Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:15:p17
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 15 (pt 17/73)
Character Range: 1731006–1733629

financial services licence covers regulated activities for a regulated principal of that kind; and
 (b) is not a body corporate (other than a proprietary company) to which section 327 of the old Corporations Act applies.
 (2) If:
 (a) there was no vacancy in the office of auditor of the regulated principal at the end of the transition period in relation to the person in the capacity of a regulated principal of that kind; and
 (b) an auditor of the regulated principal would be eligible to continue to act as auditor of the financial services licensee;
the auditor of the regulated principal is taken to have been appointed under section 990B of the Act as auditor of the licensee when the regulated principal became a financial services licensee in relation to the regulated activities of a regulated principal of that kind.
 (3) If:
 (a) there was no vacancy in the office of auditor of the regulated principal at the end of the transition period in relation to the person in the capacity of a regulated principal of that kind; and
 (b) the auditor of the regulated principal would not be eligible to continue to act as auditor of the financial services licensee;
the auditor of the regulated principal is taken to have ceased to hold office at the time when the regulated principal became a financial services licensee in relation to the regulated activities of a regulated principal of that kind.
 (4) If:
 (a) there was no vacancy in the office of auditor of the regulated principal at the end of the transition period in relation to the person in the capacity of a regulated principal of that kind; and
 (b) the auditor of the regulated principal would be eligible to continue to act as auditor of the financial services licensee; and
 (c) ASIC had previously consented to the removal or resignation of the auditor under section 858 of the old Corporations Act on a specified date after the regulated principal became a financial services licensee in relation to the regulated activities of a regulated principal of that kind;
the auditor of the regulated principal is taken to have been appointed under section 990B of the Act when the regulated principal became a financial services licensee in relation to the regulated activities of a regulated principal of that kind, and ASIC is taken to have specified the date mentioned in paragraph (c) under section 990H of the Act.
 (5) If there was a vacancy in the office of the auditor of the regulated principal mentioned in item 1 of the table in section 1430 of the Act when the regulated principal became a financial services licensee in relation to the regulated