10AThe conditions on the registration — special purpose funding entity

10A The conditions on the registration — special purpose funding entity

(1) For subitem 14 (7) of Schedule 2 to the Act, the registration is subject to the conditions set out in this regulation if the registered person is a party to a servicing agreement with a special purpose funding entity.

(2) The registered person must lodge with ASIC a notice, in an approved form, stating that the registered person is a party to a servicing agreement with a special purpose funding entity.

(3) For subregulation (2):

(a) if the servicing agreement was entered into before 1 July 2010, the registered person must notify ASIC no later than 30 business days after 1 July 2010; and

(b) if the servicing agreement was entered into on or after 1 July 2010, the registered person must lodge with ASIC a notice, in an approved form and stating that the service agreement was entered into, no later than 20 business days after the servicing agreement was entered into.

(4) If the registered person ceases to be a party to a servicing agreement with a special purpose funding entity:

(a) the registered person must lodge with ASIC a notice, in an approved form, stating that the registered person has ceased to be a party to the servicing agreement with the entity; and

(b) the registered person must lodge the notice not later than 15 business days after the registered person ceases to be a party.

(5) The registered person:

(a) must lodge with ASIC a notice, in an approved form, setting out any action by a natural person in a position to control or influence the special purpose funding entity that has or may have the effect of directing the licensee to act inconsistently with:

(i) the conditions imposed on the registered person’s registration; or

(ii) the credit legislation; and

(b) must lodge the notice no later than 15 business days after the action occurs.