CORPORATIONS ACT 2001 - SECT 1241F Australian financial services licences

CORPORATIONS ACT 2001 - SECT 1241F

  (1)   For the purposes of Chapter   7, a single Australian financial services licence can cover operating the business and conducting the affairs of more than one CCIV.

Note:   This confirms that a corporate director of several CCIVs could be granted a single licence to operate the business and conduct the affairs of those CCIVs.

  (2)   Treat subsection   911A(4) as also providing that a person is not exempt under any paragraph of subsection   911A(2) for a financial service they provide if:

  (a)   the service is operating the business and conducting the affairs of a CCIV; and

  (b)   the person is the corporate director of the CCIV.

  (3)   Despite paragraph   912A(4)(b), paragraph   912A(1)(d) also applies to an RSE licensee that is the corporate director of a CCIV.

  (4)   Despite subsection   912A(5), paragraph   912A(1)(h) also applies to an RSE licensee that is the corporate director of a CCIV, except to the extent that the risk relates solely to the operation of a regulated superannuation fund by the RSE licensee.

  (5)   Treat subsection   912D(4) as also providing that, for the purposes of section   912D, a breach of a core obligation is taken to be significant in the case of a CCIV if the breach results, or is likely to result, in material loss or damage to a member of members of the CCIV.