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s 45

Commissioner may rely on licence, approval etc under prescribed law

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Part 7Miscellaneous

45 Commissioner may rely on licence, approval etc under prescribed law

(1)

The Commissioner may, if satisfied that a person is the holder of a licence, or is otherwise accredited or approved (however described), under a law prescribed by the regulations for the purposes of this section, do 1 or more of the following:

(a)

dispense with the requirement of the person to provide to the

Commissioner certain information that the Commissioner would otherwise require to determine a matter under this Act;

(b)

determine, without any further consideration, that the person—

(i)

is a fit and proper person to be the holder of a licence;

or

(ii)

is a fit and proper person to be a director of a body corporate that is the holder of a licence; or

(iii)

is a fit and proper person to be a responsible person;

or

(iv)

has sufficient financial resources for the purpose of properly carrying on business under a licence.

(2)

The Commissioner may require a person to verify that the person is the holder of a licence or is otherwise accredited or approved (however described) under a prescribed law by statutory declaration.

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