Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (135 of 2020)

Schedule 9   Adjustment of APRA and ASIC's roles in superannuation

Part 2   Adjustments relating to financial services

Corporations Act 2001

60   In the appropriate position in Chapter 10

Insert:

Part 10.49 - Transitional provisions relating to Schedule 9 to the Financial Sector Reform (Hayne Royal Commission Response) Act 2020

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.

1676A Automatic extension of licence conditions on the commencement day - licensees who are authorised to deal

(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.

(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.

1676B Automatic extension of licence conditions - licence applications pending just before commencement day

(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.

(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.

1676C Automatic extension of licence conditions - variation applications pending just before commencement day

(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.

(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.

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).