CHAPTER 10
-
TRANSITIONAL PROVISIONS
PART 10.49
-
TRANSITIONAL PROVISIONS RELATING TO SCHEDULE 9 TO THE FINANCIAL SECTOR REFORM (HAYNE ROYAL COMMISSION RESPONSE) ACT 2020
History
Pt 10.49 inserted by No 135 of 2020, s 3, Sch 9
[
60] (effective 1 January 2021).
SECTION 1676
1676
DEFINITIONS
In this Part:
amending Schedule
means Schedule 9 to the
Financial Sector Reform (Hayne Royal Commission Response) Act 2020
.
commencement day
means the day on which Schedule 9 to the
Financial Sector Reform (Hayne Royal Commission Response) Act 2020
commences.
History
S 1676 inserted by No 135 of 2020, s 3, Sch 9
[
60] (effective 1 January 2021).
SECTION 1676A
AUTOMATIC EXTENSION OF LICENCE CONDITIONS ON THE COMMENCEMENT DAY
-
LICENSEES WHO ARE AUTHORISED TO DEAL
1676A(1)
This section applies to an Australian financial services licensee if, just before the commencement day:
(a)
the licensee
'
s Australian financial services licence authorised the licensee to deal in a superannuation product; and
(b)
the licensee was also an RSE licensee.
1676A(2)
The licensee
'
s Australian financial services licence is taken from the commencement day to be subject to a condition authorising the licensee to provide a superannuation trustee service.
History
S 1676A inserted by No 135 of 2020, s 3, Sch 9
[
60] (effective 1 January 2021).
SECTION 1676B
AUTOMATIC EXTENSION OF LICENCE CONDITIONS
-
LICENCE APPLICATIONS PENDING JUST BEFORE COMMENCEMENT DAY
1676B(1)
This section applies if:
(a)
before the commencement day, a person lodges an application for an Australian financial services licence authorising the person to deal in a superannuation product; and
(b)
on or after the commencement day, ASIC decides the application by granting the person an Australian financial services licence authorising the person to deal in a superannuation product; and
(c)
at the time the licence is granted, the person is an RSE licensee.
1676B(2)
The licensee
'
s Australian financial services licence is taken from the time it is granted to also be subject to a condition authorising the licensee to provide a superannuation trustee service.
History
S 1676B inserted by No 135 of 2020, s 3, Sch 9
[
60] (effective 1 January 2021).
SECTION 1676C
AUTOMATIC EXTENSION OF LICENCE CONDITIONS
-
VARIATION APPLICATIONS PENDING JUST BEFORE COMMENCEMENT DAY
1676C(1)
This section applies if:
(a)
before the commencement day, a person lodges an application for ASIC to vary the conditions on the person
'
s Australian financial services licence by authorising the person to deal in a superannuation product; and
(b)
on or after the commencement day, ASIC decides the application by varying the conditions on the person
'
s licence to authorise the person to deal in a superannuation product; and
(c)
at the time the licence is varied, the person is an RSE licensee.
1676C(2)
The licensee
'
s Australian financial services licence is taken from the time it is so varied to also be subject to a condition authorising the licensee to provide a superannuation trustee service.
History
S 1676C inserted by No 135 of 2020, s 3, Sch 9
[
60] (effective 1 January 2021).
SECTION 1676D
1676D
AUTOMATIC LICENCE CONDITIONS MAY BE VARIED ETC.
If an Australian financial services licence is subject to a condition authorising a licensee to provide a superannuation trustee service as a result of the operation of this Part, ASIC may, in accordance with the provisions of Part
7.6
:
(a)
vary or revoke the condition; or
(b)
vary, suspend or cancel the licence;
as if the authorisation to provide a superannuation trustee service had been specified by ASIC under subsection
914A(6)
.
History
S 1676D inserted by No 135 of 2020, s 3, Sch 9
[
60] (effective 1 January 2021).