CORPORATIONS ACT 2001 - SECT 921M Copy of instrument to be given to affected person etc.

CORPORATIONS ACT 2001 - SECT 921M

  (1)   If, under subsection   921K(1), a Financial Services and Credit Panel makes an instrument in relation to a person (the affected person ), the panel must:

  (a)   give a copy of the instrument to the affected person; and

  (b)   at the same time, give a copy of the instrument to:

  (i)   ASIC; and

  (ii)   if the affected person is authorised to provide personal advice to retail clients, on behalf of a financial services licensee, in relation to relevant financial products--the licensee; and

  (c)   at the same time, give the affected person a written notice informing the affected person of their right to make an application under subsection   921N(3) in relation to the instrument.

Note:   ASIC must enter details of certain instruments in the Register of Relevant Providers (see paragraph   922Q(2)(uc)).

  (2)   A copy of an instrument given to a person under paragraph   (1)(a) or (b) must be accompanied by a statement of reasons for the decision to make the instrument.

  (3)   A failure to comply with subsection   (1) or (2) in relation to an instrument does not affect the validity of the instrument.