THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82
The Corporations Law is as follows:...

SECTION 780 DEALERS

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780(1) (Licence required)

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.

780(2) (What licence authorises a person to do)

A dealers licence may authorise a person to do either or both of the following:

(a) to carry on a securities business

(b) to operate:

(i) a managed investment scheme; or

(ii) managed investment schemes of a particular kind.

Only public companies that hold a dealers licence can be responsible entities for registered managed investment schemes (see section 601FA).