Regulation 2.63A — Standard business sponsor

2.63A Standard business sponsor

(1) For the purposes of subsection 140G(3) of the Act, the terms of an approval of a person as a standard business sponsor are prescribed in this regulation.

(2) An approval as a standard business sponsor starts:

(a) on the day on which the approval is granted; or

(b) if, immediately before the day on which the approval is granted, the person was because of an earlier approval a standard business sponsor other than an overseas business sponsor—immediately after the earlier approval ceases.

(3) However, an approval as a standard business sponsor does not start if:

(a) immediately before the day on which the approval is granted, the person was because of an earlier approval a standard business sponsor other than an overseas business sponsor; and

(b) before the time at which the approval would otherwise start, the person’s approval as a standard business sponsor is cancelled.

(4) An approval as a standard business sponsor ceases:

(a) if, immediately after the approval starts, the person is an overseas business sponsor—on the earlier of the following:

(i) the start of a later approval of the person as a standard business sponsor;

(ii) 5 years after the day on which the approval is granted; or

(b) in any other case—5 years after the day on which the approval is granted.