Effect of client money reporting infringement notice provisions
7.8.05D Effect of client money reporting infringement notice provisions
Regulations 7.8.05C to 7.8.05Q do not require ASIC to give a client money reporting infringement notice to a person in relation to an alleged contravention of a client money reporting rule.
Regulations 7.8.05C to 7.8.05Q do not affect the liability of a person to civil proceedings if ASIC does not give a client money reporting infringement notice to the person in relation to an alleged contravention of a client money reporting rule.
Regulations 7.8.05C to 7.8.05Q do not affect the liability of a person to civil proceedings if:
ASIC gives a client money reporting infringement notice to the person in relation to an alleged contravention of a client money reporting rule; and
either:
the infringement notice is withdrawn; or
the person does not comply with the infringement notice in accordance with regulation 7.8.05H.
Regulations 7.8.05C to 7.8.05Q do not limit or otherwise affect the penalty that a Court could impose on the person for a contravention of a client money reporting rule.
This Act’s bill:Explanatory statement
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