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CORPORATIONS REGULATIONS 2001 - REG 10.2.38

Persons taken to be regulated principals: giving of incidental advice and previously exempt persons

             (1)  For item 9 of the table in section 1430 of the Act, a person is a regulated principal if, immediately before the FSR commencement, the person is a person described in column 2 of one of the items in the following table.

             (2)  The regulated activities of that person are as specified in column 3 of that item, and the relevant old legislation is as specified in column 4 of that item.

 

Regulated principals and regulated activities

Item

These persons are regulated principals

These are the regulated principal's regulated activities

This is the relevant old legislation (if any)

1

A person who first conducts an activity, to which subsection 77(5) of the old Corporations Act would have applied if that subsection had not been repealed, after the FSR commencement.

The activities to which subsection 77(5) of the old Corporations Act would have applied if that subsection had not been repealed.

Subsection 77(5) of the old Corporations Act, and any associated provisions.

2

A person who conducts an exempt stock market within the meaning of the old Corporations Act that, if carried on after the FSR commencement, would be required by the amended Corporations Act (apart from Subdivision D of Division 1 of Part 10.2) to be covered by an Australian financial services licence.

The activities that the declaration (as in force immediately before the FSR commencement) under section 771 of the old Corporations Act authorised the person to carry on.

Sections 767 and 771 of the old Corporations Act, and any associated provisions.

3

A person who conducts an exempt futures market within the meaning of the old Corporations Act that, if carried on after the FSR commencement, would be required by the amended Corporations Act (apart from Subdivision D of Division 1 of Part 10.2) to be covered by an Australian financial services licence.

The activities that the declaration (as in force immediately before the FSR commencement) under section 1127 of the old Corporations Act authorised the person to carry on.

Sections 1123 and 1127 of the old Corporations Act, and any associated provisions.

4

A person who carries on an activity, not mentioned in item 2 or 3, that was the subject of an exemption under the old Corporations Act, or any other relevant old legislation prior to the FSR commencement, that, if carried on after the FSR commencement, would be required by the amended Corporations Act (apart from Subdivision D of Division 1 of Part 10.2) to be covered by an Australian financial services licence.

The activities that were covered by the exemption.

The provision that created the exemption, and any associated provisions.

5

A holder of a futures brokers licence within the meaning of the old Corporations Act.

The activities that the licence (as in force immediately before the FSR commencement) authorised the person to carry on.

Parts 8.3, 8.4 (other than section 1210) and 8.5 of the old Corporations Act, sections 1266 and 1267 of the old Corporations Act, and any associated provisions.

6

A holder of a futures advisers licence within the meaning of the old Corporations Act.

The activities that the licence (as in force immediately before the FSR commencement) authorised the person to carry on.

Parts 8.3 and 8.4 (other than section 1210) of the old Corporations Act, section 1267 of the old Corporations Act, and any associated provisions.

7

A person whose licence is suspended under subsection 827(1) of the old Corporations Act (whether the suspension occurred before, on or after the FSR commencement)

(a) While the suspension is in force--no activities

(b) If the suspension ceases to be in force on or before 10 March 2004, and from the time the suspension ceases to be in force--the activities that the licence (as in force immediately before it was suspended) authorised the person to carry on

All relevant old legislation in relation to the kind of licence

8

A person whose licence is suspended under subsection 1192(1) of the old Corporations Act (whether the suspension occurred before, on or after 11 March 2002)

(a) While the suspension is in force--no activities

(b) If the suspension ceases to be in force on or before 10 March 2004, and from the time the suspension ceases to be in force--the activities that the licence (as in force immediately before it was suspended) authorised the person to carry on

All relevant old legislation in relation to the kind of licence

9

A person whose registration is suspended under section 25 of the Insurance (Agents and Brokers) Act 1984

(a) While the suspension is in force--no activities

(b) If the suspension ceases to be in force on or before 10 March 2004, and from the time the suspension ceases to be in force--the activities that the licence (as in force immediately before it was suspended) authorised the person to carry on

All of the provisions of the Insurance (Agents and Brokers) Act 1984 as in force immediately before the FSR commencement, and any associated provisions

10

A person whose registration is suspended under section 25 of the Insurance (Agents and Brokers) Act 1984 who is covered by a specification in writing by ASIC under subsection 25(3) of that Act

(a) While the specification is in force--such of the person's activities as ASIC specifies in writing under subsection 25(3) of the Insurance (Agents and Brokers) Act 1984

(b) If the suspension ceases to be in force on or before 10 March 2004, and from the time the suspension ceases to be in force--the activities that the registration (immediately before it was suspended) authorised the person to carry on

All of the provisions of the Insurance (Agents and Brokers) Act 1984 as in force immediately before the FSR commencement, and any associated provisions

11

A person whose registration is suspended under section 31H of the Insurance (Agents and Brokers) Act 1984

(a) While the suspension is in force--no activities

(b) If the suspension ceases to be in force on or before 10 March 2004, and from the time the suspension ceases to be in force--the activities that the registration (immediately before it was suspended) authorised the person to carry on

All of the provisions of the Insurance (Agents and Brokers) Act 1984 as in force immediately before the FSR commencement, and any associated provisions

12

A person whose registration is suspended under section 31H of the Insurance (Agents and Brokers) Act 1984 who is covered by a specification in writing by ASIC under subsection 31H(3) of that Act

(a) While the specification is in force--such of the person's activities as ASIC specifies in writing under subsection 31H(3) of the Insurance (Agents and Brokers) Act 1984

(b) If the suspension ceases to be in force on or before 10 March 2004, from the time the suspension ceases to be in force--the activities that the registration (immediately before it was suspended) authorised the person to carry on

All of the provisions of the Insurance (Agents and Brokers) Act 1984 as in force immediately before the FSR commencement, and any associated provisions

13

A person who was a registered insurance broker within the meaning of the Insurance (Agents and Brokers) Act 1984 as in force immediately before the FSR commencement, if:

(a) the person's registration under that Act expired because of the operation of subsection 21(3) of that Act; and

(b) either:

(i) it is less than 8 weeks after the registration expired; or

(ii) the person applied for renewal of registration within 8 weeks after the registration expired

The person's business as an insurance broker, within the meaning of the Insurance (Agents and Brokers) Act 1984 as in force immediately before the FSR commencement, carried on from the date that the registration ceased to have effect

All the provisions of the Insurance (Agents and Brokers) Act 1984 as in force immediately before the FSR commencement, and any associated provisions

14

A person who:

(a) conducts activities that, if carried on after the FSR commencement, would be required by the amended Corporations Act (apart from Subdivision D of Division 1 of Part 10.2) to be covered by an Australian financial services licence; and

(b) is an Australian ADI, a life company under the Life Insurance Act 1995 , a general insurer under the Insurance Act 1973 or an approved trustee under the Superannuation Industry (Supervision) Act 1993

The class of activities lawfully carried on by the person immediately before the FSR commencement that, if carried on after the FSR commencement, would be required by the amended Corporations Act (apart from Subdivision D of Division 1 of Part 10.2) to be covered by an Australian financial services licence

For a body that was an insurer within the meaning of the Insurance (Agents and Brokers) Act 1984 as in force immediately before the FSR commencement--all the provisions of that Act as then in force, and any associated provisions

In any other case--subject to any regulations made for the purposes of this item, there is no relevant old legislation

15

A person described in column 2 of items 1 to 5 of the table in subsection 1430(1) of the Act, who carries on other activities:

(a) that are not regulated activities for the purpose of items 1 to 5 of the table; and

(b) that, if carried on after the FSR commencement, would (apart from Subdivision D of Division 1 of Part 10.2 of the Act) be required by the amended Corporations Act to be covered by an Australian financial services licence

The class of activities lawfully carried on by the person immediately before the FSR commencement that were not authorised by the pre-FSR licence or registration but would (apart from Subdivision D of Division 1 of Part 10.2 of the Act) be required by the amended Corporations Act to be covered by an Australian financial services licence

There is no relevant old legislation



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