Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of paragraph 913B(1)(c), subsection 914B(2) and paragraph 915C(1)(b), the requirement in this section is satisfied in relation to a person (the first person ) and a licence, or a proposed licence, if ASIC is satisfied that there is no reason to believe any of the following:
(a) that the first person is not a fit and proper person to provide the financial services covered by the licence;
(b) if the first person is a body corporate--that an officer of the first person is not a fit and proper person to perform one or more functions as an officer of an entity that provides the financial services covered by the licence;
(c) if the first person is a partnership or the multiple trustees of a trust:
(i) that any of the partners or trustees are not fit and proper persons to provide the financial services covered by the licence; or
(ii) that any of the senior managers of the partnership or the trust are not fit and proper persons to perform one or more functions as an officer of an entity that provides the financial services covered by the licence;
(d) that any person who controls the first person is not a fit and proper person to control an entity that provides the financial services covered by the licence;
(e) if a controller mentioned in paragraph (d) is a body corporate--that an officer of the controller is not a fit and proper person to perform one or more functions as an officer of an entity that controls an entity that provides the financial services covered by the licence;
(f) if a controller mentioned in paragraph (d) is a partnership or the multiple trustees of a trust:
(i) that any of the partners or trustees are not fit and proper persons to control an entity that provides the financial services covered by the licence; or
(ii) that any of the senior managers of the partnership or the trust are not fit and proper persons to perform one or more functions as an officer of an entity that controls an entity that provides the financial services covered by the licence.
(2) In considering whether a person is fit and proper for a
purpose mentioned in a paragraph of subsection (1), ASIC must have
regard to the matters in section 913BB.