Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p34
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 34/49)
Character Range: 1066759–1069645

under subparagraph (g)(i).

7.8.05G  Amount of penalty payable to the Commonwealth
 (1) The penalty payable for an alleged contravention of a client money reporting rule is the amount determined by ASIC (which may be nil), subject to subsection 981N(2) of the Act.
Note: See subsection 981N(2) of the Act for the maximum penalty payable.
 (2) If a client money reporting infringement notice relates to more than one alleged contravention, the total penalty payable under the infringement notice is the sum of the penalties (if any) payable for the alleged contraventions.

7.8.05H  Compliance with client money reporting infringement notice
 (1) A recipient complies with a client money reporting infringement notice if, during the client money reporting infringement notice period, the recipient does all of the following:
 (a) pays the total penalty specified in the infringement notice under subparagraph 7.8.05F(h)(i) (if any);
 (b) undertakes or institutes the remedial measures specified in the infringement notice under subparagraph 7.8.05F(g)(ii) (if any);
 (c) accepts the sanctions specified in the infringement notice under subparagraph 7.8.05F(g)(iii) (if any);
 (d) gives an undertaking (including an undertaking to comply with the infringement notice) with the terms specified in the infringement notice under subparagraph 7.8.05F(g)(iv) (if any).
 (2) The client money reporting infringement notice period for a client money reporting infringement notice:
 (a) starts on the day on which the infringement notice is given to the recipient; and
 (b) ends:
 (i) 27 days after the day on which the infringement notice is given to the recipient; or
 (ii) on another day permitted by this regulation.
 (3) If the recipient applies for a further period of time in which to comply with the client money reporting infringement notice, and the application is granted, the client money reporting infringement notice period ends at the end of the further period allowed.
 (4) If the recipient applies for a further period of time in which to comply with the client money reporting infringement notice, and the application is refused, the client money reporting infringement notice period ends on the later of:
 (a) 28 days after the day on which the infringement notice was given to the recipient; and
 (b) 7 days after the notice of refusal is given to the recipient.
 (5) If the recipient applies for the client money reporting infringement notice to be withdrawn, and the application is refused, the client money reporting infringement notice period ends 28 days after the notice of refusal is given to the recipient.

7.8.05J  Extension of 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