Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p43
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 43/43)
Character Range: 810796–812515

licensee in compliance with section 912B of the Act as modified by subregulation (1), or with any provision of the old Corporations Act, may be released by ASIC, at its discretion, if:
 (a) ASIC considers that, in relation to the licensee, a security bond is no longer required because the licensee:
 (i) has complied with subsection 912B(1) of the Act, in its unmodified form; or
 (ii) is an exempt licensee within the meaning of regulation 7.6.02AAA; and
 (b) ASIC has published, in accordance with subregulation (5):
 (i) a proposal that it release the security bond; and
 (ii) a direction to the web address at which further information may be obtained; and
 (c) ASIC has advertised, at that web address, the existence of the security bond, and an invitation to submit valid claims against the bond; and
 (d) 3 months after publication of the advertisement, no valid claim has been submitted.
 (5) A proposal and direction mentioned in paragraph (4)(b) are published in accordance with this subregulation if they are published in a manner that results in the proposal and direction being accessible to the public and reasonably prominent.

7.6.02AB  Modification of section 761G of the Act: meaning of retail client and wholesale client
  For the provisions of the Act set out in column 2 of the following table, the Parts of the Act specified in column 3 apply as if section 761G of the Act were modified by inserting after paragraph 761G(7)(c), the following paragraph:
 "(ca) the financial product, or the financial service, is acquired by a company or trust controlled by a person who meets the requirements of subparagraph (c)(i) or (ii);"

Column 1  Column 2               Column 3
Item      Provisions of Act