Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The regulations may:
(a) exempt a person or class of persons from all or specified provisions of this Chapter; or
(b) exempt a security or class of securities from all or specified provisions of this Chapter; or
(c) provide that this Chapter applies as if specified provisions were omitted, modified or varied as specified in the regulations.
(2) Without limiting subsection (1), regulations made for the purposes of this section may:
(a) declare that provisions of this Chapter are modified so that they apply (with or without further modifications) in relation to persons, securities, financial products or situations to which they would not otherwise apply; or
(b) declare that provisions of this Chapter are modified so that they apply (whether with or without further modifications) in a way that changes the person by whom or to whom a document or information is required to be given by a provision of this Chapter.
(3) For the purpose of this section, the provisions of this Chapter include:
(a) definitions in this Act, or in the regulations, as they apply to references in this Chapter; and
(b) any provisions of Part 10.2 (transitional provisions) that relate to provisions of this Chapter.
Act No. 50 of 2001 as amended
This compilation
was prepared on 16 May 2012
taking into account amendments up to Act
No. 132 of 2011
Volume 4 includes: Table of
Contents
Chapters 7 and 8 (ss. 760A - 1200U )
The text of any of those
amendments not in force
on that date is appended in the Notes section
The
operation of amendments that have been incorporated may be
affected by
application provisions that are set out in the Notes section
Contents
Chapter 7--Financial services and markets 1
Division 1--Object of Chapter and outline of Chapter 1
760A..... Object of Chapter ................................................................................ 1
760B..... Outline of Chapter ............................................................................... 1
761A..... Definitions .......................................................................................... 3
761B..... Meaning of arrangement --2 or more arrangements that together form a derivative or other financial product 14
761C..... Meaning of carry on a financial services business ............................ 14
761CA.. Meaning of class and kind of financial products and financial services 15
761D..... Meaning of derivative ....................................................................... 15
761E...... Meaning of issued , issuer , acquire and provide in relation to financial products 16
761EA... Meaning of margin lending facility , margin call and associated expressions 19
761F...... Meaning of person --generally includes a partnership ...................... 22
761FA... Meaning of person --generally includes multiple trustees ................. 23
761G..... Meaning of retail client and wholesale client ..................................... 24
761GA.. Meaning of retail client --sophisticated investors ............................. 29
761H..... References to this Chapter include references to regulations or other instruments made for the purposes of this Chapter .......................................................................................................... 30
Division 3--What is a financial product? 31
762A..... Overview of approach to defining what a financial product is .......... 31
762B..... What if a financial product is part of a broader facility? .................... 31
762C..... Meaning of facility ............................................................................ 32
Subdivision B--The general definition 32
763A..... General definition of financial product ............................................. 32
763B..... When a person makes a financial investment .................................... 33
763C..... When a person manages financial risk .............................................. 34
763D..... When a person makes non-cash payments ........................................ 34
763E...... What if a financial product is only incidental? ................................... 35
Subdivision C--Specific inclusions 36
764A..... Specific things that are financial products (subject to Subdivision D) 36
Subdivision D--Specific exclusions 39
765A..... Specific things that are not financial products ................................... 39
Division 4--When does a person provide a financial service? 42
766A..... When does a person provide a financial service ? .............................. 42
766B..... Meaning of financial product advice ................................................. 43
766C..... Meaning of dealing ........................................................................... 46
766D..... Meaning of makes a market for a financial product .......................... 47
766E...... Meaning of provide a custodial or depository service ....................... 48
Division 5--What is a financial market? 50
767A..... What is a financial market ? ............................................................... 50
Division 6--What is a clearing and settlement facility? 51
768A..... What is a clearing and settlement facility? ......................................... 51
Division 7--General provisions relating to civil and criminal liability 53
769A..... Part 2.5 of Criminal Code does not apply ......................................... 53
769B..... People are generally responsible for the conduct of their agents, employees etc. 53
769C..... Representations about future matters taken to be misleading if made without reasonable grounds 56
Part 7.2--Licensing of financial markets 57
790A..... Definition .......................................................................................... 57
Division 2--Requirement to be licensed 58
791A..... Need for a licence .............................................................................. 58
791B..... Other prohibitions on holding out ..................................................... 58
791C..... Exemptions ....................................................................................... 58
791D..... When a market is taken to be operated in this jurisdiction ................. 59
Division 3--Regulation of market licensees 60
Subdivision A--Licensee's obligations 60
792A..... General obligations ........................................................................... 60
792B..... Obligation to notify ASIC of certain matters ..................................... 61
792C..... Giving ASIC information about a listed disclosing entity ................. 63
792D..... Obligation to assist ASIC ................................................................. 63
792E...... Obligation to give ASIC access to market facilities ........................... 63
792F...... Annual report .................................................................................... 63
792G..... Obligations to notify people about clearing and settlement arrangements in certain circumstances 64
792H..... Change of country by foreign licensee .............................................. 65
792I....... Making information about compensation arrangements publicly available 66
Subdivision B--The market's operating rules and procedures 66
793A..... Content of the operating rules and procedures .................................. 66
793B..... Legal effect of operating rules ........................................................... 67
793C..... Enforcement of operating rules ......................................................... 67
793D..... Changing the operating rules ............................................................. 68
793E...... Disallowance of changes to operating rules ...................................... 69
Subdivision C--Powers of the Minister and ASIC 69
794A..... Minister's power to give directions ................................................... 69
794B..... Minister's power to require special report ......................................... 70
794C..... ASIC to assess licensee's compliance ............................................... 70
794D..... ASIC's power to give directions ....................................................... 71
794E...... Additional directions to clearing and settlement facilities .................. 73
Division 4--The Australian market licence 74
Subdivision A--How to get a licence 74
795A..... How to apply for a licence ................................................................ 74
795B..... When a licence may be granted ......................................................... 74
795C..... Publication of notice of licence grant ................................................. 76
795D..... More than one licence in the same document .................................... 76
795E...... More than one market covered by the same licence ........................... 77
Subdivision B--The conditions on the licence 77
796A..... The conditions on the licence ............................................................ 77
Subdivision C--When a licence can be varied, suspended or cancelled 78
797A..... Varying licences ................................................................................ 78
797B..... Immediate suspension or cancellation ............................................... 79
797C..... Suspension or cancellation following hearing and report .................. 79
797D..... Effect of suspension .......................................................................... 80
797E...... Variation or revocation of suspension ............................................... 80
797F...... Publication of notice of licence suspension or cancellation ............... 80
797G..... Suspension and cancellation only in accordance with this Subdivision 81
798A..... Matters to be taken into account by the Minister ............................... 82
798B..... ASIC may give advice to Minister .................................................... 83
798C..... Market licensee or related body corporate etc. listing on market ....... 83
798D..... Exemptions and modifications for self-listing licensees or related bodies corporate etc. 85
798DA.. Market licensee, related body corporate etc. or competitor participating in market 86
798E...... Other potential conflict situations ...................................................... 87
Part 7.2A--Supervision of financial markets 89
798F...... ASIC to supervise financial markets ................................................. 89
798G..... Market integrity rules ........................................................................ 89
798H..... Complying with market integrity rules .............................................. 90
798J...... Directions by ASIC .......................................................................... 90
798K..... Alternatives to civil proceedings ....................................................... 91
798L...... Exemptions and modifications by regulations ................................... 92
Part 7.3--Licensing of clearing and settlement facilities 93
Division 1--Requirement to be licensed 93
820A..... Need for a licence .............................................................................. 93
820B..... Other prohibitions on holding out ..................................................... 93
820C..... Exemptions ....................................................................................... 94
820D..... When a clearing and settlement facility is taken to be operated in this jurisdiction 94
Division 2--Regulation of CS facility licensees 95
Subdivision A--Licensee's obligations 95
821A..... General obligations ........................................................................... 95
821B..... Obligation to notify ASIC of certain matters ..................................... 96
821BA.. Obligation to notify Reserve Bank of certain matters ........................ 97
821C..... Obligation to assist ............................................................................ 98
821D..... Obligation to give ASIC access to the facility ................................... 98
821E...... Annual report .................................................................................... 99
821F...... Change of country by foreign licensee .............................................. 99
Subdivision B--The facility's operating rules and procedures 100
822A..... Content of the operating rules and procedures ................................ 100
822B..... Legal effect of operating rules ......................................................... 101
822C..... Enforcement of operating rules ....................................................... 101
822D..... Changing the operating rules ........................................................... 102
822E...... Disallowance of changes to operating rules .................................... 102
Subdivision C--Powers of the Minister, ASIC and the Reserve Bank in relation to licensees 103
823A..... Minister's power to give directions ................................................. 103
823B..... Minister's power to require special report ....................................... 103
823C..... ASIC to assess licensee's compliance ............................................. 104
823CA.. Reserve Bank to assess licensee's compliance ................................ 105
823D..... Directions power--protecting dealings in financial products and ensuring fair and effective provision of services by CS facilities ........................................................................................... 105
823E...... Directions power--reduction of systemic risk ................................ 107
Division 3--The Australian CS facility licence 109
Subdivision A--How to get a licence 109
824A..... How to apply for a licence .............................................................. 109
824B..... When a licence may be granted ....................................................... 109
824C..... Publication of notice of licence grant ............................................... 111
824D..... More than one licence in the same document .................................. 111
824E...... More than one CS facility covered by the same licence ................... 111
Subdivision B--The conditions on the licence 112
825A..... The conditions on the licence .......................................................... 112
Subdivision C--When a licence can be varied, suspended or cancelled 113
826A..... Varying licences .............................................................................. 113
826B..... Immediate suspension or cancellation ............................................. 114
826C..... Suspension or cancellation following hearing and report ................ 114
826D..... Effect of suspension ........................................................................ 115
826E...... Variation or revocation of suspension ............................................. 115
826F...... Publication of notice of licence suspension or cancellation ............. 115
826G..... Suspension and cancellation only in accordance with this Subdivision 115
827A..... Matters to be taken into account by the Minister ............................. 116
827B..... ASIC may give advice to Minister .................................................. 117
827C..... Reserve Bank may give advice to Minister ..................................... 117
827D..... Reserve Bank may determine financial stability standards .............. 117
Part 7.4--Limits on involvement with licensees 120
Division 1--Limit on control of certain licensees 120
Subdivision A--15% voting power limit 120
850A..... Scope of Division ........................................................................... 120
850B..... Meaning of unacceptable control situation ...................................... 120
850C..... Acquisitions of shares ..................................................................... 121
850D..... Remedial orders .............................................................................. 121
850E...... Injunctions ...................................................................................... 122
Subdivision B--Approval to exceed 15% voting power limit 122
851A..... Application for approval to exceed 15% voting power limit ........... 122
851B..... Approval of application ................................................................... 123
851C..... Duration of approval ....................................................................... 124
851D..... Conditions of approval .................................................................... 124
851E...... Varying percentage approved .......................................................... 125
851F...... Revoking an approval ..................................................................... 127
851G..... Further information about applications ............................................ 127
851H..... Time limit for Minister's decision ................................................... 127
851I....... Preservation of voting power in relation to bodies specified in regulations made for section 850A 128
Subdivision C--Other matters 129
852A..... Acquisition of property ................................................................... 129
852B..... Anti-avoidance ................................................................................ 129
Division 2--Individuals who are not fit and proper are disqualified 131
853A..... Who is disqualified ......................................................................... 131
853B..... When an individual is involved in an operator ................................. 131
853C..... Declaration by ASIC ....................................................................... 131
853D..... Procedure for declaration ................................................................ 132
853E...... Revoking a declaration .................................................................... 133
853F...... Obligations on disqualified individuals ........................................... 133
853G..... Notification by ASIC ...................................................................... 133
854A..... Record-keeping and giving of information ...................................... 134
854B..... Exemptions and modifications by regulations ................................. 135
Part 7.5--Compensation regimes for financial markets 136
880A..... Part does not apply to markets licensed under special provisions about overseas markets 136
880B..... Definitions ...................................................................................... 136
Division 2--When there must be a compensation regime 138
881A..... Licensed markets through which participants provide services for retail clients must generally have a compensation regime ............................................................................................. 138
881B..... Additional requirements for the licence application ......................... 138
881C..... What happens if an application contains information in accordance with paragraph 881B(2)(c) 139
881D..... What happens if an application contains a statement in accordance with paragraph 881B(2)(d) 139
Division 3--Approved compensation arrangements 140
Subdivision A--Approval of compensation arrangements 140
882A..... How to get compensation arrangements approved with grant of licence 140
882B..... How to get compensation arrangements approved after licence is granted 140
882C..... Revocation of approval ................................................................... 141
882D..... Minister's power to give directions ................................................. 141
Subdivision B--Effect of compensation rules forming part of Division 3 arrangements 142
883A..... Legal effect of compensation rules .................................................. 142
883B..... Enforcement of compensation rules ................................................ 142
883C..... Other sources of funds for compensation ....................................... 143
883D..... Payment of levies ............................................................................ 143
Subdivision C--Changing Division 3 arrangements 144
884A..... Division 3 arrangements must generally only be changed in accordance with this Subdivision 144
884B..... Changing Division 3 arrangements--matters required to be dealt with in the compensation rules 145
884C..... Changing Division 3 arrangements--matters not required to be dealt with in the compensation rules 146
Subdivision D--Are compensation arrangements adequate? 147
885A..... Purpose of this Subdivision ............................................................ 147
885B..... Requirements to be complied with for arrangements to be adequate 147
885C..... The losses to be covered ................................................................. 148
885D..... Certain losses that are not Division 3 losses ................................... 149
885E...... The amount of compensation .......................................................... 150
885F...... Method of payment of compensation .............................................. 151
885G..... Making and determination of claims ............................................... 151
885H..... The source of funds--general ......................................................... 152
885I....... Administration and monitoring ....................................................... 152
885J...... The losses to be covered--other matters to be taken into account ... 153
Subdivision E--Other provisions about Division 3 arrangements 153
886A..... Only one claim in respect of the same loss ...................................... 153
886B..... Regulations relating to fidelity funds ............................................... 153
Division 4--NGF Compensation regime 154
Subdivision A--Application of Division 154
887A..... Markets to which this Division applies ........................................... 154
Subdivision B--Claims for and payment of compensation 154
888A..... The situations in which compensation may be claimed ................... 154
888B..... Kinds of compensation available ..................................................... 154
888C..... Amount of compensation payable ................................................... 154
888D..... Payment of compensation ............................................................... 155
888E...... Making and determination of claims ............................................... 155
888F...... The SEGC has power to determine claims ...................................... 156
888G..... Allowing a claim does not constitute an admission of any other liability 156
888H..... Claimant may apply to Court if claim disallowed ............................ 156
888I....... Non-NGF property of the SEGC not available to meet claims ........ 157
888J...... The SEGC may enter into contracts of insurance or indemnity ....... 157
888K..... NGF may be used to acquire financial products to be transferred as compensation 158
889A..... Continuation of the National Guarantee Fund ................................. 158
889B..... Compensation to be provided out of the NGF ................................ 158
889C..... The SEGC to keep the NGF ........................................................... 158
889D..... What the NGF consists of ............................................................... 159
889E...... Power to borrow etc. for purposes of the NGF .............................. 159
889F...... Money borrowed and paid to the SEGC ......................................... 160
889G..... Money borrowed and not paid to the SEGC ................................... 160
889H..... Payments out of the NGF ............................................................... 160
889I....... Minimum amount of the NGF ........................................................ 161
889J...... Levy by the SEGC .......................................................................... 162
889K..... Levy by market operator ................................................................. 163
Subdivision D--The SEGC 165
890A..... Minister to nominate the SEGC ...................................................... 165
890B..... The SEGC's functions and powers ................................................. 166
890C..... Delegation ....................................................................................... 166
890D..... Operating rules of the SEGC .......................................................... 167
890E...... Legal effect of the SEGC's operating rules ..................................... 167
890F...... Enforcement of the SEGC's operating rules ................................... 167
890G..... Changing the SEGC's operating rules ............................................ 168
890H..... Disallowance of changes to the SEGC's operating rules ................ 168
Subdivision E--Other provisions relating to compensation under this Division 168
891A..... Payment out of the NGF to prescribed body with arrangements covering clearing and settlement facility support 168
891B..... Markets operated by bodies corporate that become members of the SEGC--regulations may deal with transitional provisions and other matters ........................................................... 169
891C..... Regulations may make different provision in respect of different markets etc. 170
Division 5--Provisions common to both kinds of compensation arrangements 171
892A..... Definitions ...................................................................................... 171
892B..... How regulated funds are to be kept ................................................. 171
892C..... Money in regulated funds may be invested ..................................... 172
892D..... Powers of relevant authority to require production or delivery of documents or statements 173
892E...... Power to require assistance for purpose of dealing with a claim ..... 174
892F...... Relevant authority's right of subrogation if compensation is paid ... 175
892G..... Excess money in compensation funds ............................................. 175
892H..... Accounting and reporting for regulated funds ................................. 175
892I....... Division 3 arrangements--reporting in situations where compensation does not come out of a regulated fund 177
892J...... Regulations may provide for qualified privilege in respect of certain matters 177
892K..... Risk assessment report .................................................................... 178
893A..... Exemptions and modifications by regulations ................................. 179
Part 7.6--Licensing of providers of financial services 180
910A..... Definitions ...................................................................................... 180
Division 2--Requirement to be licensed or authorised 181
911A..... Need for an Australian financial services licence ............................ 181
911B..... Providing financial services on behalf of a person who carries on a financial services business 186
911C..... Prohibition on holding out .............................................................. 188
911D..... When a financial services business is taken to be carried on in this jurisdiction 188
Division 3--Obligations of financial services licensees 189
912A..... General obligations ......................................................................... 189
912B..... Compensation arrangements if financial services provided to persons as retail clients 190
912C..... Direction to provide a statement ...................................................... 191
912CA.. Regulations may require information to be provided ....................... 192
912D..... Obligation to notify ASIC of certain matters ................................... 192
912E...... Surveillance checks by ASIC .......................................................... 194
912F...... Obligation to cite licence number in documents .............................. 194
Division 4--Australian financial services licences 195
Subdivision A--How to get a licence 195
913A..... Applying for a licence ..................................................................... 195
913B..... When a licence may be granted ....................................................... 195
913C..... Licence numbers ............................................................................. 197
Subdivision B--The conditions on the licence 197
914A..... The conditions on the licence .......................................................... 197
Subdivision C--When a licence can be varied, suspended or cancelled 199
915A..... Varying licences .............................................................................. 199
915B..... Immediate suspension or cancellation ............................................. 200
915C..... Suspension or cancellation after offering a hearing ......................... 202
915D..... Effect of suspension ........................................................................ 203
915E...... Revocation of suspension ............................................................... 203
915F...... Date of effect and publication of cancellation or suspension ........... 203
915G..... Statement of reasons ....................................................................... 203
915H..... ASIC may allow licence to continue in effect .................................. 203
915I....... Special procedures for APRA-regulated bodies .............................. 204
915J...... Variation, suspension and cancellation only under this Subdivision 205
Division 5--Authorised representatives 206
916A..... How representatives are authorised ................................................. 206
916B..... Sub-authorisations .......................................................................... 206
916C..... Authorised representative of 2 or more licensees ............................ 207
916D..... Licensees cannot authorise other licensees ...................................... 208
916E...... Licensees acting under a binder ....................................................... 209
916F...... Obligation to notify ASIC etc. about authorised representatives ..... 209
916G..... ASIC may give licensee information about representatives ............. 211
Division 6--Liability of financial services licensees for representatives 213
917A..... Application of Division ................................................................... 213
917B..... Responsibility if representative of only one licensee ....................... 214
917C..... Representatives of multiple licensees .............................................. 214
917D..... Exception if lack of authority is disclosed to client .......................... 215
917E...... Responsibility extends to loss or damage suffered by client ........... 215
917F...... Effect of Division ............................................................................ 216
Division 8--Banning or disqualification of persons from providing financial services 217
Subdivision A--Banning orders 217
920A..... ASIC's power to make a banning order .......................................... 217
920B..... What is a banning order ? ................................................................ 217
920C..... Effect of banning orders .................................................................. 218
920D..... Variation or cancellation of banning orders ..................................... 218
920E...... Date of effect and publication of banning order, variation or cancellation 219
920F...... Statement of reasons ....................................................................... 219
Subdivision B--Disqualification by the Court 220
921A..... Disqualification by the Court .......................................................... 220
Division 9--Registers relating to financial services 221
922A..... Registers relating to financial services ............................................. 221
922B..... Inspection of Registers .................................................................... 221
Division 10--Restrictions on use of terminology 222
923A..... Restriction on use of certain words or expressions ......................... 222
923B..... Restriction on use of certain words or expressions unless authorised in licence conditions 224
Division 11--Agreements with unlicensed persons relating to the provision of financial services 227
Subdivision A--Agreements affected 227
924A..... Agreements with certain unlicensed persons ................................... 227
Subdivision B--Effect on agreements 227
925A..... Client may give notice of rescission ................................................ 227
925B..... Effect of notice under section 925A ................................................ 228
925C..... Client may apply to Court for partial rescission .............................. 228
925D..... Court may make consequential orders ............................................. 229
925E...... Agreement unenforceable against client .......................................... 229
925F...... Non-licensee not entitled to recover commission ............................ 230
925G..... Onus of establishing non-application of section 925E or 925F ....... 230
925H..... Client may recover commission paid to non-licensee ...................... 230
925I....... Remedies under this Division additional to other remedies ............. 231
Division 12--Miscellaneous 232
926A..... Exemptions and modifications by ASIC ......................................... 232
926B..... Exemptions and modifications by regulations ................................. 233
Part 7.7--Financial services disclosure 234
940A..... How Part applies if a financial services licensee is acting as authorised representative 234
940B..... What if there is no reasonable opportunity to give a document, information or statement required by this Part? 234
940C..... How documents, information and statements are to be given .......... 235
940D..... General approach to offence provisions .......................................... 237
Division 2--Person provided with financial service as retail client to be given a Financial Services Guide 238
Subdivision A--Requirement for a Financial Services Guide to be given 238
941A..... Obligation on financial services licensee to give a Financial Services Guide if financial service provided to person as a retail client ....................................................................................... 238
941B..... Obligation on authorised representative to give a Financial Services Guide if financial service provided to person as a retail client ....................................................................................... 238
941C..... Situations in which a Financial Services Guide is not required ....... 239
941D..... Timing of giving Financial Services Guide ..................................... 240
941E...... Information must be up to date ........................................................ 241
941F...... Obligation to give updated Financial Services Guide ...................... 241
Subdivision B--Content and authorisation of Financial Services Guide 242
942A..... Title of Financial Services Guide .................................................... 242
942B..... Financial Services Guide given by financial services licensee--main requirements 242
942C..... Financial Services Guide given by authorised representative--main requirements 245
942D..... Financial Services Guide may consist of 2 or more separate documents given at same time 248
942DA.. Combining a Financial Services Guide and a Product Disclosure Statement in a single document 250
942E...... Altering a Financial Services Guide after its preparation and before giving it to a person 250
Subdivision C--Supplementary Financial Services Guides 251
943A..... What a Supplementary Financial Services Guide is ........................ 251
943B..... Title of Supplementary Financial Services Guide ............................ 251
943C..... Form of Supplementary Financial Services Guide .......................... 251
943D..... Effect of giving a person a Supplementary Financial Services Guide 252
943E...... Situation in which only a Supplementary Financial Services Guide need be given 252
943F...... Altering a Supplementary Financial Services Guide after its preparation and before giving it to a person 252
Division 3--Additional requirements for personal advice provided to a retail client 254
Subdivision A--When this Division applies 254
944A..... Situation in which Division applies ................................................. 254
Subdivision B--Requirements relating to basis of advice 254
945A..... Requirement to have a reasonable basis for the advice .................... 254
945B..... Obligation to warn client if advice based on incomplete or inaccurate information 255
Subdivision C--Requirement for a Statement of Advice to be given 256
946A..... Obligation to give client a Statement of Advice ............................... 256
946AA.. Small investments--Statement of Advice not required ................... 256
946B..... Other situations in which a Statement of Advice is not required ..... 258
946C..... Timing of giving Statement of Advice ............................................ 262
Subdivision D--Content of Statement of Advice 263
947A..... Title of Statement of Advice ............................................................ 263
947B..... Statement of Advice given by financial services licensee--main requirements 263
947C..... Statement of Advice given by authorised representative--main requirements 265
947D..... Additional requirements when advice recommends replacement of one product with another 267
947E...... Statement of Advice not to be combined with Financial Services Guide or Product Disclosure Statement 268
Subdivision E--Other matters 268
948A..... Qualified privilege if providing entity complies with this Division . 268
Division 4--Other disclosure requirements 270
949A..... General advice provided to retail client--obligation to warn client that advice does not take account of client's objectives, financial situation or needs .............................................................. 270
949B..... Regulations may impose disclosure requirements in certain situations 271
951A..... Part cannot be contracted out of ...................................................... 273
951B..... Exemptions and modifications by ASIC ......................................... 273
951C..... Exemptions and modifications by regulations ................................. 274
952A..... Overview ........................................................................................ 275
952B..... Definitions ...................................................................................... 275
952C..... Offence of failing to give a disclosure document or statement ........ 277
952D..... Offence of giving a disclosure document or statement knowing it to be defective 278
952E...... Offence of giving a defective disclosure document or statement (whether or not known to be defective) 279
952F...... Offences of financial services licensee knowingly providing defective disclosure material to an authorised representative ........................................................................................................ 281
952G..... Offences of financial services licensee providing disclosure material to an authorised representative (whether or not known to be defective) .................................................................... 282
952H..... Offence of financial services licensee failing to ensure authorised representative gives disclosure documents or statements as required ..................................................................... 285
952I....... Offences if a Financial Services Guide (or Supplementary FSG) does not comply with certain requirements 285
952J...... Offence if a Statement of Advice does not comply with certain requirements 287
952K..... Offence if authorised representative gives out unauthorised Financial Services Guide (or Supplementary FSG) 287
952L...... Offences if financial services licensee or authorised representative becomes aware that a Financial Services Guide (or Supplementary FSG) is defective .................................................... 288
952M.... Offence of unauthorised alteration of Financial Services Guide or Supplementary Financial Services Guide 289
Subdivision B--Civil liability 289
953A..... Definitions ...................................................................................... 289
953B..... Civil action for loss or damage ........................................................ 291
953C..... Additional powers of court to make orders ..................................... 293
Part 7.8--Other provisions relating to conduct etc. connected with financial products and financial services, other than financial product disclosure 295
980A..... Matters covered by this Part ............................................................ 295
980B..... General approach to offence provisions .......................................... 295
Division 2--Dealing with clients' money 296
Subdivision A--Money other than loans 296
981A..... Money to which Subdivision applies .............................................. 296
981B..... Obligation to pay money into an account ........................................ 297
981C..... Regulations may deal with various matters relating to accounts maintained for the purposes of section 981B 298
981D..... Money related to derivatives may be used for general margining etc. purposes 298
981E...... Protection of money from attachment etc. ....................................... 299
981F...... Regulations may deal with how money to be dealt with if licensee ceases to be licensed etc. 299
981G..... Account provider not liable merely because of licensee's contravention 300
981H..... Money to which Subdivision applies taken to be held in trust ........ 300
Subdivision B--Loan money 300
982A..... Money to which this Subdivision applies ....................................... 300
982B..... Obligation to pay money into an account ........................................ 301
982C..... Licensee to give client statement setting out terms of loan etc. ........ 301
982D..... Permitted use of loan ....................................................................... 302
Subdivision C--Powers of Court 302
983A..... Court may freeze certain accounts ................................................... 302
983B..... Interim order freezing accounts ....................................................... 303
983C..... Duty of person to whom order directed to make full disclosure ...... 303
983D..... Further orders and directions .......................................................... 304
983E...... Power of Court to make order relating to payment of money .......... 304
Division 3--Dealing with other property of clients 306
984A..... Property to which Division applies ................................................. 306
984B..... How property to which this Division applies is to be dealt with ..... 306
Division 4--Special provisions relating to insurance 308
985A..... Definitions etc. ................................................................................ 308
985B..... Status of amounts paid to financial services licensees in respect of contracts of insurance 308
985C..... Regulations may impose other requirements etc. if financial services licensee is not the insurer 309
985D..... Financial services licensees etc. not to deal in general insurance products from unauthorised insurers etc. 310
Division 4A--Special provisions relating to margin lending facilities 311
Subdivision A--Responsible lending conduct for margin lending facilities 311
985EA... Application of this Subdivision ....................................................... 311
985E...... Requirements before issuing etc. margin lending facility ................ 311
985F...... Assessment of unsuitability of margin lending facility .................... 312
985G..... Reasonable inquiries etc. about the retail client ................................ 312
985H..... When margin lending facility must be assessed as unsuitable ......... 313
985J...... Giving the retail client the assessment ............................................. 314
985K..... Unsuitable margin lending facilities ................................................ 316
Subdivision B--Notice of margin calls under margin lending facilities 317
985L...... Issue of margin lending facility must not be conditional on agreement to receive communications through agent 317
985M.... Notification of margin calls ............................................................. 318
Division 5--Obligations to report 320
986A..... Reporting in relation to money to which Subdivision A or B of Division 2 applies or property to which Division 3 applies ............................................................................................. 320
986B..... Reporting in relation to dealings in derivatives ................................ 320
Division 6--Financial records, statements and audit 321
Subdivision A--Preliminary 321
987A..... Application of Division ................................................................... 321
Subdivision B--Financial records of financial services licensees 321
988A..... Obligation to keep financial records ................................................ 321
988B..... Records to be kept so that profit and loss statements and balance sheet can be prepared and audited 322
988C..... Language of records ........................................................................ 322
988D..... Location of records ......................................................................... 322
988E...... Particular categories of information to be shown in records ............ 322
988F...... Regulations may impose additional requirements ............................ 323
988G..... Records taken to be made with licensee's authority ........................ 323
Subdivision C--Financial statements of financial services licensees 324
989A..... Meaning of financial year ............................................................... 324
989B..... Financial services licensee to prepare and lodge annual profit and loss statement and balance sheet 324
989C..... Requirements as to contents and applicable accounting principles .. 324
989CA.. Audit to be conducted in accordance with auditing standards ......... 325
989D..... Time of lodgment ............................................................................ 325
Subdivision D--Appointment etc. of auditors 326
990A..... Sections 990B to 990H not to apply to public companies ............... 326
990B..... Appointment of auditor by licensee ................................................. 326
990C..... When a person or firm is ineligible to act as auditor ........................ 328
990D..... Ineligible person or firm must not consent to act or disqualify themselves etc. 328
990E...... Duration of appointment of auditors ............................................... 328
990F...... Removal of auditors ........................................................................ 329
990G..... Resignation of auditors--requirements for resignation ................... 329
990H..... Resignation of auditors--when resignation takes effect .................. 330
990I....... Auditor's right of access to records, information etc. ...................... 330
990J...... Auditor's fees and expenses ........................................................... 331
990K..... Auditor to report on certain matters ................................................. 331
990L...... Qualified privilege for auditor etc. ................................................... 332
Division 7--Other rules about conduct 334
991A..... Financial services licensee not to engage in unconscionable conduct 334
991B..... Financial services licensee to give priority to clients' orders ........... 334
991C..... Regulations may deal with various matters relating to instructions to deal through licensed markets 335
991D..... Regulations may require records to be kept in relation to instructions to deal on licensed markets and foreign markets ........................................................................................................ 335
991E...... Obligations of financial services licensee in relation to dealings with non-licensees 336
991F...... Dealings involving employees of financial services licensees ......... 337
992A..... Prohibition on hawking of certain financial products ...................... 339
992AA.. Prohibition of hawking of managed investment products ............... 341
992B..... Exemptions and modifications by ASIC ......................................... 342
992C..... Exemptions and modifications by regulations ................................. 343
993A..... Overview ........................................................................................ 344
993B..... Offence of failing to pay client money into an account as required . 344
993C..... Offence of failing to comply with requirements relating to client money account 345
993D..... Offence of failing to pay loan money into an account as required ... 345
Part 7.9--Financial product disclosure and other provisions relating to issue, sale and purchase of financial products 346
1010A... Part generally does not apply to securities ....................................... 346
1010B... Part does not apply to financial products not issued in the course of a business 346
1010BA Part does not apply to contribution plans ........................................ 346
1010C... Special provisions about meaning of sale and offer ........................ 347
1010D... General approach to offence provisions .......................................... 347
Division 2--Product Disclosure Statements 348
Subdivision A--Preliminary 348
1011A... Jurisidictional scope of Division ..................................................... 348
1011B... Definitions ...................................................................................... 348
1011C... Treatment of offers of options over financial products .................... 349
Subdivision B--Requirement for a Product Disclosure Statement to be given 349
1012A... Obligation to give Product Disclosure Statement--personal advice recommending particular financial product 349
1012B... Obligation to give Product Disclosure Statement--situations related to issue of financial products 350
1012C... Obligation to give Product Disclosure Statement--offers related to sale of financial products 352
1012D... Situations in which Product Disclosure Statement is not required .. 356
1012DAA Rights issues for which Product Disclosure Statement is not required 361
1012DA Product Disclosure Statement not required for sale amounting to indirect issue 364
1012E.... Small scale offerings of managed investment and other prescribed financial products (20 issues or sales in 12 months) ........................................................................................................ 369
1012F.... Product Disclosure Statement for certain superannuation products may be provided later 371
1012G... Product Disclosure Statement may sometimes be provided later ..... 372
1012H... Obligation to take reasonable steps to ensure that Product Disclosure Statement is given to person electing to be covered by group financial product .............................................................. 373
1012I..... Obligation to give employer a Product Disclosure Statement in relation to certain superannuation products and RSA products .......................................................................................... 374
1012IA.. Treatment of arrangements under which a person can instruct another person to acquire a financial product 376
1012J.... Information must be up to date ........................................................ 380
1012K... Anti-avoidance determinations ........................................................ 380
Subdivision C--Preparation and content of Product Disclosure Statements 381
1013A... Who must prepare Product Disclosure Statement ........................... 381
1013B... Title of Product Disclosure Statement ............................................. 381
1013C... Product Disclosure Statement content requirements ........................ 382
1013D... Product Disclosure Statement content--main requirements ............ 383
1013DA Information about ethical considerations etc. ................................... 386
1013E.... General obligation to include other information that might influence a decision to acquire 386
1013F.... General limitations on extent to which information is required to be included 386
1013FA. Information not required to be included in PDS for continuously quoted securities 387
1013G... Product Disclosure Statement must be dated ................................... 388
1013H... Requirements if Product Disclosure Statement states or implies that financial product will be able to be traded 388
1013I..... Extra requirements if Product Disclosure Statement relates to managed investment products that are ED securities ........................................................................................................ 389
1013J.... Requirements if Statement has been lodged with ASIC .................. 390
1013K... Requirements relating to consents to certain statements .................. 390
1013L.... Product Disclosure Statement may consist of 2 or more separate documents given at same time 390
1013M.. Combining a Product Disclosure Statement and a Financial Services Guide in a single document 392
Subdivision D--Supplementary Product Disclosure Statements 392
1014A... What a Supplementary Product Disclosure Statement is ................. 392
1014B... Title of Supplementary Product Disclosure Statement .................... 392
1014C... Form of Supplementary Product Disclosure Statement ................... 392
1014D... Effect of giving person a Supplementary Product Disclosure Statement 393
1014E.... Situation in which only a Supplementary Product Disclosure Statement need be given 393
1014F.... Application of other provisions in relation to Supplementary Product Disclosure Statements 393
Subdivision DA--Replacement Product Disclosure Statements 394
1014G... Application of this Subdivision--stapled securities ........................ 394
1014H... What a Replacement Product Disclosure Statement is ..................... 394
1014J.... Consequences of lodging a Replacement Product Disclosure Statement 394
1014K... Form, content and preparation of Replacement Product Disclosure Statements 395
1014L.... Giving, lodgment and notice of Replacement Product Disclosure Statements 395
Subdivision E--Other requirements relating to Product Disclosure Statements and Supplementary Product Disclosure Statements 396
1015A... Subdivision applies to Product Disclosure Statements and Supplementary Product Disclosure Statements 396
1015B... Some Statements must be lodged with ASIC .................................. 396
1015C... How a Statement is to be given ....................................................... 397
1015D... Notice, retention and access requirements for Statement that does not need to be lodged 398
1015E.... Altering a Statement after its preparation and before giving it to a person 399
Subdivision F--Other rights and obligations related to Product Disclosure Statements 399
1016A... Provisions relating to use of application forms ............................... 399
1016B... If Statement lodged with ASIC, financial product is not to be issued or sold before specified period 403
1016C... Minimum subscription condition must be fulfilled before issue or sale 404
1016D... Condition about ability to trade on a market must be fulfilled before issue or sale 404
1016E.... Choices open to person making the offer if disclosure condition not met or Product Disclosure Statement defective ........................................................................................................ 406
1016F.... Remedies for person acquiring financial product under defective Product Disclosure Document 411
Division 3--Other disclosure obligations of the issuer of a financial product 413
1017A... Obligation to give additional information on request ....................... 413
1017B... Ongoing disclosure of material changes and significant events ....... 415
1017C... Information for existing holders of superannuation products and RSA products 417
1017D... Periodic statements for retail clients for financial products that have an investment component 421
1017DA Trustees of superannuation entities--regulations may specify additional obligations to provide information 424
1017E.... Dealing with money received for financial product before the product is issued 425
1017F.... Confirming transactions .................................................................. 427
1017G... Certain product issuers and regulated persons must meet appropriate dispute resolution requirements 432
Division 4--Advertising for financial products 434
1018A... Advertising or other promotional material for financial product must refer to Product Disclosure Statement 434
1018B... Prohibition on advertising personal offers covered by section 1012E 437
Division 5--Cooling-off periods 438
1019A... Situations in which this Division applies ........................................ 438
1019B... Cooling-off period for return of financial product ........................... 438
Division 5A--Unsolicited offers to purchase financial products off-market 441
1019C... Definitions ...................................................................................... 441
1019D... Offers to which this Division applies .............................................. 441
1019E.... How offers are to be made .............................................................. 442
1019F.... Prohibition on inviting offers to sell ................................................ 442
1019G... Duration and withdrawal of offers .................................................. 443
1019H... Terms of offer cannot be varied ...................................................... 443
1019I..... Contents of offer document ............................................................. 443
1019J.... Obligation to update market value ................................................... 444
1019K... Rights if requirements of Division not complied with ..................... 446
Division 5B--Disclosure etc. in relation to short sales covered by securities lending arrangement of listed section 1020B products 449
1020AA Definitions ...................................................................................... 449
1020AB Seller disclosure .............................................................................. 450
1020AC Licensee disclosure ......................................................................... 451
1020AD Public disclosure of information ..................................................... 452
1020AE. Licensee's obligation to ask seller about short sale ......................... 453
1020AF. Regulations ..................................................................................... 454
1020A... Offers etc. relating to certain managed investment schemes not to be made in certain circumstances 455
1020B Prohibition of certain short sales of securities, managed investment products and certain other financial products 455
1020D... Part cannot be contracted out of ...................................................... 457
1020E.... Stop orders by ASIC ...................................................................... 457
1020F.... Exemptions and modifications by ASIC ......................................... 459
1020G... Exemptions and modifications by regulations ................................. 461
1021A... Overview ........................................................................................ 462
1021B... Definitions ...................................................................................... 462
1021C... Offence of failing to give etc. a disclosure document or statement .. 464
1021D... Offence of preparer of defective disclosure document or statement giving the document or statement knowing it to be defective .......................................................................................... 466
1021E.... Offence of preparer of defective disclosure document or statement giving the document or statement (whether or not known to be defective) .................................................................... 467
1021F.... Offence of regulated person (other than preparer) giving disclosure document or statement knowing it to be defective ........................................................................................................ 468
1021FA. Paragraph 1012G(3)(a) obligation--offences relating to communication of information 468
1021FB. Paragraph 1012G(3)(a) obligation--offences relating to information provided by product issuer for communication by another person ................................................................................. 469
1021G... Offence of financial services licensee failing to ensure authorised representative gives etc. disclosure documents or statements as required ..................................................................... 472
1021H... Offences if a Product Disclosure Statement (or Supplementary PDS) does not comply with certain requirements 472
1021I..... Offence of giving disclosure document or statement that has not been prepared by the appropriate person 473
1021J.... Offences if preparer etc. of disclosure document or statement becomes aware that it is defective 474
1021K... Offence of unauthorised alteration of Product Disclosure Statement (or Supplementary PDS) 475
1021L.... Offences of giving, or failing to withdraw, consent to inclusion of defective statement 476
1021M.. Offences relating to keeping and providing copies of Product Disclosure Statements (or Supplementary PDSs) 477
1021N... Offence of failing to provide additional information requested under section 1017A 478
1021O... Offences of issuer or seller of financial product failing to pay money into an account as required 478
1021P.... Offences relating to offers to which Division 5A applies ............... 479
Subdivision B--Civil liability 481
1022A... Definitions ...................................................................................... 481
1022B... Civil action for loss or damage ........................................................ 483
1022C... Additional powers of court to make orders ..................................... 488
Part 7.10--Market misconduct and other prohibited conduct relating to financial products and financial services 489
1040A... Content of Part ................................................................................ 489
Division 2--The prohibited conduct (other than insider trading prohibitions) 490
1041A... Market manipulation ....................................................................... 490
1041B... False trading and market rigging--creating a false or misleading appearance of active trading etc. 490
1041C... False trading and market rigging--artificially maintaining etc. trading price 492
1041D... Dissemination of information about illegal transactions .................. 493
1041E.... False or misleading statements ........................................................ 493
1041F.... Inducing persons to deal ................................................................. 494
1041G... Dishonest conduct ........................................................................... 495
1041H... Misleading or deceptive conduct (civil liability only) ...................... 496
1041I..... Civil action for loss or damage for contravention of sections 1041E to 1041H 497
1041J.... Sections of this Division have effect independently of each other ... 499
1041K... Division applies to certain conduct to the exclusion of State Fair Trading Acts provisions 499
Division 2A--Proportionate liability for misleading and deceptive conduct 500
1041L.... Application of Division ................................................................... 500
1041M.. Certain concurrent wrongdoers not to have benefit of apportionment 500
1041N... Proportionate liability for apportionable claims ............................... 501
1041O... Defendant to notify plaintiff of concurrent wrongdoer of whom defendant aware 502
1041P.... Contribution not recoverable from defendant .................................. 502
1041Q... Subsequent actions .......................................................................... 503
1041R... Joining non-party concurrent wrongdoer in the action .................... 503
1041S.... Application of Division ................................................................... 503
Division 3--The insider trading prohibitions 504
Subdivision A--Preliminary 504
1042A... Definitions ...................................................................................... 504
1042B... Application of Division ................................................................... 505
1042C... When information is generally available ......................................... 505
1042D... When a reasonable person would take information to have a material effect on price or value of Division 3 financial products .......................................................................................... 506
1042E.... Division 3 financial products taken to be able to be traded despite suspensions or section 794D directions 506
1042F.... Inciting, inducing or encouraging an act or omission constitutes procuring the omission 506
1042G... Information in possession of officer of body corporate .................. 507
1042H... Information in possession of partner or employee of partnership ... 507
Subdivision B--The prohibited conduct 508
1043A... Prohibited conduct by person in possession of inside information . 508
1043B... Exception for withdrawal from registered scheme .......................... 509
1043C... Exception for underwriters .............................................................. 510
1043D... Exception for acquisition pursuant to legal requirement .................. 510
1043E.... Exception for information communicated pursuant to a legal requirement 510
1043F.... Chinese wall arrangements by bodies corporate .............................. 511
1043G... Chinese wall arrangements by partnerships etc. .............................. 511
1043H... Exception for knowledge of person's own intentions or activities .. 512
1043I..... Exception for bodies corporate ........................................................ 512
1043J.... Exception for officers or agents of body corporate ......................... 513
1043K... Transactions by holder of financial services licence or a representative of the holder of such a licence 513
1043L.... A specific situation in which a compensation order under section 1317HA may be made 514
1043M.. Defences to prosecution for an offence ........................................... 518
1043N... Relief from civil liability .................................................................. 519
1043O... Powers of Court .............................................................................. 520
Division 4--Defences, relief and limits on liability 521
1044A... General defence or relief for publishers .......................................... 521
1044B... Limit on liability for misleading or deceptive conduct ..................... 521
1045A... Exemptions and modifications by regulations ................................. 523
Part 7.11--Title and transfer 524
Division 1--Title to certain securities 524
1070A... Nature of shares and certain other interests in a company or registered scheme 524
1070B... Numbering of shares ....................................................................... 525
1070C... Matters to be specified in share certificate ....................................... 526
1070D... Loss or destruction of title documents for certain securities ............ 526
Division 2--Transfer of certain securities 529
Subdivision A--General provisions 529
1071A... Application of the Subdivision to certain securities ......................... 529
1071B... Instrument of transfer ...................................................................... 529
1071C... Occupation need not appear in transfer document, register etc. ....... 531
1071D... Registration of transfer at request of transferor ............................... 532
1071E.... Notice of refusal to register transfer ................................................ 533
1071F.... Remedy for refusal to register transfer or transmission ................... 533
1071G... Certification of transfers .................................................................. 534
1071H... Duties of company with respect to issue of certificates ................... 535
Subdivision B--Special provisions for shares 537
1072A... Transmission of shares on death (replaceable rule--see section 135) 537
1072B... Transmission of shares on bankruptcy (replaceable rule--see section 135) 538
1072C... Rights of trustee of estate of bankrupt shareholder ......................... 538
1072D... Transmission of shares on mental incapacity (replaceable rule--see section 135) 540
1072E.... Trustee etc. may be registered as owner of shares ........................... 541
1072F.... Registration of transfers (replaceable rule--see section 135) ......... 543
1072G... Additional general discretion for directors of proprietary companies to refuse to register transfers (replaceable rule--see section 135) ..................................................................................... 544
1072H... Notices relating to non-beneficial and beneficial ownership of shares 544
Division 3--Transfer of certain securities effected otherwise than through a prescribed CS facility 548
1073A... Application of the Division to certain securities .............................. 548
1073B... Definitions ...................................................................................... 548
1073C... Application of Division to certain bodies as if they were companies 549
1073D... Regulations may govern transfer of certain securities ..................... 549
1073E.... ASIC may extend regulations to securities not otherwise covered .. 551
1073F.... Operation of this Division and regulations made for its purposes ... 552
Division 4--Transfer of financial products effected through prescribed CS facility 554
1074A... Financial products to which this Division applies ........................... 554
1074B... Definitions ...................................................................................... 554
1074C... Operating rules of prescribed CS facility may deal with transfer of title .. 554
1074D... Valid and effective transfer if operating rules complied with .......... 555
1074E.... Regulations may govern transfer of financial products in accordance with operating rules of prescribed CS facility ........................................................................................................ 555
1074F.... Issuer protected from civil liability for person's contravention of prescribed CS facility's certificate cancellation rules ........................................................................................................ 558
1074G... Operation of this Division and regulations made for its purposes ... 558
Division 5--Exemptions and modifications 560
1075A... ASIC's power to exempt and modify ............................................. 560
Division 1--Qualified privilege 562
1100A... Qualified privilege for information given to ASIC .......................... 562
1100B... Qualified privilege for the conduct of market licensees and CS facility licensees 562
1100C... Qualified privilege for information given to market licensees and CS facility licensees etc. 564
1100D... Extension of protections given by this Division .............................. 564
1101A... Approved codes of conduct ............................................................ 565
1101B... Power of Court to make certain orders ............................................ 566
1101C... Preservation and disposal of records etc. ........................................ 570
1101D... Destruction of records by ASIC ..................................................... 571
1101E.... Concealing etc. of books ................................................................. 571
1101F.... Falsification of records .................................................................... 572
1101G... Precautions against falsification of records ..................................... 573
1101GA How Part 9.3 applies to books required to be kept by this Chapter etc. 573
1101H... Contravention of Chapter does not generally affect validity of transactions etc. 574
1101I..... Gaming and wagering laws do not affect validity of contracts relating to financial products 574
1101J.... Delegation ....................................................................................... 575
Chapter 8--Mutual recognition of securities offers 576
1200A... Definitions ...................................................................................... 576
Part 8.2--Foreign offers that are recognised in this jurisdiction 578
Division 1--Recognised offers 578
1200B... When an offer is a recognised offer ................................................ 578
1200C... Conditions that must be met to be a recognised offer ...................... 578
1200D... Required documents and information .............................................. 579
1200E.... Warning statement ........................................................................... 581
Division 2--Effect of a recognised offer 582
1200F.... Effect of a recognised offer ............................................................. 582
Division 3--Ongoing conditions for recognised offers 584
1200G... Offering conditions ......................................................................... 584
1200H... Address for service condition ......................................................... 587
1200J.... Dispute resolution condition ........................................................... 588
Division 4--Modification of provisions of this Act 590
1200K... Additional operation of section 675 (continuous disclosure) .......... 590
1200L.... Pre-offer advertising ....................................................................... 590
1200M.. Modification by the regulations ....................................................... 591
Division 5--ASIC's powers in relation to recognised offers 592
1200N... Stop orders ...................................................................................... 592
1200P.... Ban on making subsequent recognised offers ................................. 596
1200Q... Offence of breaching an ongoing condition .................................... 597
1200R... Service of documents ...................................................................... 598
Part 8.3--Offers made under foreign recognition schemes 599
1200S.... Notice to ASIC ............................................................................... 599
1200T.... Extension of this Act to recognised jurisdictions ............................ 599
1200U... ASIC stop order for advertising in a recognised jurisdiction .......... 600