Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p100
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 100/212)
Character Range: 264164–267006

licensee lodged the notice as soon as practicable after becoming so aware.".

Section 788:

  Repeal the section, substitute:

Giving information and statements to Commission

"788. (1) The holder of a dealers licence must lodge such written information or statements in relation to the securities business carried on by the licensee as the Commission from time to time directs.

"(2) If the Commission requires the holder of a dealers licence to cause a statement specified in a direction given under subsection (1) to be audited by a registered company auditor before it is lodged, the licensee must comply with the requirement.

"(3) The Commission may extend the period for compliance with a direction given under subsection (1).".

Section 790:

Omit "It is a condition of a licence that the licensee shall,", substitute "The holder of a licence must,".

Subsection 791 (1):

Omit "It is a condition of a licence that the licensee shall lodge,", substitute "The holder of a licence must lodge,".

SCHEDULE 1—continued

Section 792:

  Repeal the section, substitute:

Time for lodging annual statement

"792. (1) A person required by subsection 791 (1) to lodge a statement must lodge the statement:

     (a) if the licence is a dealers licence—during the period within which a profit and loss account and balance sheet referred to in section 860 are required to be lodged; or

     (b) otherwise—within 1 month immediately before the anniversary of the date on which the licence was granted.

"(2) A person required by subsection 791 (2) to lodge a statement must lodge the statement within 1 month after ceasing to be a licensee.

"(3) A person who fails to lodge a statement required by section 791 within the period specified in subsection (1) or (2), as the case requires, contravenes this section.".

Subsection 793 (2):

  Before "law" (wherever occurring) insert "previous".

Section 795:

  Repeal the section, substitute:

Agreements with unlicensed persons

"795. (1) Subdivision B applies where, during a period when a person (in this section and Subdivision B called the 'non-licensee') is unlicensed, the non-licensee and a client of the non-licensee enter into an agreement that:

     (a) constitutes, or relates to, a dealing or proposed dealing in securities; or

     (b) relates to advising the client about securities, or giving the client securities reports.

"(2) Subdivision B applies to an agreement mentioned in subsection (1) whether or not anyone else is a party to the agreement.

  "(3) A person is unlicensed during a period when the person:

     (a) in contravention of section 780, carries on, or holds out that the person carries on, a securities business; or

     (b) in contravention of section 781, carries on an investment advice business or holds out that the person is an investment adviser.".