Treasury Laws Amendment (2018 Measures No. 1) Act 2018 (23 of 2018)

Schedule 1   Regulatory reform

Part 5   Receivers, and other controllers, of property of corporations

Corporations Act 2001

45   After section 429

Insert:

429A Special rules for scheme property

Report by controller of scheme property

(1) If:

(a) a person becomes a controller of property of a corporation; and

(b) the only property of the corporation in respect of which a person is controller is scheme property of a registered scheme; and

(c) the corporation is the responsible entity of the registered scheme;

subsection 429(2) applies only to affairs of the corporation that relate to the relevant registered schemes and trusts, and the notice under paragraph 429(2)(a) may refer to those schemes and trusts.

(2) Subsection 429(2) does not apply if:

(a) a person becomes a controller of property of a corporation; and

(b) the only property of the corporation in respect of which a person is controller is scheme property of a registered scheme; and

(c) the corporation is not the responsible entity of the registered scheme; and

(d) the corporation holds an Australian financial services licence that covers the provision of custodial or depository services.

Reporting to and by responsible entity

(3) If:

(a) a person becomes a controller of property of a corporation; and

(b) the property is scheme property of a registered scheme; and

(c) the property is not property of the responsible entity of the scheme; and

(d) the corporation holds an Australian financial services licence that covers the provision of custodial or depository services;

the following paragraphs apply:

(e) the person must serve on the responsible entity as soon as practicable notice that the person is a controller of the scheme property;

(f) within 14 days after the responsible entity receives the notice, the persons who, on the control day, were directors or the secretary of the responsible entity must make out and submit to the person who is a controller a report in the prescribed form about the affairs of the scheme as at the control day;

(g) paragraph 429(2)(c) and subsections 429(3) to (5) apply, in relation to a report submitted under paragraph (f) of this subsection, in the same way as those provisions apply in relation to reports submitted under paragraph 429(2)(b), with the following modifications:

(i) if subsection (2) of this section applies - subparagraph 429(2)(c)(ii) (which requires the person to send a copy of the notice to the corporation) does not apply;

(ii) a reference in those provisions to the reporting officers is treated as being a reference to the directors and secretary mentioned in paragraph (f) of this subsection;

(h) if the person receives a report to which paragraph 429(2)(c) applies (including because of paragraph (g) of this subsection) - the person must, within one month after receipt of the report, send a copy of the notice lodged in accordance with subparagraph 429(2)(c)(i) to the responsible entity.