Corporations Act 2001
CHAPTER 10
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TRANSITIONAL PROVISIONS
PART 10.23
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TRANSITIONAL PROVISIONS RELATING TO THE CLEAN ENERGY LEGISLATION (CARBON TAX REPEAL) ACT 2014
SECTION 1542
1542
DEFINITION
In this Part:
SECTION 1543
1543
TRANSITIONAL
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CARBON UNITS ISSUED BEFORE THE DESIGNATED CARBON UNIT DAY
Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014 , this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.
SECTION 1544
TRANSITIONAL
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VARIATION OF CONDITIONS ON AUSTRALIAN FINANCIAL SERVICES LICENCES
Scope
1544(1)
This section applies if, as at the end of the designated carbon unit day, an Australian financial services licence is subject to a condition that authorises the financial services licensee to provide financial services in relation to financial products that are carbon units.
Variation
1544(2)
After that day, subsections 914A(3) , (4) and (5) do not apply in relation to a variation of the condition, if the only effect of the variation is to remove the authorisation to provide financial services in relation to financial products that are carbon units.
SECTION 1545
1545
TRANSITIONAL
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IMMEDIATE CANCELLATION OF AUSTRALIAN FINANCIAL SERVICES LICENCES
Section 915B applies, on and after the designated carbon unit day, as if the following subsection was added at the end of the section:
SECTION 1546
1546
TRANSITIONAL
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STATEMENTS OF REASONS FOR CANCELLATION OF AUSTRALIAN FINANCIAL SERVICES LICENCES
Section 915G does not apply to a cancellation under subsection 915B(5) (as inserted by section 1545 ).
View history note
Hide history noteIn this Part:
designated carbon unit day
has the same meaning as in Part 3 of Schedule 1 to the
Clean Energy Legislation (Carbon Tax Repeal) Act 2014
.
Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014 , this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.
Scope
1544(1)
This section applies if, as at the end of the designated carbon unit day, an Australian financial services licence is subject to a condition that authorises the financial services licensee to provide financial services in relation to financial products that are carbon units.
Variation
1544(2)
After that day, subsections 914A(3) , (4) and (5) do not apply in relation to a variation of the condition, if the only effect of the variation is to remove the authorisation to provide financial services in relation to financial products that are carbon units.
Section 915B applies, on and after the designated carbon unit day, as if the following subsection was added at the end of the section:
Licence relating to carbon units
915B(5)
ASIC may cancel an Australian financial services licence held by a person, by giving written notice to the person, if the licence only authorises the person to provide financial services that relate to financial products that are carbon units.
Section 915G does not apply to a cancellation under subsection 915B(5) (as inserted by section 1545 ).