Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 10.2.64

Financial statements of financial services licensees who were certain regulated principals

             (1)  For section 1444 of the Act, this regulation applies in relation to a financial services licensee who is a regulated principal mentioned in any of the following items of the table in section 1430 of the Act:

                     (a)  item 1;

                     (b)  item 3;

                     (c)  item 5;

                     (d)  item 7.

             (2)  Subdivision C of Division 6 of Part 7.8 of the Act applies in relation to the financial services licensee as if the financial services licensee had been a financial services licensee on and from the first day of the financial year in which the person became a financial services licensee.

             (3)  If the financial services licensee was, immediately before becoming a financial services licensee, a regulated principal mentioned in item 1 of the table in section 1430 of the Act:

                     (a)  section 860 of the old Corporations Act, and any associated provisions, continue to apply in relation to the most recent financial year that ended before the financial year in which the licensee became a financial services licensee, as if the licensee were a person who held a securities dealers licence within the meaning of the old Corporations Act; and

                     (b)  section 860 of the old Corporations Act does not apply in relation to the licensee in relation to the financial year in which the licensee became a financial services licensee.

             (4)  If the financial services licensee was, immediately before becoming a financial services licensee, a regulated principal mentioned in item 3 of the table in section 1430 of the Act:

                     (a)  section 1218 of the old Corporations Act, and any associated provisions, continue to apply in relation to the licensee in relation to the most recent financial year that ended before the financial year in which the licensee became a financial services licensee as if the licensee were a futures broker within the meaning of the old Corporations Act; and

                     (b)  section 1218 of the old Corporations Act does not apply in relation to the licensee in relation to the financial year in which the licensee became a financial services licensee.

             (5)  If the financial services licensee was, immediately before becoming a financial services licensee, a regulated principal mentioned in item 5 of the table in section 1430 of the Act:

                     (a)  section 25A of the Insurance (Agents and Brokers) Act 1984 , and any associated provisions, continue to apply in relation to the licensee in relation to the most recent accounting period (within the meaning of that Act) that ended before the accounting period in which the licensee became a financial services licensee, as if the licensee were a registered insurance broker; and

                     (b)  section 25A of the Insurance (Agents and Brokers) Act 1984 does not apply in relation to the licensee in relation to the accounting period in which the licensee became a financial services licensee.

             (6)  If the financial services licensee was, immediately before becoming a financial services licensee, a regulated principal mentioned in item 7 of the table in section 1430 of the Act:

                     (a)  section 31J of the Insurance (Agents and Brokers) Act 1984 , and any associated provisions, continue to apply in relation to the licensee in relation to the most recent accounting period (within the meaning of that Act) that ended before the accounting period in which the licensee became a financial services licensee as if the licensee were a registered foreign insurance agent; and

                     (b)  section 31J of the Insurance (Agents and Brokers) Act 1984 does not apply in relation to the licensee in relation to the accounting period in which the licensee became a financial services licensee.



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