(1) For section 1444 of the Act, this regulation applies if a person :
(a) is a regulated principal in relation to 2 or more regulated activities; and
(b) holds an authority under the relevant old legislation in relation to those regulated activities; and
(i) becomes a financial services licensee in relation to 1 or more of those regulated activities; or
(ii) is exempt from the requirement to hold a financial services licence in relation to 1 or more of those regulated activities.
(2) ASIC may vary the authority to take account of the fact that the person has become a financial services licensee, or is exempt from the requirement to hold a financial services licence.
(3) ASIC must not vary the authority unless ASIC has given the person an opportunity:
(a) to appear at a hearing before ASIC that takes place in private; and
(b) to make submissions and give evidence to ASIC in relation to the matter.
(4) ASIC must give written notice of the variation to the person.
(5) The variation takes effect when the written notice of the variation is given to the person.