Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.2 - TRANSITIONAL PROVISIONS RELATING TO THE FINANCIAL SERVICES REFORM ACT 2001  

Division 1 - Transitional provisions relating to the phasing-in of the new financial services regime  

Subdivision D - Treatment of people who carry on financial services businesses and their representatives  

SECTION 1433   STREAMLINED LICENSING PROCEDURE FOR CERTAIN REGULATED PRINCIPALS  

1433(1)   [ Application]  

This section applies to the following regulated principals:

(a) a regulated principal of a kind referred to in any of items 1 to 5 of the table in subsection 1430(1), but not including anyone who is:

(i) an exempted participant for the purposes of section 1419; or

(ii) in a class of persons specified in, or identified in accordance with, regulations made for the purposes of subsection (3);

(b) a regulated principal of a kind referred to in item 9 of that table who:

(i) is in a class of persons specified in regulations made for the purposes of this subparagraph; and

(ii) is not in a class of persons specified in, or identified in accordance with, regulations made for the purposes of subsection (3).

1433(2)   [ Applicable provisions]  

If:

(a) a regulated principal to whom this section applies, before the end of their transition period, applies (in accordance with section 913A of the amended Corporations Act) for a licence covering some or all of their regulated activities (but no other activities); and

(b) their application includes a statement (in accordance with the requirements of the application form) to the effect that they will, if granted the licence, comply with their obligations as a financial services licensee;

the following provisions apply:

(c) section 913B of the amended Corporations Act applies to their application as if paragraphs 913B(1)(b), (c), (ca) and (d), and subsections 913B(2) to (5), were omitted; and

(d) the licence condition required by subsection 914A(6) of the amended Corporations Act in relation to a licence granted pursuant to their application must specify, as the financial services that the licensee is authorised to provide, financial services that equate (as closely as possible) to the regulated activities in respect of which the application was made.

Note 1: Paragraph (c) does not limit the matters that can be taken into account under section 915C (suspension or cancellation after offering a hearing) in relation to a licence that has been granted under section 913B as it applies because of this section.

Note 2: The condition referred to in paragraph (d), as with any other conditions imposed on the licence under section 914A of the amended Corporations Act, is subject to variation or revocation in accordance with that section.

1433(3)   [ Regulations]  

The regulations may identify classes of persons, or provide for the identification of classes of persons, who are not to be covered by this section.