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 6 - Financial matters  

SECTION 1069N   PAYMENT TO THE CSLR OPERATOR OF AMOUNT FOR THE FIRST LEVY PERIOD FOR THE SCHEME  

1069N(1)    
The Commonwealth must pay to the CSLR operator the amount mentioned in subsection (2) for the first levy period for the following purposes:

(a)    the CSLR operator paying compensation under section 1063 during the first levy period, other than any such compensation relating to pre-CSLR complaints;

(b)    the CSLR operator paying AFCA ' s unpaid fees for each month ending on or after the accumulation recovery day but before the second levy period, other than any such fees relating to pre-CSLR complaints;

(c)    the CSLR operator establishing approximately one third of the capital reserve (within the meaning of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023 );

(d)    the CSLR operator paying the CSLR operator ' s administrative costs for the first levy period.

1069N(2)    
For the purposes of subsection (1) , the amount is equal to the sum of each estimate determined under subsection 1069M(1) for the first levy period and a sub-sector.