Victorian Consolidated Legislation

Financial Institutions Duty Act 1982 - SECT 33

Registration of financial institutions

33. Registration of financial institutions



(1) A financial institution (not being a registered financial institution)-

   (a)  the total of whose dutiable receipts-

   (i)  during the preceding period of 12 months exceeds $5 000 000; or

   (ii) during the preceding month exceeds $416 666; or

   (b)  that is a Victorian broker-

must apply within 21 days after the end of that period or month to the
Commissioner in the prescribed form and manner for registration as a financial
institution and thereupon the Commissioner must register the financial
institution as a financial institution under this Act.

(1A) A financial institution that fails to comply with subsection (1) is
guilty of an offence.

Penalty: 100 penalty units.

(2) A financial institution-

   (a)  that is not required to apply for registration under subsection (1);
        and

   (b)  the total of whose dutiable receipts is expected-

   (i)  during the succeeding month to exceed $416 666; or

   (ii) during the succeeding twelve months, to exceed $5 000 000- may apply
        to the Commissioner in the prescribed form and manner for registration
        as a financial institution and the Commissioner may, if he is of the
        opinion that an expectation referred to in paragraph (b) is
        reasonable, register the financial institution as a financial
        institution under this Act.

(3) The Commissioner may cancel the registration under subsection (1) or (2)
of a financial institution that is not a Victorian broker if-

   (a)  during the preceding twelve months the total of the dutiable receipts
        of the financial institution does not exceed $5 000 000; and





   (b)  during the preceding month the total of the dutiable receipts of the
        financial institution does not exceed $416 666-

or if, in his opinion, the total of the dutiable receipts of the financial
institution during the succeeding twelve months is not likely to exceed $5 000
000.

(4) Where, in respect of a month, by reason of section 23(3) section 18 has
effect as if a reference to a financial institution were a reference to a
person nominated or appointed in relation to a group for the purposes of
section 23(3), each member of the group who is a financial institution shall,
unless he is a registered financial institution that is not a Victorian
broker, apply within 21 days after the end of that month to the Commissioner
in the prescribed form and manner for registration as a financial institution
and thereupon the Commissioner shall register the financial institution as a
financial institution under this Act.

(5) The Commissioner may cancel the registration of a financial institution if
that financial institution is registered only by reason of subsection (4) and
has ceased to be a member of the group referred to in that subsection.

(6) The Commissioner may cancel the registration of a financial institution
that was registered because it was a Victorian broker if the financial
institution has ceased to be a Victorian broker and is not required to be
registered under this Act.



* * * * *