Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.44 - APPLICATION AND TRANSITIONAL PROVISIONS RELATING TO SCHEDULE 11 TO THE FINANCIAL SECTOR REFORM (HAYNE ROYAL COMMISSION RESPONSE) ACT 2020  

SECTION 1671A   CONTINUED APPLICATION OF PARAGRAPH 601FC(1)(l) AND SECTION 912D  

1671A(1)    
Despite the repeal of paragraph 601FC(1)(l) by item 1 of the amending Schedule, that paragraph (as in force immediately before 1 October 2021) continues to apply to the responsible entity of a registered scheme in relation to a breach of this Act if:

(a)    the breach occurs before 1 October 2021; and

(b)    before 1 October 2021, the responsible entity knows of the breach.

1671A(2)    
Despite the repeal of section 912D by item 5 of the amending Schedule, subsections 912D(1) to (1D) and subsection 912D(3) (to the extent that it relates to subsections 912D(1) to (1D) ), as in force immediately before 1 October 2021, continue to apply to a financial services licensee in relation to a breach or likely breach of an obligation mentioned in paragraph 912D(1)(a) (as in force immediately before 1 October 2021) if:

(a)    the obligation is breached or is likely to be breached before 1 October 2021; and

(b)    before 1 October 2021, the licensee knows that the obligation has been breached or is likely to be breached.

1671A(3)    
Despite the repeal of section 912D by item 5 of the amending Schedule, subsection 912D(2) and subsection 912D(3) (to the extent that it relates to subsection 912D(2) ), as in force immediately before 1 October 2021, continue to apply to a financial services licensee if:

(a)    the licensee becomes a participant, or ceases to be a participant, in a licensed market or a licensed CS facility before 1 October 2021; and

(b)    before 1 October 2021, the licensee knows of that circumstance.