Orporate law Essay Example | Topics and Well Written Essays - 1000 words

Orporate law - Essay Example This software is directly connected to ASIC. However if a person doesn't wish to engage in this and instead wishes to contact ASIC directly, they will need to do the following: Once the same is selected, it needs to be reserved with ASIC. This is done by completing 'Form 410' that is meant for this purpose. Once the form is completed, ASIC would reserve the name for a period of two months. Names are not indefinitely reserved and extension can be requested. Reserving a name is important because once you have decided on a name and you do not want anyone to use it and there is still some time before you can register the firm then ASIC protects your name for the period. e) The Banned and Disqualified Registers contains information about persons who have been disallowed by the government to engage in the management of a company. Some of them are banned from participating in the financial services industry completely. The registers would contain information such as person's full name, his address, the date when banning order was passed and the date when it would end. These registers are divided into four categories namely: This register contains information only about persons who have been disqualified from managing a corporation under the Corporations Act. The notices about such persons are sent to the ASIC and their names are then added to the register. However it must be carefully noted that there are other persons who are not allowed to manage a corporate because they are bankrupt or have a criminal record. The notices may not reach ASIC in these cases and thus their names do not appear on the list. Banned Securities Representatives Register This registers contains names of pre-AFS licensees. The people who hold these licenses act as authorized representatives of licensed advisers. In the case the adviser or a representative is prohibited by the ASIC for giving advice, their names will appear in this register. These people are also part of the Banned and Disqualified register but their names may not be duplicated there. Banned Futures Representatives Register: The people on this register are those who have the pre-AFS license but are not allowed to practice as advisors in future. AFS Banned/Disqualified Persons Register Any person who works in the financial services sectors needs to have AFS license or work as a representative of someone who has this license. These people are authorized dealers and their names can be found on the list of authorized advisors. However under FSR legislation, which commenced on 11 March 2002, there are