37Decision by Minister

37 Decision by Minister

(1) In deciding whether or not to transfer a licence, the Minister: (a) may consult with the Registrar, the Regulator or any other person; and (b) subject to paragraph (c)—may take into account any advice or recommendations given or made by the Registrar, the Regulator or any other person; and (c) must have regard to any advice provided by the Registrar under paragraph 36(1)(b) in relation to the application for the transfer.

Note 1: The transfer of a licence must be recorded in the Register: see item 2 of the table in subsection 164(1) of the Act.

Note 2: For other rules relating to the transfer of licences, see Part 2 of Chapter 3 of the Act.

Note 3: The Minister may delegate to the Registrar the function of giving notice of a decision to transfer, or not to transfer, a licence (see section 303 of the Act).

Financial security (2) If a licence is transferred, then, for the purposes of subsections 72(2) and (3) of the Act, the transferor must comply with sections 117 and 118 of the Act in relation to the licence, as if the transferor still held the licence, until: (a) the licence ceases to be in force; or (b) the Minister gives a notice to the transferor and transferee under subsection (3) of this section. (3) The Minister may, by written notice to the transferor and transferee, determine that subsection (2) no longer applies to the transferor if the Minister is satisfied that the transferee is in compliance with sections 117 and 118 of the Act in relation to the licence.

Note: The Minister may delegate to the Registrar the function of giving a notice under this subsection (see section 303 of the Act).

(4) To avoid doubt, subsection (2) does not affect any obligation of the transferee to comply with sections 117 and 118 of the Act.