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
History
Pt 10.44 inserted by No 135 of 2020, s 3, Sch 11[9] (effective 1 October 2021).
SECTION 1671
1671
DEFINITIONS
In this Part:
amending Schedule
means Schedule 11 to the
Financial Sector Reform (Hayne Royal Commission Response) Act 2020
.
History
S 1671 inserted by No 135 of 2020, s 3, Sch 11[9] (effective 1 October 2021).
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.
History
S 1671A inserted by No 135 of 2020, s 3, Sch 11[9] (effective 1 October 2021).
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.
History
S 1671B inserted by No 135 of 2020, s 3, Sch 11[9] (effective 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.
History
S 1671C inserted by No 135 of 2020, s 3, Sch 11[9] (effective 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.
History
S 1671D inserted by No 135 of 2020, s 3, Sch 11[9] (effective 1 October 2021).
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.
History
S 1671E inserted by No 135 of 2020, s 3, Sch 11[9] (effective 1 October 2021).