101Approval to access and deal with Register account

101  Approval to access and deal with Register account

 (1) The Regulator may grant to an authorised representative of the holder of a Register account an approval to access and deal with the account.

 (2) Subject to subsection (5), the Regulator may grant the approval only if the Regulator is satisfied that:

 (a) the representative is a fit and proper person; and

 (b) if the representative is nominated under section 99—the identity of the representative is verified in accordance with the identification procedures in Division 1 of Part 21.

 (3) If the Regulator decides to grant the approval, the representative may:

 (a) view the details of the account; and

 (b) initiate transactions in relation to the account; and

 (c) approve transactions in relation to the account.

 (4) If the Regulator decides not to grant the approval, the Regulator must as soon as practicable:

 (a) notify the holder of the Register account of the decision and the reasons for the decision; and

 (b) if the holder is not an individual, and there are no other authorised representatives of the holder for the Register account—require the holder to nominate, under section 99, another individual as the authorised representative for the account.

Authorised representatives for Commonwealth Register accounts

 (5) For the purposes of subsection (2), an authorised representative for a Commonwealth Register account is taken to be a fit and proper person if the representative is an SES employee.