Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.10B - FINANCIAL SERVICES COMPENSATION SCHEME OF LAST RESORT  

Division 1 - Establishment of the scheme  

SECTION 1060   MINISTER MAY AUTHORISE AN OPERATOR OF THE SCHEME  

1060(1)    
The Minister may, by notifiable instrument, authorise a person to operate the financial services compensation scheme of last resort if the Minister is satisfied the person will meet the mandatory requirements under section 1062 .

Note: The person who is authorised by the Minister to operate the scheme is the CSLR operator (short for financial services compensation scheme of last resort operator).

1060(2)    
An authorisation of a person to operate the financial services compensation scheme of last resort must not come into force while an authorisation of another person to operate that scheme is in force.

1060(3)    
The Minister may, by notifiable instrument, vary or revoke an authorisation.

1060(4)    
In an instrument made under subsection (1) or (3) , the Minister:

(a)    must specify the day the authorisation, variation or revocation comes into force; and

(b)    may impose, vary or revoke conditions relating to the authorisation.