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
identify who, if anyone, has gained control and the date of
The letter should be addressed to:
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
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.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Businesses should ensure that any promotions do not cross a 'fine line' between acceptable and misleading or deceptive.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).