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 1671  

1671   DEFINITIONS  

In this Part:

amending Schedule
means 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.

SECTION 1671B  

1671B   APPLICATION OF SECTIONS 912DAA AND 912DAB  

Sections 912DAA and 912DAB , as inserted by item 5 of the amending Schedule, apply:

(a)    to the responsible entity of a registered scheme in relation to a breach of this Act that occurs before 1 October 2021, but in respect of which paragraph 601FC(1)(l) (as in force immediately before 1 October 2021) does not apply on or after 1 October 2021 (see subsection 1671A(1) ); and

(b)    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) that occurs before 1 October 2021, but in respect of which subsections 912D(1) to (1D) (as in force immediately before 1 October 2021) do not apply on or after 1 October 2021 (see subsection 1671A(2) ); and

(c)    in relation to reportable situations arising on or after 1 October 2021.

SECTION 1671C  

1671C   APPLICATION OF SECTION 912DAC  

Section 912DAC , as inserted by item 5 of the amending Schedule, applies:

(a)    to a financial services licensee who becomes a participant, or ceases to be a participant, in a licensed market or a licensed CS facility before 1 October 2021, but in respect of which subsection 912D(2) (as in force immediately before 1 October 2021) does not apply on or after 1 October 2021 (subsection 1671A(3) ); and

(b)    to a financial services licensee who becomes a participant, or ceases to be a participant, in a licensed market or a licensed CS facility on or after 1 October 2021.

SECTION 1671D  

1671D   APPLICATION OF ASIC ' S OBLIGATIONS TO PUBLISH INFORMATION UNDER SECTION 912DAD  

Section 912DAD , as inserted by item 5 of the amending Schedule, applies in relation to financial years ending on or after 30 June 2022.

SECTION 1671E  

1671E   APPLICATION OF PROVISIONS DEALING WITH NOTIFYING AND COMPENSATING A PERSON AFFECTED BY A REPORTABLE SITUATION  

Subdivision C of Division 3 of Part 7.6 , as inserted by item 6 of the amending Schedule, applies in relation to reportable situations arising on or after 1 October 2021.