Document ID: chunk:federal_register_of_legislation:F2024C00882:reg:9:p2
Version: federal_register_of_legislation:F2024C00882
Segment Type: reg
Provision Reference: reg 9 (pt 2/3)
Character Range: 55636–58311

(c) as soon as practicable after receiving the request and, in any event, within 10 business days after the day on which it received the request.
 (9) The licensee must take reasonable steps to ensure that each of its credit representatives supplies evidence of its authorisation by the licensee:
 (a) on request by any person; and
 (b) free of charge; and
 (c) as soon as practicable after receiving the request and, in any event, within 10 business days after the day on which the credit representative received the request.
 (10) If the licensee becomes aware of any change in control of the licensee, the licensee must lodge with ASIC particulars of the change, in the approved form, not later than 10 business days after the change.
 (11) For subregulation (10):
 (a) a change in control, in relation to a licensee, includes a transaction, or a series of transactions in a period of 12 months, that results in a person having control of the licensee, either alone or together with associates of the person; and
 (b) control, in relation to a licensee, means:
 (i) if the licensee is a body corporate:
 (A) the capacity to cast, or control the casting of, more than one half of the maximum number of votes that might be cast at a general meeting of the licensee; or
 (B) directly or indirectly holding more than one half of the issued share capital of the licensee (not including any part of the issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); or
 (ii) the capacity to control the composition of the licensee's board or governing body; or
 (iii) the capacity to determine the outcome of decisions about the licensee's financial and operating policies.
 (12) For subparagraph (11)(b)(iii), the following matters must be taken into account in determining whether a person has the capacity to determine the outcome of decisions about the licensee's financial and operating policies:
 (a) the practical influence the person can exert (rather than the rights it can enforce);
 (b) any practice or pattern of behaviour affecting the licensee's financial or operating policies (whether or not it involves a breach of an agreement or a breach of trust).
 (13) On the request of any person, the licensee must make available, within 10 business days, evidence of its Australian credit licence for inspection by that person.
 (14) If:
 (a) the licensee is not a body regulated by APRA; and
 (b) an event occurs that may make a material adverse change to the financial position of the licensee by comparison with its financial position:
 (i) at the time of the application for the Australian credit