11Obligations of licensees—foreign entity must continue to have local agent

11 Obligations of licensees—foreign entity must continue to have local agent

(1) For paragraph 47(1)(m) of the Act, a foreign entity that: (a) is not a foreign company; and (b) is a licensee; must meet the requirements in subregulation (2). (2) The foreign entity must: (a) at all times, have an agent who is: (i) an individual or a company; and (ii) resident in this jurisdiction; and (iii) authorised to accept, on the foreign entity’s behalf, service of process and notices; and (b) notify ASIC of any change to: (i) the agent; or (ii) the name or address of the agent; not later than 1 month after the change; and (c) make arrangements that ensure that ASIC may treat a document as being served on the foreign entity by leaving it at, or by sending it by post to: (i) an address of the agent that has been notified to ASIC; or (ii) if a notice or notices of a change or alteration to that address has or have been given to ASIC—the address shown in the most recent notice.