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 B - Treatment of existing markets  

SECTION 1417   SECTION 1413 MARKETS - ADDITIONAL PROVISIONS RELATING TO PREVIOUSLY UNREGULATED SERVICES  

1417(1)   [ Application]  

This section applies to a financial market in relation to which the following paragraphs are satisfied:

(a) a licence is granted under section 1413 to the operator of the market; and

(b) the conditions on the licence specify, as the classes of financial products that can be dealt with on the market, the classes of financial products specified in whichever of paragraphs 1413(5) (a) and (b) is applicable; and

(c) immediately before the commencement, other financial products (the additional products ) were also dealt with on the market, and the fact that the market dealt with those products did not constitute a contravention of a provision of the old Corporations Act.

1417(2)   [ No application]  

Subject to subsection (3), section 791A of the amended Corporations Act does not apply in relation to the market in so far as all or any of the additional products are dealt with on the market 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 licensee applies, under subsection 796A(2) of the amended Corporations Act, to have the conditions on the licence varied or revoked, or to have additional conditions imposed on the licence.

1417(3)   [ Regulations]  

The regulations may, in relation to a market to which this section applies and the additional products, provide that specified provisions (including section 791A ) of the amended Corporations Act, and any associated provisions, apply in relation to a market to which this section applies and the additional products during some or all of the transition period for the market and the products with specified modifications.