Document ID: chunk:federal_register_of_legislation:C2023C00275:clause:2_12:p1
Version: federal_register_of_legislation:C2023C00275
Segment Type: clause
Provision Reference: sch 2 cl 12 (pt 1/2)
Character Range: 66157–68815

12  When a person may be registered

When ASIC must register a person
(1) ASIC must register a person (the applicant) if (and must not register the applicant unless):
 (a) the applicant has applied to be registered in accordance with item 11; and
 (b) the application makes a statement that the applicant is a member of the AFCA scheme; and
 (c) the application makes the statement set out in subitem (2) in relation to each of the following persons:
 (i) the applicant;
 (ii) if the applicant is a body corporate—each director or secretary of the body corporate who would perform duties in relation to the credit activities to be authorised by the registration;
 (iii) if the applicant is a partnership or the trustees of a trust—each partner or trustee who would perform duties in relation to the credit activities to be authorised by the registration.
(2) For the purposes of paragraph (1)(c), the statement is that:
 (a) a banning order or disqualification order under Part 2‑4 of the National Credit Act is not in force against the person; and
 (b) a banning order or disqualification order under Division 8 of Part 7.6 of the Corporations Act 2001 is not in force against the person; and
 (c) the person is not banned from engaging in a credit activity under a law of a State or Territory; and
 (d) if the person is or has been registered—the person's registration is neither suspended nor cancelled; and
 (e) an Australian financial services licence of the person is neither suspended, nor has been cancelled within the last 7 years, under:
 (i) paragraph 915B(1)(d) or subparagraph 915B(4)(b)(iii) of the Corporations Act 2001 (which deals with suspension or cancellation because of mental or physical incapacity); or
 (ii) section 915C of the Corporations Act 2001 (which deals with suspension or cancellation after offering a hearing); and
 (f) if the person is not the trustees of a trust—the person is not insolvent; and
 (g) if the person is a natural person:
 (i) the person is not disqualified from managing corporations under Part 2D.6 of the Corporations Act 2001; and
 (ii) the person has not been convicted, within 10 years before the application is made, of serious fraud; and
 (iii) a prescribed State or Territory order is not in force against the person.
(2A) For the purposes of paragraph (2)(c), a reference to a credit activity in the definitions of banned from engaging in a credit activity under a law of a State or Territory and State or Territory credit licence in subsection 5(1) of the National Credit Act (as those definitions apply for the purposes of this Act because of subsection 4(2) of this Act) includes a reference to