Treasury Laws Amendment (Financial Services Compensation Scheme of Last Resort) Act 2023 (46 of 2023)

Schedule 1   Financial services compensation scheme of last resort

Part 2   Other amendments

Corporations Act 2001

15   At the end of section 915B

Add:

(4B) ASIC must cancel an Australian financial services licence held by the trustees of a trust, by giving written notice to the trustees, if:

(a) the trustees of the trust are required to pay an amount to a person in accordance with a relevant AFCA determination; and

(b) the CSLR operator has paid, under section 1063, an amount of compensation to the person for the relevant AFCA determination.