Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p119
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 119/212)
Character Range: 314418–317289

not:

  (a) carry on a futures advice business; or

  (b) hold out that the person is a futures adviser;

unless the person is a licensee or an exempt futures adviser.".

Subsection 1144 (1):

  Omit "body corporate", substitute "person".

Subsection 1144 (3):

  Omit "law", substitute "previous law of this jurisdiction".

SCHEDULE 1—continued

After section 1144:

  Insert:

Grant of licence to natural person

"1144a. (1) This section applies where a natural person applies for a licence.

  "(2) The Commission must grant the licence if:

  (a) the application was made in accordance with section 1144; and

  (b) the person is not an insolvent under administration; and

     (c) if the application is for a futures brokers licence—the person is a member of a futures organisation; and

     (d) the Commission 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

     (e) the Commission has no reason to believe that the person is not of good fame and character; and

     (f) the Commission has no reason to believe that the person will not perform those duties efficiently, honestly and fairly.

  "(3) Otherwise, the Commission must refuse the application.

"(4) In determining whether or not it has reason to believe as mentioned in paragraph (2) (e) or (f), the Commission must have regard to any Conviction of the person, during the 10 years ending on the day of the application, of serious fraud.".

Subsection 1145 (1):

  Omit the subsection, substitute:

"(1) This section applies where a body corporate applies for a licence.".

Paragraph 1145 (2) (b):

  Omit the paragraph.

Subsection 1145 (5):

  Omit the subsection.

After section 1145:

  Insert:

Effect of certain provisions

"1145a. (1) Sections 1144a and 1145 apply subject to sections 102a, 1199a, 1200 and 1202 and the regulations.

"(2) Nothing in subsection 1144a (4) or 1145 (4) limits the matters to which the Commission may have regard:

SCHEDULE 1—continued

  (a) in deciding on an application for a licence; or

     (b) in connection with performing or exercising any other function or power under this Part.".

Section 1146:

  Repeal the section, substitute:

Licences under corresponding previous laws

"1146. Where, as at the commencement of this Division, a person held a futures brokers licence or futures advisers licence in force under a previous law of this jurisdiction corresponding to this Division, the licence has effect as if it were a futures brokers licence or futures advisers licence, as the case may be, granted under this Part.".

Paragraph 1155 (3) (b):

  Omit the paragraph, substitute:

      "(b) if the licensee is a body corporate—the name of each director, and of each secretary, of the licensee;".

Paragraph 1156 (a):