Notifying ASIC of status as a retail CCIV or wholesale CCIV
(1) For the purposes of paragraph 1222J(1)(b), a CCIV is notified as a retail CCIV if: (a) the most recent notice lodged with ASIC under this section is a notice that the CCIV is, or wishes to be, a retail CCIV; or (b) both: (i) the notice required by subsection 1222A(4) to be lodged with the application to register the CCIV stated that the CCIV was to be a retail CCIV; and (ii) the CCIV has not lodged a notice with ASIC under this section stating that the CCIV is eligible to be, and wishes to be, a wholesale CCIV. (2) Subject to this section, a CCIV may at any time: (a) lodge with ASIC a notice in the prescribed form stating that the CCIV is, or wishes to be, a retail CCIV; or (b) lodge with ASIC a notice in the prescribed form stating that the CCIV is eligible to be, and wishes to be, a wholesale CCIV. Note: A CCIV that lodges a notice under paragraph (2)(b) will be a retail CCIV despite the notice if it is not eligible to be a wholesale CCIV because it passes the retail CCIV test: see section 1222J. Lodging a notice under paragraph (2)(b) in this situation is an offence: see subsection (7). When a retail CCIV notice must be lodged (3) A CCIV must lodge a notice under paragraph (2)(a) if, because of the operation of paragraph 1222J(1)(a) (about the retail CCIV test), the CCIV becomes a retail CCIV. (4) A notice required by subsection (3) must be lodged within 2 business days of the CCIV becoming a retail CCIV. (5) An offence based on subsection (3) is an offence of strict liability. (6) In any proceedings against a person for an offence based on subsection (3), it is a defence if at the relevant time the person did not know, and could not reasonably be expected to have known, that the CCIV satisfied the retail CCIV test. Note: A defendant bears an evidential burden in relation to the matter in this subsection: see subsection 13.3(3) of the Criminal Code. When a wholesale CCIV notice must not be lodged (7) A CCIV commits an offence if: (a) the CCIV lodges a notice under paragraph (2)(b); and (b) the CCIV satisfies the retail CCIV test. (8) An offence based on subsection (7) is an offence of strict liability.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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