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 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 4 - Australian financial services licences  

Subdivision A - How to get a licence  

SECTION 913BB   FIT AND PROPER PERSON TEST - MATTERS TO WHICH ASIC MUST HAVE REGARD  

913BB(1)    
ASIC must have regard to the matters set out in subsection (2) (subject to Part VIIC of the Crimes Act 1914 ) for the purposes of applying any of the following provisions to a person:

(a) a paragraph of subsection 913BA(1) ;

(b) paragraph 920A(1)(d) .

Note: Part VIIC of the Crimes Act 1914 includes provisions that, in certain circumstances, relieve persons from the requirement to disclose spent convictions and require persons aware of such convictions to disregard them.

913BB(2)    
The matters are as follows:

(a) whether any of the following of the person has ever been suspended or cancelled:

(i) an Australian financial services licence;

(ii) an Australian credit licence, or a registration under the Transitional Act, within the meaning of the National Consumer Credit Protection Act 2009 ;

(b) whether any of the following has ever been made against the person:

(i) a banning order, or a disqualification order under Subdivision B of Division 8 of this Part;

(ii) a banning order, or a disqualification order, under Part 2-4 of the National Consumer Credit Protection Act 2009 ;

(c) if the person is an individual - whether the person has ever been disqualified under this Act, or any other law of the Commonwealth or of a State or Territory, from managing corporations;

(d) whether the person has ever been banned from engaging in a credit activity (within the meaning of the National Consumer Credit Protection Act 2009 ) under a law of a State or Territory;

(e) whether the person has ever been linked to a refusal or failure to give effect to a determination made by AFCA;

(f) whether the person has ever:

(i) been a Chapter 5 body corporate or an insolvent under administration; or

(ii) if the person is a partnership - had a creditor ' s petition or a debtor ' s petition presented against it under Division 2 or 3 of Part IV of the Bankruptcy Act 1966 ;

(g) if the person is the multiple trustees of a trust - whether a trustee of the trust has ever been a Chapter 5 body corporate or an insolvent under administration;

(h) whether, in the last 10 years, the person has been convicted of an offence;

(i) any relevant information given to ASIC by a State or Territory, or an authority of a State or Territory, in relation to the person;

(j) any other matter prescribed by the regulations;

(k) any other matter ASIC considers relevant.