(1) A licence is subject to:
- (a)
- such conditions and restrictions as are
prescribed; and
- (b)
- subject to section 837, such conditions and restrictions as ASIC
imposes when granting the licence or at any time when the licence is in force.
(2) Without limiting the generality of subsection (1), conditions and
restrictions referred to in paragraph (1)(a) or (b) may include:
- (a)
- conditions and restrictions relating to the limitation of the liability that
may be incurred by the holder of a dealers licence in connection with a
business of dealing in securities; and
- (b)
- conditions and restrictions relating to the incurring and disclosure of
liabilities arising otherwise than in connection with a business of dealing in
securities; and
- (c)
- conditions and restrictions relating to the financial position of the
holder of a dealers licence, whether in relation to the business of dealing in
securities carried on by the holder or otherwise; and
- (d)
- a condition requiring the holder of a dealers licence or of an investment
advisers licence to lodge and maintain with ASIC a security approved by ASIC
for such amount not exceeding the prescribed amount as is, from time to time,
determined by ASIC in relation to the holder of that licence; and
- (e)
- conditions about what the holder of a licence is to do, by way of
supervision and otherwise, in order to prevent the holder's representatives
from contravening:
- (i)
- a securities law; or
- (ii)
- another condition of the licence; and
- (f)
- conditions about what the holder of a licence is to do to ensure that each
representative of the holder has adequate qualifications and experience having
regard to what the representative will do on the holder's behalf in connection
with a securities business or investment advice business carried on by the
holder.
(3) Without limiting the generality of paragraph (2)(c), the conditions
referred to in that paragraph may include:
- (a)
- a condition that the assets
of the holder of a dealers licence include, or do not include, assets of a
particular kind or kinds; and
- (b)
- a condition that the sum of the values of the assets of a particular kind
or kinds included in the assets of the holder of a dealers licence be not less
than, or not more than, an amount ascertained in accordance with the
condition.
(4) A condition referred to in paragraph (3)(b) may provide for the
values of assets of a dealer for the purposes of the application of that
condition to be ascertained in a manner specified in, or determined in
accordance with, the condition.
(5) The provision that may be made in a condition referred to in
paragraph (3)(b) for ascertaining the amount referred to in that
paragraph may be, but is not limited to, a provision that the amount is to be:
- (a)
- a specified percentage of the sum of the values of all the assets of the
holder of a dealers licence; or
- (b)
- a specified percentage of the sum of the values of all the assets of the
holder of the dealers licence that are included in a specified class or
classes of those assets; or
- (c)
- a specified percentage of the sum of the amounts of all the liabilities of
the holder of the dealers licence; or
- (d)
- a specified percentage of the sum of the amounts of all the liabilities of
the holder of the dealers licence that are included in a specified class or
classes of those liabilities.
(6) A reference in this section to the assets of the holder of a dealers
licence is a reference to all the assets of the holder of the licence, whether
or not the assets are used in, or in connection with, the business of dealing
in securities carried on by the holder.
(7) Subject to section 837, ASIC may, at any time, revoke or vary
conditions or restrictions imposed under paragraph (1)(b).
(8) Where ASIC imposes, or varies or revokes, conditions or restrictions under
this section in relation to a licence granted to a member of a securities
exchange, ASIC must inform the securities exchange and, if the member is a
partner in a member firm, the member firm.
(9) Where a security is lodged with ASIC pursuant to a condition to which a
licence is subject in accordance with paragraph (2)(d), the security may
be applied by ASIC in such circumstances, for such purposes and in such manner
as is prescribed.