Corporations Act 2001
CHAPTER 10
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TRANSITIONAL PROVISIONS
PART 10.49
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TRANSITIONAL PROVISIONS RELATING TO SCHEDULE 9 TO THE FINANCIAL SECTOR REFORM (HAYNE ROYAL COMMISSION RESPONSE) ACT 2020
SECTION 1676
1676
DEFINITIONS
In this Part:
SECTION 1676A
AUTOMATIC EXTENSION OF LICENCE CONDITIONS ON THE COMMENCEMENT DAY
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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.
SECTION 1676B
AUTOMATIC EXTENSION OF LICENCE CONDITIONS
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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.
SECTION 1676C
AUTOMATIC EXTENSION OF LICENCE CONDITIONS
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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.
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;
View history note
Hide history noteIn 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.
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.
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.
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.
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) .