Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 3   ALRC Financial Services Interim Report: single glossary of defined terms contingent amendments

Part 5   Part 4 of Schedule 1 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023

Division 2   Amendments if Schedule 2 to this Act commences first

Corporations Act 2001

24   Subsection 601WDA(1)

Repeal the subsection, substitute:

Notice of cancellation or variation of Australian financial services licence

(1) If ASIC has under Part 7.6 cancelled a trustee company's Australian financial services licence, or varied the conditions of a trustee company's Australian financial services licence so that the licence ceases to cover traditional trustee company services, the trustee company must, as soon as practicable:

(a) take all reasonable steps to contact the following persons and advise them of the cancellation or variation of the licence:

(i) all persons who the trustee company is aware have executed and lodged instruments, such as wills, that have not yet come into effect, but will potentially lead to estate assets and liabilities being held by the trustee company;

(ii) all persons who the trustee company is aware have appointed the trustee company as trustee or to some other capacity; and

(b) publish (in accordance with any requirements prescribed by the regulations for the purposes of this paragraph) notice of the cancellation or variation of the licence.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).