Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.4 - LIMITS ON INVOLVEMENT WITH LICENSEES  

Division 1A - Limit on control of certain Australian licensees that are not widely held market bodies  

Subdivision C - Approvals to exceed 20% voting power limit  

SECTION 852DH   DECISION ON THE APPLICATION  

852DH(1)    
ASIC must, by written notice given to the applicant, approve the applicant having a specified percentage of voting power in the body if:

(a)    ASIC is satisfied the specified percentage is the highest percentage (up to that sought by the applicant) of voting power in the body for which the applicant passes the legitimate control test; and

(b)    ASIC believes relevant information in the application, or later provided by the applicant, to be correct.

Otherwise, ASIC must, by written notice given to the applicant, refuse such an approval.

852DH(2)    
A notice of approval under subsection (1) must specify that the approval to have the specified percentage of voting power in the body is in force:

(a)    for a specified period, which may be extended under section 852DK ; or

(b)    indefinitely from a specified day;

but may be varied under section 852DM or revoked under section 852DN .

Note: The notice may also specify that the approval is subject to conditions: see subsection 852DL(1) .

852DH(3)    
ASIC must give a copy of a notice under subsection (1) to the body.