THE CORPORATIONS LAW

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.3 - PARTICIPANTS IN THE FUTURES INDUSTRY

Division 1 - Futures brokers and futures advisers

SECTION 1144A   GRANT OF LICENCE TO NATURAL PERSON  

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1144A(1)  [Application by natural person]  

This section applies where a natural person applies for a licence.

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1144A(2)  [Circumstances in which licence must be granted]  

The Commission must grant the licence if:

(a)  the application was made in accordance with section 1144; and

(b)  the person is not an insolvent under administration; and

(c)  if the application is for a futures brokers licence - the person is a member of a futures organisation; and

(d)  the Commission is satisfied that the person's educational qualifications and experience are adequate having regard to the nature of the duties of a holder of a licence of the kind applied for; and

(e)  the Commission has no reason to believe that the person is not of good fame and character; and

(f)  the Commission has no reason to believe that the person will not perform those duties efficiently, honestly and fairly.

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1144A(3)  [Circumstances in which licence must be refused]  

Otherwise, the Commission must refuse the application.

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1144A(4)  [Conviction of serious fraud]  

In determining whether or not it has reason to believe as mentioned in paragraph (2)(e) or (f), the Commission must have regard to any conviction of the person, during the 10 years ending on the day of the application, of serious fraud.

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