(1) This section has effect where a natural person applies for a licence. (2) ASIC must grant the licence if:

(a)

the application was made in accordance with section 782; and

(b)

the person is not an insolvent under administration; and

(c)

it is satisfied that the person's educational qualifications and experience are adequate having regard to the nature of the duties of a holder of a licence of the kind applied for; and

(d)

it has no reason to believe that the person is not of good fame and character; and

(e)

it has no reason to believe that the person will not perform those duties efficiently, honestly and fairly.

(3) Otherwise, ASIC must refuse the application. (4) In determining whether or not it has reason to believe as mentioned in paragraph (2)(d) or (e), ASIC must have regard to any conviction of the person, during the 10 years ending on the day of the application, of serious fraud.