Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.49 - TRANSITIONAL PROVISIONS RELATING TO SCHEDULE 9 TO THE FINANCIAL SECTOR REFORM (HAYNE ROYAL COMMISSION RESPONSE) ACT 2020  

SECTION 1676C   AUTOMATIC EXTENSION OF LICENCE CONDITIONS - VARIATION APPLICATIONS PENDING JUST BEFORE COMMENCEMENT DAY  

1676C(1)  
This section applies if:

(a)  before the commencement day, a person lodges an application for ASIC to vary the conditions on the person ' s Australian financial services licence by authorising the person to deal in a superannuation product; and

(b)  on or after the commencement day, ASIC decides the application by varying the conditions on the person ' s licence to authorise the person to deal in a superannuation product; and

(c)  at the time the licence is varied, the person is an RSE licensee.

1676C(2)  
The licensee ' s Australian financial services licence is taken from the time it is so varied to also be subject to a condition authorising the licensee to provide a superannuation trustee service.