ARTICLE · 18 DECEMBER 2015

Part III: Who's in control? Changes of control to ACL holders and your obligations

Holley Nethercote

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This issue considers ACL holders' similar obligation to identify changes in control, and to report these changes to ASIC.

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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.

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