(1) For section 1444 of the Act, this regulation applies in relation to a financial services licensee to which the streamlined licensing procedure in section 1433 of the Act applied when the licensee's Australian financial services licensee was granted.
(2) If the financial services licensee is an individual, paragraph 915C(1)(b) of the Act applies to the financial services licensee:
(a) as if ASIC had been satisfied in the terms of subsection 913B(2) of the Act (dealing with whether the financial services licensee is of good fame and character) when the Australian financial services licence was granted; and
(b) to the extent necessary to allow ASIC to consider whether there is no reason to believe that the financial services licensee is not of good fame or character.
(3) If the financial services licensee is not an individual, paragraph 915C(1)(b) of the Act applies to the financial services licensee:
(a) as if ASIC had been satisfied in the terms of subsection 913B(3) of the Act (dealing with whether the financial services licensee or its representatives are of good fame and character) when the Australian financial services licence was granted; and
(b) to the extent necessary to allow ASIC to consider whether
there is no reason to believe that the financial services licensee or its
representatives are not of good fame or character.