Document ID: chunk:federal_register_of_legislation:F2024C00882:clause:2_45:p6
Version: federal_register_of_legislation:F2024C00882
Segment Type: clause
Provision Reference: sch 2 cl 45 (pt 6/8)
Character Range: 497692–500594

is appointed by a prescribed unlicensed carried over instrument lender to act on the lender's behalf, the lender must lodge with ASIC, no later than 15 business days after the appointment is made:
 (a) a copy of the appointment under section 74; and
 (b) a document, in an approved form, setting out the following information:
 (i) the basis, under section 5A, on which the lender is a prescribed unlicensed carried over instrument lender;
 (ii) the licensee's or registered person's name (including the licensee's or registered person's principal business name if any);
 (iii) the postal address of the licensee or registered person;
 (iv) if the principal business address of the licensee or registered person is different from the postal address—the principal business address.
Civil penalty: 5,000 penalty units.

Offence
 (2) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 6 months imprisonment.

Strict liability offence
 (3) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 20 penalty units.
 (4) Subsection (3) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

       75A  Obligation for prescribed unlicensed carried over instrument lender if appointment of licensee or registered person ceases
 (1) This section applies if a licensee or registered person is appointed, in accordance with paragraph 74(2)(b), by a prescribed unlicensed carried over instrument lender to engage in a credit activity mentioned in that paragraph on behalf of the lender.
 (2) The appointment is continuous until the first of the following events occurs:
 (a) the licensee, or registered person dies or otherwise ceases to engage in the business;
 (b) the licensee, or registered person is unable to perform its duties.
 (3) If the licensee's or registered person's appointment ceases under subsection (2):
 (a) section 74 applies to the prescribed unlicensed carried over instrument lender as if it required the lender to appoint another licensee or registered person to engage in a credit activity, as described in paragraph 74(2)(b), on behalf of the lender no later than 15 business days after the previous appointment ceased; and
 (b) section 75 applies to the prescribed unlicensed carried over instrument lender in relation to the appointment.

       75B  Obligation if person ceases to be prescribed unlicensed carried over instrument lender
 (1) If a person is a prescribed unlicensed carried over instrument lender because a matter mentioned in subsection 5A(1) applies to the person and the matter ceases to apply to the person, the