7How to get an Australian credit licence—requirements for a foreign entity to appoint local agent

#### 7 How to get an Australian credit licence—requirements for a foreign entity to appoint local agent (1) For paragraph 37(1)(e) of the Act, a foreign entity that: (a) is not a registered foreign company; and (b) applies for an Australian credit licence; must meet the requirements in subregulations (2) and (3). (2) The foreign entity must: (a) have appointed, as an agent, a person who is: (i) an individual or a company; and (ii) a resident in this jurisdiction; and (iii) authorised to accept, on the foreign entity’s behalf, service of process and notices; and (b) lodge, with the application, a memorandum of appointment or a power of attorney that is duly executed by or on behalf of the foreign entity and states the name and address of the agent. (3) If the memorandum of appointment, or power of attorney, lodged under paragraph (2)(b) was executed on behalf of the foreign entity, the foreign entity must also lodge a copy declared in writing to be a true copy of the document authorising the execution. (4) In this regulation: > registered foreign company has the meaning given by section 9 of the Corporations Act 2001.