THE CORPORATIONS LAW

CHAPTER 1 - INTRODUCTORY

PART 1.2 - INTERPRETATION

Division 7 - Interpretation of other expressions

SECTION 68   EXEMPT DEALERS AND EXEMPT INVESTMENT ADVISERS  

68(1)  [Double exemptions]  

A person is both an exempt dealer and an exempt investment adviser if the person is:

(a)  an eligible money market dealer; or

(b)  an exempt public authority.

68(2)  [Carrying on business in other capacity]  

Subject to this section, a person is an exempt dealer or an exempt investment adviser if the person is a dealer or investment adviser, as the case may be, but does not carry on a securities business or an investment advice business, as the case may be, except:

(a)  as an official receiver or trustee within the meaning of the Bankruptcy Act 1966;

(b)  as a receiver, receiver and manager, or liquidator, appointed by a court;

(c)  as a person appointed by a court to carry on the business concerned;

(d)  by virtue of the person's powers, as Public Trustee, under a prescribed law of a State or Territory;

(e)  as a receiver, receiver and manager, or liquidator, appointed otherwise than by a court;

(f)  as an administrator of a body corporate; or

(fa)  as an administrator of a deed of company arrangement executed by a body corporate; or

(g)  as a trustee or other person administering a compromise or arrangement between a body corporate and any other person or persons;

(h)  as a personal representative of a dead dealer or investment adviser, as the case may be; or

(j)  in such other capacity, or in such other circumstances, as are prescribed.

68(3)  [Body corporate dealing in own debentures]  

A body corporate that carries on, or holds itself out as carrying on, a business of dealing in debentures of that body is an exempt dealer if it neither carries on, nor holds itself out as carrying on, a business of dealing in any other securities.

68(4)  [Approval necessary in certain circumstances]  

A person who carries on a securities business or investment advice business in a capacity referred to in any of paragraphs (2)(e) to (h), inclusive, shall be deemed for the purposes of subsection (2) to carry on the business otherwise than in that capacity unless there is in force under subsection (5) an approval of the person carrying on the business in that capacity.

68(5)  [Commission may grant approval]  

The Commission may, on application by a person and after having regard to:

(a)  the prescribed matters (if any); and

(b)  such matters as it thinks appropriate;

by writing approve of the person carrying on a specified securities business or investment advice business in a specified capacity, being a capacity referred to in any of paragraphs (2)(e) to (h), inclusive.

68(6)  [Time limit on representation for dead person]  

A person who carries on a securities business or investment advice business as a personal representative of a dead dealer or investment adviser, as the case may be, shall be deemed for the purposes of subsection (2) to stop carrying on that business as such a personal representative:

(a)  at the end of 6 months after the death of the dealer or investment adviser;

(b)  on being discharged or removed as a personal representative of the dealer or investment adviser; or

(c)  on the final distribution of the estate of the dealer or investment adviser;

whichever happens first.

68(7)  [Exclusive effect of section]  

A person is not an exempt dealer or an exempt investment adviser except as provided by this section.