Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 912DAA

Reporting a reportable situation to ASIC

  (1)   If there are reasonable grounds to believe that a reportable situation has arisen in relation to a financial services licensee:

  (a)   the financial services licensee must lodge a report in relation to the reportable situation with ASIC; and

  (b)   the report must be lodged in accordance with this section.

Note:   Failure to comply with this subsection is an offence (see subsection   1311(1)).

Report must be in the prescribed form

  (2)   The report must be lodged with ASIC in writing in the prescribed form.

Period within which report must be lodged

  (3)   The report must be lodged with ASIC within 30 days after the financial services licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the reportable situation has arisen.

Strict liability applies in relation to paragraphs   (1)(a) and (b)

  (4)   Strict liability applies in relation to paragraphs   (1)(a) and (b).

If report is received by APRA

  (5)   A report that a financial services licensee is required to lodge under this section in relation to a reportable situation is taken to have been lodged with ASIC if:

  (a)   the licensee is a body regulated by APRA; and

  (b)   the licensee has given a report to APRA that contains all of the information that is required in a report under this section in relation to the reportable situation.

  (6)   Subsection   (1) does not apply to a financial services licensee in relation to a reportable situation if:

  (a)   the licensee is a body regulated by APRA; and

  (b)   the auditor or actuary of the licensee gives APRA a written report about a matter to which the reportable situation relates; and

  (c)   the report is given before, or within 10 business days after, the licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe that the reportable situation has arisen.

Civil penalty provision

  (7)   A person contravenes this subsection if the person contravenes subsection   (1).

Note:   This subsection is a civil penalty provision (see section   1317E).

Meaning of knowledge and recklessness

  (8)   For the purposes of this section:

"knowledge" has the meaning given by section   5.3 of the   Criminal Code .

"recklessness" has the meaning given by section   5.4 of the   Criminal Code .