Corporations Regulations 2001

CHAPTER 12 - FINANCIAL SECTOR REFORM  

PART 12.7 - OTHER DISCLOSURE  

Division 2 - Continued application of certain provisions  

REGULATION 12.7.04   CONTINUATION OF ASIC TRANSITIONAL STANDARDS  

12.7.04(1)   [ Application]  

For clause 39 of Schedule 4 to the Act and subject to this Division, the ASIC transitional standards:

(a) continue to apply in relation to a transferring financial institution of a State or Territory to the extent that the standards applied to the institution immediately before the transfer date; and

(b) apply in relation to a relevant financial institution of a kind mentioned in paragraph (b) or (c) of the definition of that expression in regulation 12.7.01 to the extent that the standards applied to an institution of that kind immediately before the transfer date; and

(c) apply in relation to an Australian ADI to which a declaration under regulation 12.7.02 applies to the extent that the standards applied to Australian ADIs immediately before the transfer date.

12.7.04(2)   [ Limitation on powers of exemption]  

However, Prudential Standard 6.8.3, as applied by subregulation (1), does not authorise ASIC to grant an exemption.

Note: Regulation 12.7.05 authorises ASIC to make a declaration having the effect of an exemption to which Prudential Standard 6.8.3 relates.