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 1676  

1676   DEFINITIONS  

In this Part:

amending Schedule
means Schedule 9 to the Financial Sector Reform (Hayne Royal Commission Response) Act 2020 .

commencement day
means the day on which Schedule 9 to the Financial Sector Reform (Hayne Royal Commission Response) Act 2020 commences.

SECTION 1676A   AUTOMATIC EXTENSION OF LICENCE CONDITIONS ON THE COMMENCEMENT DAY - LICENSEES WHO ARE AUTHORISED TO DEAL  

1676A(1)    
This section applies to an Australian financial services licensee if, just before the commencement day:

(a)    the licensee ' s Australian financial services licence authorised the licensee to deal in a superannuation product; and

(b)    the licensee was also an RSE licensee.

1676A(2)    
The licensee ' s Australian financial services licence is taken from the commencement day to be subject to a condition authorising the licensee to provide a superannuation trustee service.

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

1676B(1)    
This section applies if:

(a)    before the commencement day, a person lodges an application for an Australian financial services licence authorising the person to deal in a superannuation product; and

(b)    on or after the commencement day, ASIC decides the application by granting the person an Australian financial services licence authorising the person to deal in a superannuation product; and

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

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

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.

SECTION 1676D  

1676D   AUTOMATIC LICENCE CONDITIONS MAY BE VARIED ETC.  

If an Australian financial services licence is subject to a condition authorising a licensee to provide a superannuation trustee service as a result of the operation of this Part, ASIC may, in accordance with the provisions of Part 7.6 :

(a)    vary or revoke the condition; or

(b)    vary, suspend or cancel the licence;

as if the authorisation to provide a superannuation trustee service had been specified by ASIC under subsection 914A(6) .