CORPORATIONS ACT 2001 - SECT 1222L Notifying ASIC of status as a retail CCIV or wholesale CCIV

CORPORATIONS ACT 2001 - SECT 1222L

  (1)   For the purposes of paragraph   1222J(1)(b), a CCIV is notified as a retail CCIV if:

  (a)   the most recent notice lodged with ASIC under this section is a notice that the CCIV is, or wishes to be, a retail CCIV; or

  (b)   both:

  (i)   the notice required by subsection   1222A(4) to be lodged with the application to register the CCIV stated that the CCIV was to be a retail CCIV; and

  (ii)   the CCIV has not lodged a notice with ASIC under this section stating that the CCIV is eligible to be, and wishes to be, a wholesale CCIV.

  (2)   Subject to this section, a CCIV may at any time:

  (a)   lodge with ASIC a notice in the prescribed form stating that the CCIV is, or wishes to be, a retail CCIV; or

  (b)   lodge with ASIC a notice in the prescribed form stating that the CCIV is eligible to be, and wishes to be, a wholesale CCIV.

Note:   A CCIV that lodges a notice under paragraph   (2)(b) will be a retail CCIV despite the notice if it is not eligible to be a wholesale CCIV because it passes the retail CCIV test: see section   1222J. Lodging a notice under paragraph   (2)(b) in this situation is an offence: see subsection   (7).

When a retail CCIV notice must be lodged

  (3)   A CCIV must lodge a notice under paragraph   (2)(a) if, because of the operation of paragraph   1222J(1)(a) (about the retail CCIV test), the CCIV becomes a retail CCIV.

  (4)   A notice required by subsection   (3) must be lodged within 2 business days of the CCIV becoming a retail CCIV.

  (5)   An offence based on subsection   (3) is an offence of strict liability.

  (6)   In any proceedings against a person for an offence based on subsection   (3), it is a defence if at the relevant time the person did not know, and could not reasonably be expected to have known, that the CCIV satisfied the retail CCIV test.

Note:   A defendant bears an evidential burden in relation to the matter in this subsection: see subsection   13.3(3) of the Criminal Code .

When a wholesale CCIV notice must not be lodged

  (7)   A CCIV commits an offence if:

  (a)   the CCIV lodges a notice under paragraph   (2)(b); and

  (b)   the CCIV satisfies the retail CCIV test.

  (8)   An offence based on subsection   (7) is an offence of strict liability.