Finance Brokers Control (General) Amendment Regulations (No. 5) 2006 (WA)

5 January 2007 GOVERNMENT GAZETTE, WA 7

CE301*

Finance Brokers Control Act 1975

Finance Brokers Control (General) Amendment

Regulations (No. 5) 2006

Made by the Governor in Executive Council.

1.            Citation

These regulations are the Finance Brokers Control (General)
Amendment Regulations (No. 5) 2006.

2.            The regulations amended

The amendments in these regulations are to the Finance Brokers
Control (General) Regulations 2005*.

[* Published in Gazette 14 October 2005, p. 4585-613. For amendments to 24 November 2006 see Gazette 10 February, 5 May and 27 June 2006.]

(c) in paragraph (f)(iii) by deleting "a copy of-

3.             Regulation 6 amended

Regulation 6(3) is amended as follows:

(a)

in paragraph (a) by deleting "one month" and inserting " 3 months ";

(b) in paragraph (b) after "agency" by inserting

44

no more than 3 months before the application is
lodged

8 GOVERNMENT GAZETTE, WA 5 January 2007

4. Regulation 7 amended
Regulation 7(3) is amended as follows:

(a) in paragraph (a) by deleting "one month" and inserting instead -

46

3 months

(b) in paragraph (b) by deleting "one month" and inserting instead -

44

3 months

(c) in paragraph (c) after "lodged with ASIC" by inserting -

"

if the body corporate has existed for sufficient

time for the documents to be produced

(d) in paragraph (d) after "agency" by inserting -

44

no more than 3 months before the application is

lodged

(e) in paragraph (h)(iii) by deleting "a copy of".

5.            Regulation 8 amended

Regulation 8(3) is amended as follows:

(a)

in paragraph (a) by deleting "one month" and inserting " 3 months

(b) in paragraph (b) after "lodged with ASIC" by inserting -

44

if the body corporate has existed for sufficient

time for the documents to be produced

(c) in paragraph (c) after "agency" by inserting

no more than 3 months before the application is

lodged

(d) in paragraph (f)(iii) by deleting "a copy of".

6.            Regulation 9 amended

(1) Regulation 9(1)(b) is amended after "prior to" by inserting -

or any time after, ".

5 January 2007 GOVERNMENT GAZETTE, WA 9

(2) Regulation 9(2) is amended after "at the same time as" by

inserting -

or any time after, ".

7.            Regulation 16 amended

(1) Regulation 16(3)(b)(ii) is amended by deleting "nominated

broker." and inserting instead -

"

nominated "A" class licensee or

"B" class licensee;

or

(c) a "D" class licence - granted subject to a

condition that -

(i)     the individual is either a partner of a firm or a director of a body corporate that is the holder of a licence; and

(ii)     another individual in the employ of the firm or body corporate who has bona fide control of the finance broking operations of the business holds an "A" class or a "B" class licence.

"

(2) After regulation 16(5) the following subregulation is inserted -

"

(5a) For a "D" class licence to be granted to an individual, that individual must satisfy the prerequisite criteria set Out in regulation 18A.

8.            Regulation 17 amended

Regulation 17(3) is repealed.

9.           Regulation 18 amended

Regulation 18(3), and the Table to that subregulation, are repealed.

10.          Regulation 18A inserted

After regulation 18 the following regulation is inserted

18A.	Requirements for a "D" class licence (section 95(2)(ba))
The following requirements are imposed as prerequisite criteria to the grant of a "D" class licence to an individual -

(a) the individual must be either a partner of a firm

or a director of a body corporate that is a

10 GOVERNMENT GAZETTE, WA 5 January 2007

licensee, or that is applying for a licence under
section 24 of the Act or renewing a licence

under section 32 of the Act;

(b)	the individual must identify and nominate another individual in the employ of the firm or body corporate who has bona fide control of the finance broking operations of the business of the firm or body corporate;
(c)	the individual nominated under paragraph (b) must be the holder of an "A" class licence or a "B" class licence.

11.          Schedule 2 amended

Schedule 2 is amended as follows:

(a)	in item 14 by deleting "s. 45(2)" and inserting instead — " s. 45(3) '';
(b)	in item 17 by deleting "r. 14(1)" and inserting instead — " r. 15(1) ";
(c)	in item 18 by deleting "r. 14(2)" and inserting instead — " r. 15(2) ".

By Command of the Governor,

M. C. WAUCHOPE, Clerk of the Executive Council.