In Part I and Part II of this blog series, we examined the obligation of AFSL holders to determine whether there has been a change of control in their entity, and to subsequently report any changes to ASIC.

This blog considers ACL holders' similar obligation to identify changes in control, and to report these changes to ASIC in the appropriate manner.

Has a change of control occurred?

Regulation 9(11) of the National Consumer Credit Protection Regulations 2010 provides details on how you can determine if a change of control has taken place. The details mirror those provided in regulation 7.6.04(2) of the Corporations Regulations 2001, which is set out in Part I of this blog series (read the first blog here). Some examples of substantive and technical changes in control that ought to be reported to ASIC are also outlined in Part I.

Notifying ASIC of the change of control of the licensee

If you become aware of a "change in control" of your Australian credit licensee, it is a condition of your ACL that you must, within 10 business days, lodge with ASIC, particulars of the change that has occurred.

Unlike for changes of control to AFS licensees, there is no prescribed form that must be lodged with ASIC for changes of control to Australian credit licensees. Instead, you must provide notice in a letter to ASIC. The letter must:

  • identify the licensee;
  • identify who, if anyone, has lost control and the date of this change;
  • identify who, if anyone, has gained control and the date of this change.

The letter should be addressed to:

Credit Licensing
Australian Securities and Investments Commission
PO Box 4000
Gippsland Mail Centre VIC 3841

Changes of control for companies

There is also an obligation to notify ASIC of changes to details of the company. Details of this general obligation can be found in Part II of this blog series (read the second blog here).

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.