Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024 (87 of 2024)

Schedule 2   Financial market infrastructure: new and enhanced regulatory powers

Part 11   Fit, proper, capable and competent person standards

Division 1   Additional obligation for certain licensees

Corporations Act 2001

128   Subsections 853C(2) and (3)

Repeal the subsections, substitute:

(2) ASIC may make such a declaration only if ASIC is satisfied that the individual is unfit to be involved in the licensee or applicant.

(3) In deciding whether an individual is unfit as mentioned in subsection (2), ASIC must take into account such matters as the individual's fame, character and integrity.