Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p7
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 7/60)
Character Range: 831495–834284

must lodge with ASIC, in the prescribed form, particulars of the change not later than 10 business days after the change;
 (j) a condition that, on the request of any person, the financial services licensee must make available a copy of its financial services licence within a reasonable time for inspection by that person;
 (k) if the financial services licensee is a limited licensee—a condition that the licensee must, within 3 years from the date on which the licence is granted and if requested in writing by ASIC, demonstrate to the satisfaction of ASIC that:
 (i) if the licensee is an individual—the licensee has:
 (A) knowledge of the licensee's obligations under the Act and these Regulations; and
 (B) the competence to provide the financial services covered by the licence; or
 (ii) if the licensee is a partnership or corporation—each recognised accountant that supervises and has responsibility for the provision of financial services covered by the licence has:
 (A) knowledge of the licensee's obligations under the Act and these Regulations; and
 (B) the competence to provide the financial services covered by the licence.
 (1A) Paragraph (1)(a) does not apply to a body regulated by APRA, unless the body is an RSE licensee that is also:
 (a) the responsible entity of a registered scheme; or
 (b) the corporate director of a CCIV.
 (2) For paragraph (1)(i):
 (a) a change in control, in relation to a financial services licensee, includes a transaction, or a series of transactions in a 12 month period, that results in a person having control of the financial services licensee (either alone or together with associates of the person); and
 (b) control, in relation to a financial services licensee, means:
 (i) if the financial services licensee is a body corporate:
 (A) having the capacity to cast, or control the casting of, more than one‑half of the maximum number of votes that might be cast at a general meeting of the financial services licensee; or
 (B) directly or indirectly holding more than one half of the issued share capital of the financial services licensee (not including any part of the issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); or
 (ii) the capacity to control the composition of the financial services licensee's board or governing body; or
 (iii) the capacity to determine the outcome of decisions about the licensee's financial and operating policies; and
 (c) for subparagraph (b)(iii), the following matters must be taken into account in determining whether a person has the capacity to determine the outcome of decisions about a financial services licensee's financial and operating policies:
 (i) the practical influence the person can exert (rather