIVs
1241D CCIV buy - back or redemption facility does not make a market
1241E Certain conduct relating to CCIVs is not providing a custodial or depository service
1241F Australian financial services licences
1241G Immediate suspensions or cancellations of licences
1241H Restriction on use of certain words or expressions
1241J Agreements with certain unlicensed persons
1241K Treat the CCIV as a professional investor
1241L Financial services disclosure does not apply to operating the business and conducting the affairs of CCIVs
1241M Financial records of the corporate director of a CCIV
1241N Prohibition on hawking of securities in a CCIV
1241P Modifications of Part 7.8A
1241Q Part 7.9 applies to the issue or sale of securities in a CCIV
1241R Product Disclosure Statements--when a security in a CCIV is of the same kind as another product
1241S Product Disclosure Statements--situations when not required for CCIVs
1241T Product Disclosure Statements--content requirements
1241U Product Disclosure Statements--replacement statements
1241V Product Disclosure Statements--lodging with ASIC
1241W Product Disclosure Statements--use of application forms
1241X Product Disclosure Statements--if lodged, then security not to be issued or sold before specified period
1241Y Remedies for person acquiring financial product under defective Product Disclosure Document
1241Z Disclosure obligations of issuers of securities in CCIVs
1241ZA Cooling - off periods
1241ZB Unsolicited offers to purchase securities in CCIVs off - market
1241ZC Product intervention orders
1241ZD Insider trading--exceptions
Part 8B.8--Miscellaneous
1242 Director identification numbers
1242A Registers
1242B Inspection of books
1242C Falsification of books
1242D Application of Part 9.4
1242E Disclosures qualifying for protection under Part 9.4AAA
1242F Powers of Courts--irregularities
1242G Fees payable to the Commonwealth
Part 8B.9--Subordinate legislation relating to CCIVs
1243 ASIC's power to make exemption and modification orders
1243A Modification by regulations
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7.