S 124-900 repealed by No 109 of 2014, s 3 and Sch 10 item 38, effective 17 October 2014. S 124-900 formerly read:
SECTION 124-900 Old licence roll-over (new owner)
124-900(1)
There is a roll-over if:
(a)
a person (the
new owner
) applies for an *Australian financial services licence during the period beginning on 11 March 2002 and ending on 10 March 2004; and
(b)
at the time the application is made, another person (the
original owner
) holds one or more licences, registrations, approvals, authorities or other similar things (the
old licence or licences
) that give the original owner the status of a regulated principal within the meaning of section 1430 of the
Corporations Act 2001
; and
(c)
the new owner is granted an Australian financial services licence as a result of the application; and
(d)
if the Australian financial services licence is granted on or before 10 March 2004
-
the old licence or licences cease to have effect (whether wholly or partly) because, as a result of the Australian financial services licence being granted to the new owner, the original owner starts to be covered by an exemption under subsection 911A(2) of the
Corporations Act 2001
(or would be so covered by an exemption if that subsection applied) in respect of the original owner's regulated activities (within the meaning of section 1430 of the
Corporations Act 2001
); and
(e)
if the Australian financial services licence is granted after 10 March 2004:
(i)
the old licence or licences cease to have effect (whether wholly or partly) on 10 March 2004; and
(ii)
if the Australian financial services licence had been granted before 10 March 2004, the old licence or licences would have ceased to have effect (whether wholly or partly) for the reason mentioned in paragraph (d); and
(f)
subsection (2) or (3) applies.
Note:
The period in paragraph (1)(a) may be extended in special circumstances: see section
124-930
. If it is extended, the day in paragraphs (d) and (e) changes too.
124-900(2)
This subsection applies if the new owner and the original owner are members of the same *consolidatable group at the time that the new owner *acquires the *Australian financial services licence.
124-900(3)
This subsection applies if:
(a)
at the time that the new owner *acquires the *Australian financial services licence, all of the following apply:
(i)
the new owner is a company or a trust;
(ii)
if the new owner is a trust
-
*CGT event E4 is capable of applying to all of the units and interests in the trust;
(iii)
all of the *membership interests in the new owner are owned by the original owner; and
(b)
the original owner is an individual who, at the same time as, or just after, the new owner acquires the Australian financial services licence:
(i)
becomes an authorised representative (within the meaning of section 761A of the
Corporations Act 2001
) of the new owner; or
(ii)
becomes an employee of the new owner; or
(iii)
becomes a director (within the meaning of the
Corporations Act 2001
) of the new owner.
S 124-900 inserted by No 101 of 2004.
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