Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.2 - TRANSITIONAL PROVISIONS RELATING TO THE FINANCIAL SERVICES REFORM ACT 2001  

Division 1 - Transitional provisions relating to the phasing-in of the new financial services regime  

Subdivision C - Treatment of existing clearing and settlement facilities  

SECTION 1429   TREATMENT OF OTHER CLEARING AND SETTLEMENT FACILITIES  

1429(1)   [ Application]  

This section applies to each clearing and settlement facility being operated immediately before the FSR commencement in relation to which both of the following paragraphs are satisfied:

(a) the clearing and settlement facility is not a facility to which section 1425 applies;

(b) section 1128 of the old Corporations Act did not, immediately before the FSR commencement, require the operator of the facility to be a person approved under section 1131.

1429(2)   [ No application]  

Subject to subsection (3), section 820A of the amended Corporations Act does not apply in relation to the facility during the period (the transition period ) starting on the FSR commencement and ending on whichever of the following first occurs:

(a) the end of the period of 2 years starting on the FSR commencement;

(b) the operator of the facility is granted a licence under section 824B of the amended Corporations Act covering the facility;

(c) the Minister makes an exemption under section 820C of the amended Corporations Act covering the facility;

(d) the facility starts to provide services in respect of a class or classes of financial products in respect of which it did not provide services immediately before the FSR commencement.

1429(3)   [ Regulations]  

The regulations may provide that specified provisions of the amended Corporations Act (including section 820A), and any associated provisions, apply in relation to a clearing and settlement facility to which this section applies during some or all of the transition period for the facility with specified modifications.