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 1435   LICENSING DECISIONS MADE WITHIN THE FIRST 2 YEARS OF THE FSR COMMENCEMENT - REGARD MAY BE HAD TO CONDUCT AND EXPERIENCE OF APPLICANT OR RELATED BODY CORPORATE THAT CURRENTLY PROVIDES SAME OR SIMILAR SERVICES  

1435(1)   [ Application]  

This section applies:

(a) if a person applies, during the period of 2 years starting on the FSR commencement, under section 913A of the amended Corporations Act for the grant of a licence covering the provision of particular financial services (the relevant financial services ); and

(b) ASIC is aware that:

(i) the applicant; or

(ii) if the applicant is a body corporate - a related body corporate of the applicant;

is currently (as at the time the application is being considered by ASIC) providing services that are the same as, or similar to, all or any of the relevant financial services.

1435(2)   [ Matters to which ASIC may have regard to]  

In considering the matters it is required by section 913B of the amended Corporations Act to consider in deciding whether to grant the licence, ASIC may (but is not required to) have regard to the conduct and experience (including conduct and experience before the FSR commencement) of the applicant, or the related body corporate, in providing services that are the same as, or similar to, all or any of the relevant financial services (so far as ASIC is aware of such conduct and experience).

1435(3)   [ ASIC discretion]  

Subsection (2) is not intended to limit, by implication, the matters that ASIC can take into account under section 913B of the amended Corporations Act when considering whether to grant a licence under that section (whether pursuant to an application to which this section applies or otherwise).