Document ID: chunk:federal_register_of_legislation:C2025C00185:section:884c
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 884C
Character Range: 3456815–3458818

884C  Changing Division 3 arrangements—matters not required to be dealt with in the compensation rules
 (1) If:
 (a) the proposed change is to a matter that is not required by section 885B to be dealt with in the compensation rules (including a matter that is dealt with in the compensation rules even though it is not required to be dealt with in those rules); and
 (b) the change is not merely a minor administrative change;
the operator must not make the change unless:
 (c) the operator has applied for approval of the change; and
 (d) the change has been approved by ASIC.
 (2) The application for approval must:
 (a) include the information, required by regulations made for the purposes of this paragraph, in relation to the proposed change; and
 (b) be lodged with ASIC in a prescribed form.
Note: For fees in respect of lodging applications, see Part 9.10.
 (3) If ASIC does not consider that the compensation arrangements as proposed to be changed are adequate, the application for approval must be rejected.
 (4) If ASIC considers that the compensation arrangements as proposed to be changed are adequate, ASIC must approve the change.
 (5) If:
 (a) the proposed change is to a matter that is dealt with in the compensation rules even though it is not required to be dealt with in those rules; and
 (b) the change is approved;
the operator may make any change to the compensation rules that is necessary to give effect to the change that has been approved or that is incidental to giving effect to that change.
 (6) If a change to the compensation rules is made as permitted by subsection (5), the operator must, as soon as practicable after the change is made, give ASIC written notice of the change.
 (7) A notice required by subsection (6) must:
 (a) set out the text of the change; and
 (b) specify the date on which it was made; and
 (c) contain an explanation of why it is a change that is permitted to be made by subsection (5).

Subdivision D—Are compensation arrangements adequate?