Financial Sector Reform (Hayne Royal Commission Response - Stronger Regulators (2019 Measures)) Act 2020 (3 of 2020)

Schedule 3   Licensing and false or misleading documents

Part 2   Australian credit licences

National Consumer Credit Protection Act 2009

46   At the end of Division 5 of Part 2-2

Add:

53A Obligation to notify ASIC of change in control

Requirement to notify ASIC of change in control

(1) If an entity (as defined by section 64A of the Corporations Act 2001) starts to control, or stops controlling, a licensee, the licensee must lodge a notification with ASIC:

(a) in the approved form; and

(b) before the end of 30 business days after the day the entity starts to control, or stops controlling, the licensee.

Strict liability offence

(2) A person commits an offence if:

(a) the person is subject to a requirement under subsection (1) to lodge a notification with ASIC; and

(b) the person engages in conduct; and

(c) the conduct contravenes the requirement.

Criminal penalty: 30 penalty units.

(3) Subsection (2) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.

53B Obligation to notify ASIC if licensee does not engage in credit activities

Requirement to notify ASIC if licensee does not engage in credit activities

(1) If a licensee does not engage in the credit activities authorised by the licence before the end of 6 months after the licence is granted, the licensee must lodge a notification with ASIC:

(a) in the approved form; and

(b) before the end of 15 business days after the end of the 6 months.

Strict liability offence

(2) A person commits an offence if:

(a) the person is subject to a requirement under subsection (1) to lodge a notification with ASIC; and

(b) the person engages in conduct; and

(c) the conduct contravenes the requirement.

Criminal penalty: 30 penalty units.

(3) Subsection (2) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.