Corporations Amendment Regulations 2003 (No. 8) (282 of 2003)

Schedule 1   Amendments commencing on gazettal

[7]   After regulation 7.6.03

insert

7.6.03A Australian financial services licence - requirements for a foreign entity to appoint local agent

(1) For paragraph 913B (1) (d) of the Act, a foreign entity that:

(a) is not a foreign company; and

(b) applies for an Australian financial services licence;

must meet the requirements in subregulations (2) and (3).

(2) The foreign entity must:

(a) have appointed, as an agent, a person who is:

(i) a natural person or a company; and

(ii) resident in this jurisdiction; and

(iii) authorised to accept, on the foreign entity's behalf, service of process and notices; and

(b) lodge, with the application, a memorandum of appointment or a power of attorney that is duly executed by or on behalf of the foreign entity and states the name and address of the agent.

(3) If the memorandum of appointment, or power of attorney, lodged under paragraph (2) (b) was executed on behalf of the foreign entity, the foreign entity must also lodge a copy declared in writing to be a true copy of the document authorising the execution.

7.6.03B Foreign entity must continue to have local agent

(1) For paragraph 912A (1) (j) of the Act, a foreign entity that:

(a) is not a foreign company; and

(b) is a financial services licensee;

must meet the requirements in subregulation (2).

(2) The foreign entity must:

(a) at all times, have an agent who is:

(i) a natural person or a company; and

(ii) resident in this jurisdiction; and

(iii) authorised to accept, on the foreign entity's behalf, service of process and notices; and

(b) notify ASIC of any change to:

(i) the agent; or

(ii) the name or address of the agent;

not later than 1 month after the change; and

(c) make arrangements that ensure that ASIC may treat a document as being served on the foreign entity by leaving it at, or by sending it by post to:

(i) an address of the agent that has been notified to ASIC; or

(ii) if a notice or notices of a change or alteration to that address has or have been given to ASIC - the address shown in the most recent notice.