Document ID: chunk:federal_register_of_legislation:C2017A00007:clause:1_921s
Version: federal_register_of_legislation:C2017A00007
Segment Type: clause
Provision Reference: sch 1 cl 921S
Character Range: 32814–33785

921S  Obligation to review compliance scheme
 (1) A monitoring body for a compliance scheme must cause another person to complete a review of the scheme before the end of:
 (a) the 5‑year period beginning on the day ASIC approves the scheme under section 921K; and
 (b) each subsequent 5‑year period.
 (2) The other person mentioned in subsection (1) must not be:
 (a) an associate of the monitoring body; or
 (b) a person covered by the scheme; or
 (c) if a relevant provider covered by the scheme is authorised to provide personal advice to retail clients, on behalf of a financial services licensee, in relation to relevant financial products—the licensee; or
 (d) if a relevant provider covered by the scheme is a member of a professional association—the professional association.
 (3) As soon as reasonably practical after the review has been completed, the monitoring body must:
 (a) make the review publicly available; and
 (b) give a copy of the review to ASIC.