Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For the purposes of subsection 140G(3) of the Act, the terms of an approval of a person as a standard business sponsor are prescribed in this regulation.
(2) An approval as a standard business sponsor starts:
(a) on the day on which the approval is granted; or
(b) if, immediately before the day on which the approval is granted, the person was because of an earlier approval a standard business sponsor other than an overseas business sponsor--immediately after the earlier approval ceases.
(3) However, an approval as a standard business sponsor does not start if:
(a) immediately before the day on which the approval is granted, the person was because of an earlier approval a standard business sponsor other than an overseas business sponsor; and
(b) before the time at which the approval would otherwise start, the person's approval as a standard business sponsor is cancelled.
(4) An approval as a standard business sponsor ceases:
(a) if, immediately after the approval starts, the person is an overseas business sponsor--on the earlier of the following:
(i) the start of a later approval of the person as a standard business sponsor;
(ii) 5 years after the day on which the approval is granted; or
(b) in any other case--5 years after the day on which the approval is granted.