Corporations Regulations 2001

CHAPTER 10 - REPEALS, TRANSITIONAL MATTERS AND APPLICATION PROVISIONS  

PART 10.2 - TRANSITIONAL ARRANGEMENTS RELATING TO FINANCIAL SERVICES REFORM LEGISLATION  

Division 15 - Other provisions relating to conduct etc  

REGULATION 10.2.65   AUDITORS: CERTAIN FINANCIAL SERVICES LICENSEE WHO FORMERLY HELD DEALER'S LICENCE  

10.2.65(1)   [ Application]  

For section 1444 of the Act, this regulation applies in relation to a financial services licensee who:

(a) is a regulated principal mentioned in item 1 of the table in section 1430 of the Act, and whose financial services licence covers regulated activities for a regulated principal of that kind; and

(b) is not a body corporate (other than a proprietary company) to which section 327 of the old Corporations Act applies.

10.2.65(2)   [ Deemed appointment of auditor of regulated principal]  

If:

(a) there was no vacancy in the office of auditor of the regulated principal at the end of the transition period in relation to the person in the capacity of a regulated principal of that kind; and

(b) an auditor of the regulated principal would be eligible to continue to act as auditor of the financial services licensee;

the auditor of the regulated principal is taken to have been appointed under section 990B of the Act as auditor of the licensee when the regulated principal became a financial services licensee in relation to the regulated activities of a regulated principal of that kind.

10.2.65(3)   [ Deemed cessation of office of auditor of regulated principal]  

If:

(a) there was no vacancy in the office of auditor of the regulated principal at the end of the transition period in relation to the person in the capacity of a regulated principal of that kind; and

(b) the auditor of the regulated principal would not be eligible to continue to act as auditor of the financial services licensee;

the auditor of the regulated principal is taken to have ceased to hold office at the time when the regulated principal became a financial services licensee in relation to the regulated activities of a regulated principal of that kind.

10.2.65(4)   [ Deemed appointment where ASIC previously consented to auditor removal or resignation]  

If:

(a) there was no vacancy in the office of auditor of the regulated principal at the end of the transition period in relation to the person in the capacity of a regulated principal of that kind; and

(b) the auditor of the regulated principal would be eligible to continue to act as auditor of the financial services licensee; and

(c) ASIC had previously consented to the removal or resignation of the auditor under section 858 of the old Corporations Act on a specified date after the regulated principal became a financial services licensee in relation to the regulated activities of a regulated principal of that kind;

the auditor of the regulated principal is taken to have been appointed under section 990B of the Act when the regulated principal became a financial services licensee in relation to the regulated activities of a regulated principal of that kind, and ASIC is taken to have specified the date mentioned in paragraph (c) under section 990H of the Act.

10.2.65(5)   [ Appointment of auditor within 14 days of vacancy]  

If there was a vacancy in the office of the auditor of the regulated principal mentioned in item 1 of the table in section 1430 of the Act when the regulated principal became a financial services licensee in relation to the regulated activities of a regulated principal of that kind, the licensee must appoint an auditor within 14 days after the day on which the vacancy occurred in accordance with subsections 990B(4) and (5) of the Act.

10.2.65(6)   [ Limitation]  

Subregulation (5) does not apply to a financial services licensee in relation to which an auditor has already been appointed under section 990B of the Act.