National Consumer Credit Protection Act 2009

For the purposes of paragraph 37(1)(c), subsection 46A(2) and paragraph 55(1)(c), the requirement in this section is satisfied in relation to a person (the first person) and a licence, or a proposed licence, if ASIC is satisfied that there is no reason to believe any of the following:

that the first person is not a fit and proper person to engage in the credit activities authorised by the licence;

if the first person is a body corporate—that an officer (within the meaning of the Corporations Act 2001) of the first person is not a fit and proper person to perform one or more functions as an officer of a person that engages in the credit activities authorised by the licence;

if the first person is a partnership or the multiple trustees of a trust:

that any of the partners or trustees are not fit and proper persons to engage in the credit activities authorised by the licence; or

that any of the senior managers of the partnership or the trust are not fit and proper persons to perform one or more functions as an officer (within the meaning of the Corporations Act 2001) of a person that engages in the credit activities authorised by the licence;

that any person who controls the first person is not a fit and proper person to control a person that engages in the credit activities authorised by the licence;

if a controller mentioned in paragraph (d) is a body corporate—that an officer (within the meaning of the Corporations Act 2001) of the controller is not a fit and proper person to perform one or more functions as an officer of an entity (as defined by section 64A of that Act) that controls a person that engages in the credit activities authorised by the licence;

if a controller mentioned in paragraph (d) is a partnership or the multiple trustees of a trust:

that any of the partners or trustees are not fit and proper persons to control a person that engages in the credit activities authorised by the licence; or

that any of the senior managers of the partnership or the trust are not fit and proper persons to perform one or more functions as an officer (within the meaning of the Corporations Act 2001) of an entity (as defined by section 64A of that Act) that controls a person that engages in the credit activities authorised by the licence.

In considering whether a person is fit and proper for a purpose mentioned in subsection (1), ASIC must have regard to the matters in section 37B.