Document ID: chunk:federal_register_of_legislation:F2023C00827:reg:2:p9
Version: federal_register_of_legislation:F2023C00827
Segment Type: reg
Provision Reference: reg 2 (pt 9/10)
Character Range: 22242–25193

purports to rely on this instrument and not fail to have an agent for any consecutive period of 10 business days; and
           Note: A US Federal Reserve and OCC regulated financial service provider may be a company.
(b) reasonably believe that it would not contravene any laws of its home jurisdiction relating to the provision of financial services if it were to provide the wholesale financial service referred to in subsection 18(1) in its home jurisdiction; and
(c) notify ASIC, in writing, no later than 15 business days after the eligible body becomes aware or should reasonably have become aware, of the details of:
(i) the eligible body ceasing to be a foreign financial services provider; and
           Note: The circumstances in which an eligible body will cease to be a foreign financial services provider include where a registration, licence, approval, authorisation or permission applying to the eligible body that is referred to in sections 5 to 17 is terminated: see the definition of foreign financial services provider in section 4 and sections 5 to 17.
(ii) each significant change to any registration, licence, approval, authorisation or permission applying to the eligible body that is referred to in sections 5 to 17; and
(iii)  each significant exemption or other relief that the eligible body obtains from the regulatory requirements in its home jurisdiction relevant to any registration, licence, approval, authorisation or permission applying to the eligible body that is referred to in sections 5 to 17; and
(iv)  each significant investigation, significant enforcement action and significant disciplinary action undertaken by any overseas regulatory authority against the eligible body in a foreign jurisdiction in relation to financial services provided by the eligible body in that jurisdiction (unless, after having taken reasonable steps to enable written notification to be given to ASIC, the provider is prohibited by law from giving such notification but only to the extent of the prohibition).

Part 3—Declaration

20 Modification of Part 7.8
(1) Part 7.8 of the Act applies in relation to an eligible body as if the provisions of that Part were modified or varied as follows:
(a) in paragraph 981A(2)(d), omit ".", substitute:
"; or
              (e)  the money is paid to an eligible body (within the meaning of ASIC Corporations (Foreign Financial Services Providers—Foreign AFS Licensees) Instrument 2020/198).";
 (b)  at the end of paragraph 982A(2)(b), insert:
              "or
              (c)  that is an eligible body (within the meaning of ASIC Corporations (Foreign Financial Services Providers—Foreign AFS Licensees) Instrument 2020/198);";
 (c) in subsection 984A(1), omit "subsection (2)", substitute "subsections (2) and (4)";
(d) at the end of section 984A, insert:
              "(4)  This Division does not apply to property given to an eligible body (within the meaning of ASIC Corporations