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 1684T   TRANSITIONAL - ORDERS UNDER SECTION 30-20 OF THE OLD TAX AGENT SERVICES ACT  

1684T(1)    
This section applies if a relevant provider does not comply with:

(a)    an order under section 30-20 of the old Tax Agent Services Act that is in force against the relevant provider immediately before 1 January 2022; or

(b)    an order made on or after that day against the relevant provider, in relation to an act or omission before that day, under section 30-20 of the old Tax Agent Services Act.

Action by Financial Services and Credit Panels

1684T(2)    
If no other Financial Services and Credit Panel has taken action against the relevant provider under this subsection, a Financial Services and Credit Panel may do one of the following:

(a)    give the relevant provider a warning or reprimand;

(b)    make an instrument of a kind specified in subsection 921L(1) , as inserted by Schedule 1 to the amending Act, in relation to the relevant provider.

Action by ASIC

1684T(3)    
If no Financial Services and Credit Panel has taken action against the relevant provider under subsection (2) , ASIC may make an order against the relevant provider.

1684T(4)    
If:

(a)    no Financial Services and Credit Panel has taken action against the relevant provider under subsection (2) ; and

(b)    ASIC has not made an order against the relevant provider under subsection (3) ;

ASIC must give the relevant provider a warning or reprimand.

Application of Act to action taken by Financial Services and Credit Panels under subsection (2)

1684T(5)    
This Act applies in relation to a warning or reprimand given under paragraph (2)(a) as if the warning or reprimand were given under subsection 921T(1) , as inserted by Schedule 1 to the amending Act.

1684T(6)    
This Act applies in relation to an instrument made, or proposed to be made, under paragraph (2)(b) as if the instrument were made, or proposed to be made, under subsection 921K(1) , as inserted by Schedule 1 to the amending Act.

Application of Act to action taken by ASIC under subsection (3) or (4)

1684T(7)    
This Act applies in relation to an order made, or proposed to be made, under subsection (3) as if the order were a banning order.

1684T(8)    
This Act applies in relation to a warning or reprimand given under subsection (4) as if the warning or reprimand were given under subsection 921S(1) , as inserted by Schedule 1 to the amending Act.