Licensing and disclosure: Making the transition to the FSR regime

LICENSING AND DISCLOSURE: MAKING THE TRANSITION TO THE FSR REGIME
SECTION 1.3: LICENSING — WHAT ARE THE PROCESSES FOR MOVING TO THE NEW REGULATORY REGIME?
(b) a body corporate that has been an externally-administered
body corporate, and a related body corporate, for 5 years
after the start of the administration;
(c) a person who has been convicted of fraud, and an associate
of this person, for 10 years after the conviction;
(d) a person who is the subject of current legal proceedings for
criminal fraud who could be convicted when the court
delivers its judgment, and an associate of this person;
(e) a person who has been found liable by a court for a
contravention of a law relating to financial services
activities, in proceedings brought by a regulator that related
to the person’s financial services activities, and an
associate of this person, for 10 years after the conduct first
occurred;
(f) a person who is the subject of legal proceedings for a
contravention of a law relating to financial services
activities, in proceedings brought by a regulator that relate
to the person’s financial services activities, where the court
has not delivered its judgment, and an associate of this
person;
(g) a person who has had an authorisation, registration, licence
or the ability to engage in financial services activities
cancelled, suspended or revoked by, or as a direct result of
the actions of a regulator, and an associate of this person,
for 5 years after the cancellation, suspension or revocation;
and
(h) insurance brokers who are deemed to be registered under
s24(2) of the IABA (these persons will become entitled to
legislative streamlining if their registration is renewed and
they are no longer deemed to be registered).
Note: See regulation 10.2.36 and Schedule 10D of the regulations. For a
definition of “associate” for this purpose: see regulation 10.2.35.
1.3.7 Under the transitional provisions, bodies regulated by APRA —
eg insurers and ADIs (within the meaning of the Banking Act
1959) — are not entitled to legislative streamlining by virtue of
that status: see s1430.
Note: However, bodies regulated by APRA that also fall into one of the
categories in paragraph 1.3.4 above will be entitled to legislative streamlining
for the relevant activities: see paragraph 1.3.9 below.
Australian Securities and Investments Commission — October 2001
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