Section 904C(1) and (3) Corporations Act 2001
Obligation to Notify ASIC of Certain Matters

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Section 904C(1) and (3) of the Corporations Act 2001 (Cth) is ‘Obligation to Notify ASIC of Certain Matters’ and is extracted below.

If you require the services of a criminal defence team that specialises in corporate crime and compliance, call Sydney Criminal Lawyers today on (02) 9261 8881 to arrange a consultation.

Our criminal defence lawyers are vastly experienced in advising and representing corporations and individuals who are facing investigations for regulatory issues and proceedings for criminal offences, and our expertise in serious and complex cases means you can rest assured of receiving the most effective legal representation whatever your situation may involve.

The Legislation

Section 904C(1) and (3) of the Corporations Act 2001 (Cth) is Obligation to Notify ASIC of Certain Matters and reads as follows:

Obligation to Notify ASIC of Certain Matters

Notification of inability to meet obligations under 904A

(1)  A derivative trade repository licensee must give written notice to ASIC, as soon as practicable, if the licensee becomes aware that it may no longer be able to meet, or has breached, an obligation under section 904A.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

Notification of changes to directors, secretaries or senior managers

(3)  As soon as practicable after a person becomes or ceases to be a director, secretary or senior manager of a derivative trade repository licensee or of a holding company of a derivative trade repository licensee (including when a person changes from one of those positions to another), the licensee must give written notice of this to ASIC. The notice must include such other information about the matter as is prescribed by the regulations for the purpose of this subsection.

Note 1: To the extent that the licensee is required to give the notice and information under any other provision of this Act, the licensee may comply with this subsection by doing so. It need not provide the same information twice.

Note 2: Failure to comply with this subsection is an offence (see subsection 1311(1)).

The penalties                                                                         

The maximum penalty for the offence of Obligation to Notify ASIC of Certain Matters is:

100 penalty units (a Commonwealth penalty unit is currently $210).

However, it should be kept in mind that maximum penalties are reserved for the most serious cases.

Your legal team will be able to advise you of the essential elements the prosecution would need to prove in order to establish the offence, whether those elements are capable of being established in your particular situation, the most effective and efficient way forward and the likely outcome.

Why Choose Sydney Criminal Lawyers®?

Going to Court? (02) 9261 8881

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