Document ID: chunk:federal_register_of_legislation:F2024C01150:reg:12n:p2
Version: federal_register_of_legislation:F2024C01150
Segment Type: reg
Provision Reference: reg 12N (pt 2/2)
Character Range: 58087–58927

the meaning of the National Consumer Credit Protection Act 2009); and
 (b) ASIC reasonably believes that the refusal or failure:
 (i) has resulted, or is likely to result, in material loss or damage to a client of the relevant provider; or
 (ii) has resulted, or is likely to result, in a material benefit to the relevant provider; or
 (iii) involves dishonesty or fraud.
Note: To work out whether a relevant provider has been linked as described in paragraph (a), see section 910C of the Corporations Act.
 (4) A contravention is serious for the purposes of subparagraph (2)(e)(ii) or (f)(ii) if it:
 (a) has resulted, or is likely to result, in material loss or damage to a client of the relevant provider; or
 (b) has resulted, or is likely to result, in a material benefit to the relevant provider; or
 (c) involves dishonesty or fraud.