(1) This section has effect where a body corporate applies for a licence.
(2) ASIC must grant the licence if:
- (a)
- the application was made in
accordance with section 782; and
- (b)
- the applicant is not an externally-administered body corporate; and
- (c)
- ASIC is satisfied that the educational qualifications and experience of
each responsible officer of the applicant are adequate having regard to the
duties that the officer would perform in connection with the holding of the
licence; and
- (d)
- ASIC has no reason to believe that the applicant will not perform
efficiently, honestly and fairly the duties of a holder of a licence of the
kind applied for; and
- (e)
- if the licence applied for is a licence to operate a managed investment
scheme or schemes, the applicant meets the requirements of
subsection (2A), and any additional requirements determined by ASIC under
subsection (2B).
(2A) For the purpose of paragraph (2)(e), ASIC must be satisfied that the
value of the net tangible assets of the applicant is and will be maintained at
a minimum of $50,000 or, where the value of all scheme property is greater
than $10,000,000, an amount equal to 0.5% of those assets shown in the latest
accounts of the scheme lodged with ASIC, up to a maximum of $5,000,000.
(2B) ASIC may determine additional requirements for the purpose of
paragraph (2)(e), including, but not limited to, a requirement that
scheme property be held by an agent in particular circumstances.
(2C) In this section:
"net tangible assets" means the total tangible assets of the applicant,
including any guarantee approved by ASIC, less any adjusted liabilities as
shown in the latest accounts of the applicant lodged with ASIC.
(2D) ASIC, or a member of ASIC, may exempt an applicant from the requirements
of subsection (2A). This power may not be delegated. ASIC is to provide
details of any exemptions granted under this section in its annual report.
(3) Otherwise, ASIC must refuse the application.
(4) In determining whether or not it has reason to believe as mentioned in
paragraph (2)(d), ASIC must have regard, in relation to each responsible
officer of the applicant, to:
- (a)
- whether or not the officer is an
insolvent under administration; and
- (b)
- any conviction of the officer, during the 10 years ending on the day of
the application, of serious fraud; and
- (c)
- any reason ASIC has to believe that the officer is not of good fame and
character; and
- (d)
- any reason ASIC has to believe that the officer will not perform
efficiently, honestly and fairly the duties that the officer would perform in
connection with the holding of the licence.
Commonwealth Numbered Acts