Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p35
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 35/49)
Character Range: 1069406–1072201

client money reporting infringement notice period
 (1) During the client money reporting infringement notice period, a recipient may apply, in writing, to ASIC for a further period of no more than 28 days in which to comply with the client money reporting infringement notice.
 (2) The application must:
 (a) specify the client money reporting infringement notice's unique identification code; and
 (b) set out the reasons for the application.
 (3) Within 14 days after receiving the application, ASIC must:
 (a) grant or refuse a further period no longer than the period sought (and no longer than 28 days); and
 (b) notify the recipient in writing of the decision and, if the decision is a refusal, the reasons for the decision.
 (4) If ASIC refuses a further period under paragraph (3)(a), the recipient may not make a further application under subregulation (1) in relation to that client money reporting infringement notice.
 (5) If ASIC does not grant or refuse a further period under paragraph (3)(a) within 14 days after receiving the application, ASIC is taken to have refused a further period.

7.8.05K  Effect of compliance with client money reporting infringement notice
 (1) Subject to subregulation (3), if:
 (a) a client money reporting infringement notice is given to a recipient in relation to an alleged contravention of a client money reporting rule; and
 (b) the infringement notice is not withdrawn; and
 (c) the recipient complies with the infringement notice;
the effects in subregulation (2) apply.
 (2) The effects are:
 (a) any liability of the recipient to the Commonwealth for the alleged contravention of the client money reporting rule is discharged; and
 (b) no civil or criminal proceedings may be brought or continued by the Commonwealth against the recipient for the conduct specified in the client money reporting infringement notice as being the conduct that made up the alleged contravention of the client money reporting rule or rules; and
 (c) no administrative action may be taken by ASIC under section 914A, 915B, 915C or 920A of the Act against the recipient for the conduct specified in the infringement notice as being the conduct that made up the alleged contravention of the client money reporting rule; and
 (d) the recipient is not taken to have admitted guilt or liability in relation to the alleged contravention; and
 (e) the recipient is not taken to have contravened the client money reporting rule.
Note: Third parties are not prevented from commencing civil proceedings against the recipient, including under section 1101B of the Act. ASIC is not prevented from applying for an order on behalf of a plaintiff in accordance with the Act.
 (3) Subregulation (2) does not apply if the recipient has knowingly:
 (a) provided false or misleading