Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024 (87 of 2024)

Schedule 3   Financial market infrastructure: transfer of powers

Part 2   Application and transitional provisions

Corporations Act 2001

168   In the appropriate position in Chapter 10

Insert:

Part 10.76 - Application and transitional provisions relating to Schedule 3 to the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024

1706 Definitions

In this Part:

amending Part means Part 1 of Schedule 3 to the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024.

commencement time means the time this section commences.

1706A Transitional - Ministerial instruments

(1) This section applies to an instrument (however described):

(a) made by the Minister under a provision of this Act amended by the amending Part; and

(b) in force immediately before the commencement time.

(2) The instrument continues in force (and may be dealt with) at and after the commencement time as if the instrument had been made under that provision as amended by the amending Part (or, if the amending Part replaces the provision with another provision, for the purposes of the replacement provision).

1706B Application of amendments - special reports and audit reports

Despite section 1706A, the amendments made by the amending Part do not apply in relation to a notice:

(a) given under subsection 794B(1) or 823B(1); and

(b) in force immediately before the commencement time.

1706C Transitional - reports in relation to market licensees

(1) This section applies if:

(a) a report and recommendation was given to the Minister under paragraph 797C(3)(b) before the commencement time; and

(b) the Minister did not take action under paragraph 797C(4)(a) or (b) in response to that report before the commencement time.

(2) The Minister must give the report and recommendation to ASIC.

(3) Subsection 797C(4) of this Act, as amended by the amending Part, applies in relation to the report and recommendation in the same way as that subsection applies in relation to a report given to ASIC under paragraph 797C(3)(b) of this Act, as amended by the amending Part.

1706D Transitional - reports in relation to CS facility licensees

(1) This section applies if:

(a) a report and recommendation was given to the Minister under paragraph 826C(3)(b) before the commencement time; and

(b) the Minister did not take action under paragraph 826C(4)(a) or (b) in response to that report before the commencement time.

(2) The Minister must give the report and recommendation to ASIC.

(3) Subsection 826C(4) of this Act, as amended by the amending Part, applies in relation to the report and recommendation in the same way as that subsection applies in relation to a report given to ASIC under paragraph 826C(3)(b) of this Act, as amended by the amending Part.