Corporations and Financial Sector Legislation Amendment Act 2013 (59 of 2013)

Schedule 1  

Part 1   Payment systems and netting

Payment Systems and Netting Act 1998

8   Application of amendments

(1) In this item:

start time means the commencement of this Part.

(2) The amendments made by this Part apply in relation to market netting contracts entered into after the start time, or that are in existence immediately before the start time.

(3) The amendments made by this Part do not apply in relation to an external administration that commenced before the start time.

(4) The amendments made by this Part apply in relation to the enforcement of a security after the start time, even if the security was given before the start time.

(5) The amendments made by this Part apply in relation to a transfer of, or dealing with, rights, obligations or property after the start time, even if those rights, obligations or property arose or were acquired before the start time.

(6) The amendments made by items 2, 3 and 4 do not apply to disposals of rights or property, or the creation or operation of encumbrances or interests, before the start time.

(7) This item has effect subject to item 9.