THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.3 - PARTICIPANTS IN THE SECURITIES INDUSTRY

Division 1 - Dealers and investment advisers and operators of managed investment schemes

SECTION 783   GRANT OF LICENCE TO NATURAL PERSON  

783(1)  (Section applies to natural person)  

This section has effect where a natural person applies for a licence.

783(2)  (Conditions for grant of licence)  

The Commission shall grant the licence if:

(a)  the application was made in accordance with section 782;

(b)  the person is not an insolvent under administration;

(c)  it is satisfied that the person's educational qualifications and experience are adequate having regard to the nature of the duties of a holder of a licence of the kind applied for;

(d)  it has no reason to believe that the person is not of good fame and character; and

(e)  it has no reason to believe that the person will not perform those duties efficiently, honestly and fairly.

783(3)  (Refusal by Commission)  

Otherwise, the Commission shall refuse the application.

783(4)  [Fraud conviction to be taken into account]  

In determining whether or not it has reason to believe as mentioned in paragraph (2)(d) or (e), the Commission shall have regard to any conviction of the person, during the 10 years ending on the day of the application, of serious fraud.

783(5)  [Licence granted under previous corresponding law]  

A licence granted under a previous law of this jurisdiction corresponding to this section and in force at the commencement of this Part shall be deemed to have been granted under this section.