Commonwealth Consolidated Regulations

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Foreign entity must continue to have local agent

             (1)  For paragraph 912A(1)(j) of the Act, a foreign entity that:

                     (a)  is not a foreign company; and

                     (b)  is a financial services licensee ;

must meet the requirements in subregulation (2).

             (2)  The foreign entity must:

                     (a)  at all times, have an agent who is:

                              (i)  a natural person or a company; and

                             (ii)  resident in this jurisdiction; and

                            (iii)  authorised to accept, on the foreign entity's behalf, service of process and notices; and

                     (b)  notify ASIC of any change to:

                              (i)  the agent; or

                             (ii)  the name or address of the agent;

                            not later than 1 month after the change; and

                     (c)  make arrangements that ensure that ASIC may treat a document as being served on the foreign entity by leaving it at, or by sending it by post to:

                              (i)  an address of the agent that has been notified to ASIC; or

                             (ii)  if a notice or notices of a change or alteration to that address has or have been given to ASIC--the address shown in the most recent notice.

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