Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.57 - TRANSITIONAL PROVISIONS RELATING TO THE FINANCIAL SECTOR REFORM (HAYNE ROYAL COMMISSION RESPONSE - BETTER ADVICE) ACT 2021 AND RELATED MEASURES  

Division 3 - Other transitional provisions relating to the amending Act  

SECTION 1684U   TRANSITIONAL - DEEMED REGISTRATION OF CERTAIN RELEVANT PROVIDERS  

1684U(1)    
This section applies in relation to a person if:

(a)    the person is a relevant provider; and

(b)    immediately before 1 January 2022, either:

(i) the person was a registered tax (financial) adviser; or

(ii) an application under section 20-20 of the old Tax Agent Services Act for the registration of the person as a registered tax (financial) adviser had not been finally determined; or

(iii) an application under section 20-50 of the old Tax Agent Services Act for the renewal of the person ' s registration as a registered tax (financial) adviser had not been finally determined; and

(c)    on or after 1 January 2022, either:

(i) the person ' s registration as a registered tax (financial) adviser continues in force because of item 139 of Schedule 1 to the amending Act; or

(ii) the person ' s registration, or renewed registration, as a registered tax (financial) adviser comes into force because of item 140 of Schedule 1 to the amending Act.

1684U(2)    
On and after the application day for the person, this Act applies in relation to the person as if:

(a)    the person were registered under subsection 921ZC(1) , as inserted by Schedule 1 to the amending Act, because of an application in accordance with:

(i) if the relevant provider is a financial services licensee - section 921ZA , as inserted by Schedule 1 to the amending Act; or

(ii) if the relevant provider is not a financial services licensee - section 921ZB , as inserted by Schedule 1 to the amending Act; and

(b)    the person ' s registration under subsection 921ZC(1) , as inserted by Schedule 1 to the amending Act, came into force on the application day for the person.

1684U(3)    
For the purposes of this section, the application day for a person is:

(a)    if the person ' s registration continues in force because of item 139 of Schedule 1 to the amending Act - 1 January 2022; or

(b)    if the person ' s registration, or renewed registration, is in force because of item 140 of Schedule 1 to the amending Act - the day the registration, or renewed registration, comes into force under that item.