Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_1101a
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 1101A
Character Range: 800533–801956

1101A  Approved codes of conduct

 (1) ASIC may, on application, approve codes of conduct that relate to any aspect of the activities of:
 (a) financial services licensees; or
 (b) authorised representatives of financial services licensees; or
 (c) issuers of financial products;
being activities in relation to which ASIC has a regulatory responsibility. The approval must be in writing.

 (2) ASIC may, on application, approve a variation of an approved code of conduct. The approval must be in writing.

 (3) ASIC must not approve a code of conduct, or a variation of a code of conduct, unless it is satisfied that:
 (a) the code, or the code as proposed to be varied, is not inconsistent with this Act or any other law of the Commonwealth under which ASIC has regulatory responsibilities; and
 (b) it is appropriate to approve the code, having regard to the following matters, and to any other matters that ASIC considers are relevant:
 (i) the ability of the applicant to ensure that persons who hold out that they comply with the code will comply with the code as in force from time to time; and
 (ii) the desirability of codes of conduct being harmonised to the greatest extent possible.

 (4) ASIC may revoke an approval of a code of conduct:
 (a) on application by the person who applied for the approval; or
 (b) if ASIC is no longer satisfied as mentioned in subsection (3).
The revocation must be in writing.