Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 68

Exempt dealers and exempt investment advisers

 
 
(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 administrator of a body corporate; or

(fa)
as an administrator of a deed of company arrangement executed by
a body corporate; or

(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.