Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.39 - TRANSITIONAL PROVISIONS RELATING TO SCHEDULE 3 TO THE FINANCIAL SECTOR REFORM (HAYNE ROYAL COMMISSION RESPONSE - STRONGER REGULATORS (2019 MEASURES)) ACT 2020  

SECTION 1663  

1663   DEFINITIONS  

In this Part:

amending Part
means Part 1 of Schedule 3 to the Financial Sector Reform (Hayne Royal Commission Response - Stronger Regulators (2019 Measures)) Act 2020 .

commencement day
means the day the amending Part commences.

SECTION 1664   APPLICATION - EXISTING FINANCIAL SERVICES LICENSEE  

1664(1)    
Subject to this section, the amendments made by the amending Part apply on and after the commencement day to a financial services licensee whose licence was granted before, on or after the commencement day.

1664(2)    
Section 912DA , as inserted by the amending Part, applies in relation to an entity that starts to control, or stops controlling, the licensee on or after the commencement day.

1664(3)    
In relation to an Australian financial services licence in force immediately before the commencement day, the period of 6 months referred to in subsection 912DB(1) or 915B(1A) , (2A) , (3A) or (4A) , as inserted by the amending Part, begins at the start of the commencement day.

1664(4)    
The reference in paragraph 915C(1)(g) , as inserted by the amending Part, to information lodged with ASIC in accordance with a request under subsection 913B(3) in relation to an application for a licence includes information provided in accordance with paragraph 913B(1)(ca) before the commencement day.

SECTION 1665   APPLICATION - APPLICATIONS MADE BEFORE COMMENCEMENT  

1665(1)    
The following applications made before the commencement day, and not yet granted or refused at the start of the commencement day, are to be dealt with, on and after the commencement day, in accordance with this Act as amended by the amending Part:

(a) an application under section 913A for an Australian financial services licence;

(b) an application under paragraph 914A(2)(b) for conditions on an Australian financial services licence to be imposed, varied or revoked.

1665(2)    
A request for information under paragraph 913B(1)(ca) that was made before the commencement day and that has not, at the start of the commencement day, been complied with is taken, on and after the commencement day, to be a request for information under paragraph 913B(3)(a) as amended by the amending Part.