Corporations Regulations 2001

CHAPTER 10 - REPEALS, TRANSITIONAL MATTERS AND APPLICATION PROVISIONS  

PART 10.2 - TRANSITIONAL ARRANGEMENTS RELATING TO FINANCIAL SERVICES REFORM LEGISLATION  

Division 13 - Regulated principals  

REGULATION 10.2.37   VARIATION OF CONDITIONS ON FINANCIAL SERVICES LICENCE  

10.2.37(1)   [ Application]  

If:

(a) a person lodges an application for a financial services licence; and

(b) subsection 1433(2) of the Act applies in relation to the application;

the person may, at any time before ASIC grants or refuses to grant the financial services licence, lodge with ASIC in the prescribed form an application under paragraph 914A(2) (b) of the Act to vary the conditions on the financial services licence so that the financial services, or class of financial services, that the financial services licence will authorise the person to provide is increased (despite the fact that the financial services licence has not yet been granted).

10.2.37(2)   [ Conditional grant of financial services licence]  

If:

(a) a person lodges an application for a financial services licence; and

(b) subsection 1433(2) of the Act applies in relation to the application; and

(c) the person has also lodged with ASIC the application under paragraph 914A(2) (b) of the Act mentioned in subregulation (1); and

(d) ASIC proposes to grant the financial services licence and vary the conditions in accordance with the applications;

ASIC may, instead of issuing the licence and subsequently varying the conditions on the licence, grant the financial services licence subject to conditions that include the conditions that would otherwise be mentioned in the variation.

10.2.37(3)   [ Notification of variation]  

If ASIC acts under subregulation (2), ASIC is not required to notify the licensee separately of the variation to the conditions in accordance with subsection 914A(1) of the Act.