Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.46 - APPLICATION AND TRANSITIONAL PROVISIONS RELATING TO SCHEDULE 1 TO THE FINANCIAL SECTOR REFORM (HAYNE ROYAL COMMISSION RESPONSE NO. 2) ACT 2021  

Division 3 - Existing ongoing fee arrangements  

SECTION 1673F   APPLICATION - CONSENT REQUIREMENTS FOR DEDUCTIONS OF ONGOING FEES  

1673F(1)    
Subdivision C of Division 3 of Part 7.7A , as inserted by the amending Schedule, applies in relation to the ongoing fee arrangement on and from 1 July 2022.

1673F(2)    
However, if a person gives a fee recipient in relation to the ongoing fee arrangement consent for the purposes of that Subdivision before 1 July 2022:

(a)    section 962U (variation or withdrawal of consent) in that Subdivision applies in relation to the consent from when it is given; and

(b)    section 962X (obligation to keep records of compliance), as inserted by the amending Schedule, applies in relation to records relating to the consent.

1673F(3)    
Section 1350 does not apply in relation to the operation of Subdivision C of Division 3 of Part 7.7A , as inserted by the amending Schedule, in respect of the ongoing fee arrangement.