Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Act 2026 (35 of 2026)

Schedule 2   Licensing exemptions for foreign financial services providers

Corporations Act 2001

11   In the appropriate position in Chapter 10

Insert:

Part 10.65 - Transitional provisions relating to the Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Act 2026

1695 Application of amendments - exemptions from the requirement to hold an Australian financial services licence

Paragraphs 911A(2)(eo), (ep) and (eq), as inserted by Schedule 2 to the Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Act 2026, apply in relation to financial services provided on or after the commencement of that Schedule.

1695A Application of amendments - exemption from the fit and proper person test

(1) Subsection 913B(2A), as inserted by Schedule 2 to the Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Act 2026, applies in relation to applications for Australian financial services licences made on or after the commencement of that Schedule.

(2) Subsection 914B(2A), as inserted by Schedule 2 to the Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Act 2026, applies in relation to applications:

(a) for ASIC to take certain action in relation to Australian financial services licences; and

(b) that are made on or after the commencement of that Schedule;

whether the licences were granted before, on or after that commencement.

1695B Transitional - first list of comparable regulators

Subsection 911W(2) does not apply in relation to the determination of a regulator in the first legislative instrument made under subsection 911W(1) after the commencement of Schedule 2 to the Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Act 2026 if the Minister is satisfied that:

(a) the regulator can be identified from a legislative instrument made by ASIC and in force immediately before the commencement of that Schedule; and

(b) the regulator is responsible for regulating the provision of financial services by providers in a place outside this jurisdiction; and

(c) the legislative instrument exempted those providers from certain provisions of Part 7.6 (about licensing of providers of financial services) in relation to the provision of financial services.