Document ID: chunk:federal_register_of_legislation:C2025C00182:section:41:p1
Version: federal_register_of_legislation:C2025C00182
Segment Type: section
Provision Reference: s 41 (pt 1/2)
Character Range: 346772–349407

41  Acquisitions and disposals of financial products
 (1) ASIC may require a person who carries on a financial services business to disclose to it, in relation to an acquisition or disposal of financial products:
 (aa) whether the acquisition or disposal was effected on another person's behalf and, if so:
 (i) the name of the other person; and
 (ii) the nature of the instructions given to the person who carries on a financial services business in relation to the dealing; or
 (a) the name of the person from or through whom the financial products were acquired; or
 (b) the name of the person to or through whom the financial products were disposed;
as the case may be, and the nature of the instructions given to the person who carries on a financial services business in relation to the acquisition or disposal.
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).
 (2) ASIC may require a person to disclose to it, in relation to an acquisition or disposal of financial products by the person, whether or not the person acquired or disposed of the financial products as trustee for, or for or on behalf of, another person, and, if so:
 (a) the name of the other person; and
 (b) the nature of any instructions given to the first‑mentioned person in relation to the acquisition or disposal.
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).
 (3) ASIC may require a person who operates a financial market to disclose to ASIC, in relation to an acquisition or disposal of financial products on that financial market, the names of the persons who acted in the acquisition or disposal.
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).
 (4) ASIC may require an operator of a clearing and settlement facility to disclose to ASIC, in relation to a dealing in financial products, the names of any participants in the clearing and settlement facility who were concerned in any act or omission in relation to the dealing.
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).
 (5) Information required to be disclosed under this section need only be disclosed to the extent to which it is known to the person required to make the disclosure.
Note: In criminal proceedings, a defendant bears an evidential burden in relation to the matters in subsection (5).
 (6) An offence under subsection 63(2) relating to subsection (1), (2), (3) or (4) of this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of