Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.7A - BEST INTERESTS OBLIGATIONS AND REMUNERATION  

Division 7 - Transition  

SECTION 967   BEST INTERESTS OBLIGATIONS AND REMUNERATION PROVISIONS TO APPLY DURING TRANSITION PERIOD  

967(1)  
A financial services licensee may, during the transition period, lodge notice in the prescribed form with ASIC that the obligations and prohibitions imposed under this Part are to apply to the licensee, and any person acting as a representative of the licensee, on and from a day that:


(a) falls on or after the day on which the notice is lodged with ASIC; and


(b) is specified in the notice.

967(2)  
If a notice is lodged with ASIC in accordance with subsection (1), ASIC must, on its website:


(a) publish the name of the financial services licensee who lodged the notice; and


(b) include a statement that the obligations and prohibitions imposed under this Part are to apply to the licensee, and any person acting as a representative of the licensee; and


(c) state the day on and from which those obligations and prohibitions are to apply.

967(3)  
A person:


(a) who would be subject to an obligation or prohibition under this Part, if it applied; and


(b) who would not be subject to the obligation or prohibition as a financial services licensee, or a person acting as a representative of a financial services licensee;

may, during the transition period, lodge notice in the prescribed form with ASIC that the obligations and prohibitions imposed under this Part are to apply to the person on and from a day that:


(c) falls on or after the day on which the notice is lodged with ASIC; and


(d) is specified in the notice.

967(4)  
If a notice is lodged with ASIC in accordance with subsection (3), ASIC must, on its website:


(a) publish the name of the person who lodged the notice; and


(b) include a statement that the obligations and prohibitions imposed under this Part are to apply to the person; and


(c) state the day on and from which those obligations and prohibitions are to apply.


 

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