Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 4 - Australian financial services licences  

Subdivision A - How to get a licence  

SECTION 913B   WHEN A LICENCE MAY BE GRANTED  

913B(1)    
ASIC must grant an applicant an Australian financial services licence if (and must not grant such a licence unless):

(a)    the application was made in accordance with section 913A ; and

(b)    

ASIC has no reason to believe that the applicant is likely to contravene the obligations that will apply under section 912A if the licence is granted; and

(c)    

the requirement in section 913BA (fit and proper person test) is satisfied in relation to the applicant and the licence applied for; and

(ca) (Repealed)

(d)    the applicant meets any other requirements prescribed by regulations made for the purposes of this paragraph.

Note 1: ASIC must not grant an Australian financial services licence to a person contrary to a banning order or disqualification order (see Division 8 ).

Note 2: There are limitations on ASIC granting an individual an Australian financial services licence that covers the provision of certain personal advice if the individual does not meet certain requirements (see section 921C ).

913B(2)    

However, ASIC must refuse to grant the Australian financial services licence if ASIC is satisfied that:

(a)    the application for the licence, or any information, audit report or statement lodged with ASIC in accordance with subsection (3) , was false in a material particular or materially misleading; or

(b)    there was an omission of a material matter from the application or the information, audit report or statement.

ASIC may request information etc. from applicant

913B(3)    

ASIC may give a written notice to the applicant requesting the applicant to lodge with ASIC in a prescribed form, within the time specified in the notice, any of the following:

(a)    information specified in the notice in relation to any matters that ASIC may or must have regard to in deciding whether to grant the licence;

(b)    an audit report, prepared by a suitably qualified person specified in the notice, in relation to matters that ASIC may or must have regard to in deciding whether to grant the licence;

(c)    if ASIC proposes to grant the applicant a licence - a statement that either:

(i) informs ASIC of any material changes in any information provided to ASIC in, or in connection with, the application; or

(ii) confirms that there have been no such changes.

913B(4)    

To avoid doubt:

(a)    

a notice under subsection (3), and the information, audit report or statement requested in the notice, may relate to any person mentioned in section 913BA in relation to the applicant and the licence applied for; and

(b)    subsection (4B) applies in relation to such a request even if the applicant is unable to comply with the request.

913B(4A)    

ASIC may, by written notice to the applicant within the time specified in the notice:

(a)    withdraw a request under subsection (3) ; or

(b)    extend the time specified in the notice.

913B(4B)    

If the applicant does not lodge with ASIC in a prescribed form the information, audit report or statement requested in a notice under subsection (3) within the specified time, the applicant is taken to have withdrawn the application.

913B(4C)    

To avoid doubt, subsection (5) does not apply to an application that is taken to have been withdrawn under subsection (4B) .

913B(4D)    

The regulations may make provision in relation to audit reports that applicants may be requested to lodge under paragraph (3)(b) .

Applicant must be given hearing before refusal of licence

913B(5)    

ASIC may only refuse to grant a licence after giving the applicant an opportunity:

(a)    to appear, or be represented, at a hearing before ASIC that takes place in private; and

(b)    to make submissions to ASIC in relation to the matter.