Div 10Approval of management and control

Division 10—Approval of management and control 71—Approval of management and control (1) The licensing authority may, on application, approve a natural person or persons as a responsible person or responsible persons under this Act. (2) The licensing authority may, on the application of a person who seeks to assume a position of authority in a trust or corporate entity that holds a licence, approve the assumption by that person of that position in the entity. (3) The licensing authority may only approve a person as a responsible person, or approve the assumption by a person of a position of authority in a trust or corporate entity that holds a licence, if satisfied that he or she is a fit and proper person. (4) However, if an applicant for approval is to supervise and manage, or be actively involved in the supervision or management of, the business conducted under a licence but does not have the appropriate knowledge, experience and skills for that purpose, the licensing authority may nevertheless approve the person and impose a condition of the licence that the person undertake specified accredited training within a specified time of obtaining the approval. (5) In addition, a licensing authority may, if the licensing authority thinks fit, approve a natural person as a responsible person on the condition that the applicant satisfies the licensing authority that the natural person is a fit and proper person within a period (of 6 months or less) specified by the licensing authority. (6) If an approval is granted on a condition under subsection (5)— (a) the licensing authority may (during the period of 6 months or less specified by the licensing authority under that subsection), on failure by the responsible person to comply with the condition, revoke the approval; and (b) if the approval is not revoked under paragraph (a), the approval will, at the end of the period of 6 months or less specified by the licensing authority under that subsection, be taken to be an approval not subject to the condition under subsection (5). 71AA—Revocation of approval of responsible person (1) The Commissioner has an absolute discretion to revoke a person's approval as a responsible person under this Division on such ground or for such reason as the Commissioner thinks fit. (2) The Commissioner must, before exercising powers under subsection (1) in relation to a person— (a) give written notice to the person of the proposed revocation, including, subject to section 28A, a statement of the reasons that the Commissioner considers justify the revocation; and (b) allow the person a period of 21 days (or such longer period as the Commissioner may in a particular case allow) to show cause why the approval should not be revoked. (3) The Commissioner may suspend an approval pending final determination of the question as to whether the approval should be revoked. (4) On revoking an approval, the Commissioner must cause notice of the revocation to be given in accordance with the regulations.