Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.49 - TRANSITIONAL PROVISIONS RELATING TO SCHEDULE 9 TO THE FINANCIAL SECTOR REFORM (HAYNE ROYAL COMMISSION RESPONSE) ACT 2020  

SECTION 1676B   AUTOMATIC EXTENSION OF LICENCE CONDITIONS - LICENCE APPLICATIONS PENDING JUST BEFORE COMMENCEMENT DAY  

1676B(1)    
This section applies if:

(a)    before the commencement day, a person lodges an application for an Australian financial services licence authorising the person to deal in a superannuation product; and

(b)    on or after the commencement day, ASIC decides the application by granting the person an Australian financial services licence authorising the person to deal in a superannuation product; and

(c)    at the time the licence is granted, the person is an RSE licensee.

1676B(2)    
The licensee ' s Australian financial services licence is taken from the time it is granted to also be subject to a condition authorising the licensee to provide a superannuation trustee service.