Document ID: chunk:federal_register_of_legislation:F2024C00882:clause:2_45:p7
Version: federal_register_of_legislation:F2024C00882
Segment Type: clause
Provision Reference: sch 2 cl 45 (pt 7/8)
Character Range: 500345–503231

be prescribed unlicensed carried over instrument lender
 (1) If a person is a prescribed unlicensed carried over instrument lender because a matter mentioned in subsection 5A(1) applies to the person and the matter ceases to apply to the person, the person must lodge with ASIC a notice, in an approved form and no later than 15 business days after the day on which the matter ceases to apply to the person, that the matter has ceased to apply to the person.
Civil penalty: 5,000 penalty units.

Offence
 (2) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 6 months imprisonment.

Strict liability offence
 (3) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 20 penalty units.
 (4) Subsection (3) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

       76  Lodgement obligation for licensee or registered person acting on behalf of prescribed unlicensed carried over instrument lender
 (1) If a licensee or registered person is appointed by a prescribed unlicensed carried over instrument lender to act on the lender's behalf, the licensee or registered person must lodge with ASIC a notice, in an approved form, of the appointment no later than 15 business days after the appointment.
Civil penalty: 5,000 penalty units.

Offence
 (2) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 6 months imprisonment.

Strict liability offence
 (3) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 20 penalty units.
 (4) Subsection (3) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

2.39B  Part 2‑4
omit

2.39C  Part 2‑5, heading
substitute

Part 2‑5—Financial records and audit reports

2.40  Section 87
omit

2.40A  Subsection 88(1)
omit
A licensee
insert
An unlicensed carried over instrument lender

2.40B  Subsection 88(1)
omit
licensee.
insert
lender.

2.40C  Paragraph 88(2)(c)
omit

2.40D  Subsection 88(4)
omit
A licensee
insert
An unlicensed carried over instrument lender

2.40E  Subsection 88(4)
omit
licensee.
insert
lender.

2.41  Sections 90 to 92
omit each mention of
licensee
insert
unlicensed carried over instrument lender

2.42  Section 94, heading
substitute

       94  Financial records taken to be made with unlicensed carried over