Corporations Act 2001
No 13 of 2018, Sch 1 contains the following Application of amendments (effective 6 March 2018):
31 Application of amendments
The amendments made by this Part apply on and after the day on which the first authorisation of an external dispute resolution scheme, under Part 7.10A of the Corporations Act 2001 as amended by Part 1 of this Schedule, comes into force.
Without limiting subitem (1), the amendments made by items 13, 14 and 29 apply in relation to disclosures of information made on and after the day on which that authorisation comes into force, whether the information was acquired before, on or after that day.
If AFCA becomes aware, in connection with a complaint under the AFCA scheme, that:
(a) a serious contravention of any law may have occurred; or
(b) a contravention of the governing rules of a regulated superannuation fund or an approved deposit fund may have occurred; or
(c) a breach of the terms and conditions relating to an annuity policy, a life policy or an RSA may have occurred; or
(d) a party to the complaint may have refused or failed to give effect to a determination made by AFCA;
AFCA must give particulars of the contravention, breach, refusal or failure to one or more of APRA, ASIC or the Commissioner of Taxation.1052E(2)
(a) the complaint relates to the scheme provided for by the Australian Defence Force Cover Act 2015 ; and
(b) subsection (1) applies because AFCA becomes aware that:
(i) a serious contravention of any law may have occurred; or
(ii) a party to the complaint may have refused or failed to give effect to a determination made by AFCA;
AFCA must instead give particulars of the contravention, refusal or failure to the Minister administering that Act and the Minister administering the Public Governance, Performance and Accountability Act 2013 .Referring settled complaints 1052E(3)
(a) the parties to a complaint made under the AFCA scheme agree to a settlement of the complaint; and
(b) AFCA thinks the settlement may require investigation;
AFCA may give particulars of the settlement to one or more of APRA, ASIC or the Commissioner of Taxation.Referring systemic issues 1052E(4)
If AFCA considers that there is a systemic issue arising from the consideration of complaints under the AFCA scheme, AFCA must give particulars of the issue to one or more of APRA, ASIC or the Commissioner of Taxation.
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