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CORPORATIONS ACT 2001 - SECT 1241B

Certain licensing concepts do not apply to CCIVs

             (1)  Subsection 911A(1) (about the requirement to be licensed to carry on a financial services business) does not apply to a CCIV.

Note:          That subsection will instead apply to the corporate director of the CCIV in relation to any financial services business carried on by the CCIV (see subsection 1241A(2)).

             (2)  Subsection 911B(1) (about requirements for providing financial services on behalf of another person) does not apply to a CCIV.

Note:          This subsection confirms that the CCIV is not subject to extra requirements if it is viewed as providing financial services on behalf of its corporate director.

             (3)  For the purposes of Chapter 7, treat a CCIV as not being a representative (within the meaning of Part 7.6) of the corporate director of the CCIV.

Note:          Activities of the CCIV relating to a financial service etc. are instead treated as activities of the corporate director (see subsection 1241A(2)).

             (4)  For the purposes of Chapter 7, a CCIV cannot be authorised under Division 5 (about authorised representatives of licensees) of Part 7.6.

Note:          Activities of the CCIV relating to a financial service etc. are instead treated as activities of the corporate director (see subsection 1241A(2)).



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