Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.12 - TRANSITIONAL PROVISIONS RELATING TO THE CORPORATIONS LEGISLATION AMENDMENT (FINANCIAL SERVICES MODERNISATION) ACT 2009  

Division 2 - Transitional provisions relating to Schedule 2 to the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009  

SECTION 1495   TRANSITIONAL PROVISIONS RELATING TO THE AMENDMENTS OF CHAPTER 7  

1495(1)   [ Trustee company holding licence at commencement]  

This section applies to each company:

(a) that is a trustee company immediately after the commencement of the first regulations made for the purpose of paragraph 601RAB(1)(b) ; and

(b) that, at that time, holds an Australian financial services licence.

1495(2)   [ Licence taken to cover traditional trustee company services]  

During the period of 6 months starting on the commencement of those regulations:

(a) the company ' s Australian financial services licence is taken to cover the provision by the company of traditional trustee company services; and

(b) section 601TAB does not apply in relation to the company; and

(c) Part 7.7 does not apply in relation to traditional trustee company services provided by the company.

Note: If the company wants to continue to provide traditional trustee company services after the end of the 6 month period, it will (before the end of that period) need to apply to ASIC to have the conditions of its licence varied to cover those services.

1495(3)   [ No limitation of ASIC's powers]  

To avoid doubt, subsection (2) does not limit ASIC ' s powers under Part 7.6 (whether during or after the period of 6 months) in relation to the company ' s Australian financial services licence.

Note: For example, ASIC may (under Subdivision B of Division 4 of Part 7.6 ) impose or vary licence conditions, or may (under Subdivision C of Division 4 of Part 7.6 ) vary, cancel or suspend the licence.