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CORPORATIONS ACT 2001 - SECT 994G Notice to ASIC

CORPORATIONS ACT 2001 - SECT 994G

Notice to ASIC

    If:

  (a)   a person makes a target market determination for a financial product; and

  (b)   the person becomes aware of a significant dealing in the product in relation to a retail client (except a dealing of a kind referred to in paragraph   (a) of the definition of excluded conduct in subsection   994A(1)); and

  (c)   the person becomes aware that the dealing is not consistent with the determination;

the person must give written notice to ASIC as soon as practicable, and in any case within 10 business days, after becoming so aware.

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

Note 2:   This section is also a civil penalty provision (see section   1317E). For relief from liability to a civil penalty relating to this section, see section   1317S.

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