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 10.2.47A   MODIFICATION OF PRE-FSR AUTHORITY  

10.2.47A(1)   [ Application]  

For section 1444 of the Act, this regulation applies if a person:

(a) is a regulated principal in relation to 2 or more regulated activities; and

(b) holds an authority under the relevant old legislation in relation to those regulated activities; and

(c) either:

(i) becomes a financial services licensee in relation to 1 or more of those regulated activities; or

(ii) is exempt from the requirement to hold a financial services licence in relation to 1 or more of those regulated activities.

10.2.47A(2)   [ ASIC may vary authority]  

ASIC may vary the authority to take account of the fact that the person has become a financial services licensee, or is exempt from the requirement to hold a financial services licence.

10.2.47A(3)   [ Limitation]  

ASIC must not vary the authority unless ASIC has given the person an opportunity:

(a) to appear at a hearing before ASIC that takes place in private; and

(b) to make submissions and give evidence to ASIC in relation to the matter.

10.2.47A(4)   [ Written notice of variation]  

ASIC must give written notice of the variation to the person.

10.2.47A(5)   [ When effective]  

The variation takes effect when the written notice of the variation is given to the person.