Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 68

68. (1) A person is both an exempt dealer and an exempt investment adviser if
the person is:

   (a)  an eligible money market dealer; or

   (b)  an exempt public authority.

(2) Subject to this section, a person is an exempt dealer or an exempt
investment adviser if the person is a dealer or investment adviser, as the
case may be, but does not carry on a securities business or an investment
advice business, as the case may be, except:

   (a)  as an official receiver or trustee within the meaning of the
        Bankruptcy  Act 1966 ;

   (b)  as a receiver, receiver and manager, or liquidator, appointed by a
        court;

   (c)  as a person appointed by a court to carry on the business concerned;

   (d)  by virtue of the person's powers, as Public Trustee, under a
prescribed law of a State or Territory;

   (e)  as a receiver, receiver and manager, or liquidator, appointed
otherwise than by a court;

   (f)  as an official manager or deputy official manager of a body corporate;

   (g)  as a trustee or other person administering a compromise or arrangement
        between a body corporate and any other person or persons;

   (h)  as a personal representative of a dead dealer or investment adviser,
        as the case may be; or

   (j)  in such other capacity, or in such other circumstances, as are
        prescribed.

(3) A body corporate that carries on, or holds itself out as carrying on, a
business of dealing in debentures of that body is an exempt dealer if it
neither carries on, nor holds itself out as carrying on, a business of dealing
in any other securities.

(4) A person who carries on a securities business or investment advice
business in a capacity referred to in any of paragraphs (2) (e) to (h),
inclusive, shall be deemed for the purposes of subsection (2) to carry on the
business otherwise than in that capacity unless there is in force under
subsection (5) an approval of the person carrying on the business in that
capacity.

(5) The Commission may, on application by a person and after having regard to:

   (a)  the prescribed matters (if any); and

   (b)  such matters as it thinks appropriate; by writing approve of the
        person carrying on a specified securities business or investment
        advice business in a specified capacity, being a capacity referred to
        in any of paragraphs (2) (e) to (h), inclusive.

(6) A person who carries on a securities business or investment advice
business as a personal representative of a dead dealer or investment adviser,
as the case may be, shall be deemed for the purposes of subsection (2) to stop
carrying on that business as such a personal representative:

   (a)  at the end of 6 months after the death of the dealer or investment
        adviser;

   (b)  on being discharged or removed as a personal representative of the
        dealer or investment adviser; or

   (c)  on the final distribution of the estate of the dealer or investment
        adviser; whichever happens first.

(7) A person is not an exempt dealer or an exempt investment adviser except as
provided by this section.