Corporations Act 2001
CHAPTER 10
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TRANSITIONAL PROVISIONS
PART 10.44
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APPLICATION AND TRANSITIONAL PROVISIONS RELATING TO SCHEDULE 11 TO THE FINANCIAL SECTOR REFORM (HAYNE ROYAL COMMISSION RESPONSE) ACT 2020
SECTION 1671
1671
DEFINITIONS
In this Part:
SECTION 1671A
CONTINUED APPLICATION OF PARAGRAPH 601FC(1)(l) AND SECTION 912D
1671A(1)
Despite the repeal of paragraph 601FC(1)(l) by item 1 of the amending Schedule, that paragraph (as in force immediately before 1 October 2021) continues to apply to the responsible entity of a registered scheme in relation to a breach of this Act if: (a) the breach occurs before 1 October 2021; and (b) before 1 October 2021, the responsible entity knows of the breach.
1671A(2)
Despite the repeal of section 912D by item 5 of the amending Schedule, subsections 912D(1) to (1D) and subsection 912D(3) (to the extent that it relates to subsections 912D(1) to (1D) ), as in force immediately before 1 October 2021, continue to apply to a financial services licensee in relation to a breach or likely breach of an obligation mentioned in paragraph 912D(1)(a) (as in force immediately before 1 October 2021) if: (a) the obligation is breached or is likely to be breached before 1 October 2021; and (b) before 1 October 2021, the licensee knows that the obligation has been breached or is likely to be breached.
1671A(3)
Despite the repeal of section 912D by item 5 of the amending Schedule, subsection 912D(2) and subsection 912D(3) (to the extent that it relates to subsection 912D(2) ), as in force immediately before 1 October 2021, continue to apply to a financial services licensee if: (a) the licensee becomes a participant, or ceases to be a participant, in a licensed market or a licensed CS facility before 1 October 2021; and (b) before 1 October 2021, the licensee knows of that circumstance.
SECTION 1671B
1671B
APPLICATION OF SECTIONS 912DAA AND 912DAB
Sections 912DAA and 912DAB , as inserted by item 5 of the amending Schedule, apply: (a) to the responsible entity of a registered scheme in relation to a breach of this Act that occurs before 1 October 2021, but in respect of which paragraph 601FC(1)(l) (as in force immediately before 1 October 2021) does not apply on or after 1 October 2021 (see subsection 1671A(1) ); and (b) to a financial services licensee in relation to a breach or likely breach of an obligation mentioned in paragraph 912D(1)(a) (as in force immediately before 1 October 2021) that occurs before 1 October 2021, but in respect of which subsections 912D(1) to (1D) (as in force immediately before 1 October 2021) do not apply on or after 1 October 2021 (see subsection 1671A(2) ); and (c) in relation to reportable situations arising on or after 1 October 2021.
SECTION 1671C
1671C
APPLICATION OF SECTION 912DAC
Section 912DAC , as inserted by item 5 of the amending Schedule, applies: (a) to a financial services licensee who becomes a participant, or ceases to be a participant, in a licensed market or a licensed CS facility before 1 October 2021, but in respect of which subsection 912D(2) (as in force immediately before 1 October 2021) does not apply on or after 1 October 2021 (subsection 1671A(3) ); and (b) to a financial services licensee who becomes a participant, or ceases to be a participant, in a licensed market or a licensed CS facility on or after 1 October 2021.
SECTION 1671D
1671D
APPLICATION OF ASIC
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S OBLIGATIONS TO PUBLISH INFORMATION UNDER SECTION 912DAD
Section 912DAD , as inserted by item 5 of the amending Schedule, applies in relation to financial years ending on or after 30 June 2022.
SECTION 1671E
1671E
APPLICATION OF PROVISIONS DEALING WITH NOTIFYING AND COMPENSATING A PERSON AFFECTED BY A REPORTABLE SITUATION
Subdivision C of Division 3 of Part 7.6 , as inserted by item 6 of the amending Schedule, applies in relation to reportable situations arising on or after 1 October 2021.
View history note
Hide history noteIn this Part:
amending Schedule
means Schedule 11 to the
Financial Sector Reform (Hayne Royal Commission Response) Act 2020
.
Despite the repeal of paragraph 601FC(1)(l) by item 1 of the amending Schedule, that paragraph (as in force immediately before 1 October 2021) continues to apply to the responsible entity of a registered scheme in relation to a breach of this Act if: (a) the breach occurs before 1 October 2021; and (b) before 1 October 2021, the responsible entity knows of the breach.
1671A(2)
Despite the repeal of section 912D by item 5 of the amending Schedule, subsections 912D(1) to (1D) and subsection 912D(3) (to the extent that it relates to subsections 912D(1) to (1D) ), as in force immediately before 1 October 2021, continue to apply to a financial services licensee in relation to a breach or likely breach of an obligation mentioned in paragraph 912D(1)(a) (as in force immediately before 1 October 2021) if: (a) the obligation is breached or is likely to be breached before 1 October 2021; and (b) before 1 October 2021, the licensee knows that the obligation has been breached or is likely to be breached.
1671A(3)
Despite the repeal of section 912D by item 5 of the amending Schedule, subsection 912D(2) and subsection 912D(3) (to the extent that it relates to subsection 912D(2) ), as in force immediately before 1 October 2021, continue to apply to a financial services licensee if: (a) the licensee becomes a participant, or ceases to be a participant, in a licensed market or a licensed CS facility before 1 October 2021; and (b) before 1 October 2021, the licensee knows of that circumstance.
Sections 912DAA and 912DAB , as inserted by item 5 of the amending Schedule, apply: (a) to the responsible entity of a registered scheme in relation to a breach of this Act that occurs before 1 October 2021, but in respect of which paragraph 601FC(1)(l) (as in force immediately before 1 October 2021) does not apply on or after 1 October 2021 (see subsection 1671A(1) ); and (b) to a financial services licensee in relation to a breach or likely breach of an obligation mentioned in paragraph 912D(1)(a) (as in force immediately before 1 October 2021) that occurs before 1 October 2021, but in respect of which subsections 912D(1) to (1D) (as in force immediately before 1 October 2021) do not apply on or after 1 October 2021 (see subsection 1671A(2) ); and (c) in relation to reportable situations arising on or after 1 October 2021.
Section 912DAC , as inserted by item 5 of the amending Schedule, applies: (a) to a financial services licensee who becomes a participant, or ceases to be a participant, in a licensed market or a licensed CS facility before 1 October 2021, but in respect of which subsection 912D(2) (as in force immediately before 1 October 2021) does not apply on or after 1 October 2021 (subsection 1671A(3) ); and (b) to a financial services licensee who becomes a participant, or ceases to be a participant, in a licensed market or a licensed CS facility on or after 1 October 2021.
Section 912DAD , as inserted by item 5 of the amending Schedule, applies in relation to financial years ending on or after 30 June 2022.
Subdivision C of Division 3 of Part 7.6 , as inserted by item 6 of the amending Schedule, applies in relation to reportable situations arising on or after 1 October 2021.