Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p99
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 99/212)
Character Range: 261592–264434

section, substitute:

Dealers

  "780. A person must not:

  (a) carry on a securities business; or

  (b) hold out that the person carries on a securities business;

unless the person holds a dealers licence or is an exempt dealer.".

Section 781:

  Repeal the section, substitute:

Investment advisers

  "781. A person must not:

  (a) carry on an investment advice business; or

  (b) hold out that the person is an investment adviser;

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

Subsections 782 (3), 783 (5) and 784 (5):

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

Subsection 785 (1):

  Before "836", insert "102a,".

After section 786:

  Insert:

Security given under previous law

"786a. (1) This section applies where, immediately before the commencement of this Part:

     (a) a licence granted under a previous law of this jurisdiction corresponding to section 783 or 784 was in force; and

     (b) the licensee maintained a security, under a condition to which the licence was subject in accordance with a previous law of this jurisdiction corresponding to paragraph 786 (2) (d), with the local authority within the meaning of that previous law.

"(2) After that commencement, the security has effect, with such modifications as are prescribed or the circumstances require, as if:

     (a) it were a security lodged and maintained under a condition to which the licence is subject in accordance with paragraph 786 (2) (d); and

     (b) the Commission were substituted for the local authority as a party to the security; and

SCHEDULE 1—continued

     (c) a reference in the security to the local authority were a reference to the Commission.

"(3) Without limiting subsection 786 (9), regulations for the purposes of that subsection may provide for the security to be applied in connection with an act done, an omission or event occurring, or a matter arising, before that commencement.".

Section 787:

  Repeal the section, substitute:

Licensee to notify breach of licence condition

"787. (1) Within 1 day after the happening of an event constituting a contravention of a condition of a licence, the licensee must lodge a written notice setting out particulars of the event.

"(2) It is a defence to a charge arising under subsection (1) if it is proved that:

     (a) when the licensee was required to lodge the notice, the licensee was unaware of a fact or occurrence that gave rise to the requirement; and

     (b) in a case where the licensee has since become aware of that fact or occurrence—the 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