Corporations Act 2001
No 13 of 2018, Sch 1 contains the following Application of amendments (effective 6 March 2018):
31 Application of amendments
The amendments made by this Part apply on and after the day on which the first authorisation of an external dispute resolution scheme, under Part 7.10A of the Corporations Act 2001 as amended by Part 1 of this Schedule, comes into force.
Without limiting subitem (1), the amendments made by items 13, 14 and 29 apply in relation to disclosures of information made on and after the day on which that authorisation comes into force, whether the information was acquired before, on or after that day.
If, under the AFCA scheme, there are one or more limits on:
(a) the value of claims that may be made under the scheme; or
(b) the value of remedies that AFCA may determine under the scheme;
ASIC may give AFCA a written direction requiring the limit, or some or all of the limits, to be increased.
Note: One of the operational requirements for the scheme is that there are no such limits for superannuation complaints (see paragraph 1051(4)(f) ).1052B(2)
(a) ASIC must not give a direction under this section unless ASIC has given AFCA written notice of at least 1 month of ASIC ' s intention to issue the direction; and
(b) a direction under this section must not apply in relation to complaints AFCA received before ASIC gives the direction. 1052B(3)
AFCA must comply with a direction made under this section.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).1052B(4)
If AFCA fails to comply with the direction, ASIC may apply to the Court for, and the Court may make, an order that AFCA comply with the direction. 1052B(5)
A direction made under this section is not a legislative instrument.