Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of Chapter 7, a single Australian financial services licence can cover operating the business and conducting the affairs of more than one CCIV.
Note: This confirms that a corporate director of several CCIVs could be granted a single licence to operate the business and conduct the affairs of those CCIVs.
(2) Treat subsection 911A(4) as also providing that a person is not exempt under any paragraph of subsection 911A(2) for a financial service they provide if:
(a) the service is operating the business and conducting the affairs of a CCIV; and
(b) the person is the corporate director of the CCIV.
(3) Despite paragraph 912A(4)(b), paragraph 912A(1)(d) also applies to an RSE licensee that is the corporate director of a CCIV.
(4) Despite subsection 912A(5), paragraph 912A(1)(h) also applies to an RSE licensee that is the corporate director of a CCIV, except to the extent that the risk relates solely to the operation of a regulated superannuation fund by the RSE licensee.
(5) Treat subsection 912D(4) as also providing that, for the purposes of section 912D, a breach of a core obligation is taken to be significant in the case of a CCIV if the breach results, or is likely to result, in material loss or damage to a member of members of the CCIV.
(6) In this section:
"regulated superannuation fund" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
"RSE licensee" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .