20. Definition of Controlled Function

(1) The AFSA may make Rules prescribing functions (“Controlled Functions”) of an Authorised Person that may only be carried out by individuals who have been approved by the AFSA to carry out those functions.

(2) Controlled Functions prescribed under subsection (1) may include the functions of senior officers or Employees with material responsibility for both or either:

• (a) managing an Authorised Person; or
• (b) the carrying on by an Authorised Person of its Regulated or Market Activities

21. Definition of Approved Individual

An Approved Individual is an individual who is approved by the AFSA to carry out a Controlled Function.

22. Definition of Designated Function

The AFSA may make Rules prescribing functions (“Designated Functions”) of an Authorised Person that may only be carried out by individuals who have been appointed by the Authorised Person as a Designated Individual in relation to that function

23. Definition of Designated Individual

A Designated Individual is an individual who is appointed by an Authorised Person to carry out a Designated Function.