Financial Intermediaries Regulation 2018 (Qld)

Financial Intermediaries Regulation 2018

1 Short title This regulation may be cited as the Financial Intermediaries Regulation 2018.

2 Commencement This regulation commences on 1 September 2018.

3 Classes of documents— Act , s 22 For section 22(2)(a)(ii) of the Act, the classes of documents are stated in schedule 1.

4 Additional purpose of society— Act , s 65 (1) For section 65(1)(d) of the Act, refinancing a loan, other than a residential loan, is an authorised purpose. (2) However, subsection (1) applies for a society only if the society has not raised any funds for which the Treasurer has executed a guarantee under section 70 of the Act.

5 Control of certain financial transactions— Act , s 67 For section 67(1) of the Act, definition approved financial contracts, paragraph (a)(ii), any bank is prescribed.

6 Registration— Act , s 73 For section 73(1) of the Act, an application for registration of a society must— (a) be in writing; and (b) contain the name and address of a person who may be contacted about the application; and (c) be signed by the persons elected at the formation meeting held under section 72 of the Act to be the first directors of the society.

7 Registers— Act , s 130 (1) For section 130(1) of the Act, the following registers are prescribed— (a) a register of loans made to officers and employees of the society; (b) a register of loans made to members of the society and of securities taken for the loans; (c) a register of investments made by the society and of securities related to the investments; (d) a register of the funds raised by the society, the securities issued by the society for the funds raised and the holders of the securities. (2) For section 130(2) of the Act, the registers must be kept in accordance with any applicable standards.