CHAPTER 10
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TRANSITIONAL PROVISIONS
PART 10.69
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TRANSITIONAL PROVISIONS RELATING TO SCHEDULE 1 TO THE TREASURY LAWS AMENDMENT (2023 MEASURES NO. 1) ACT 2023
History
Pt 10.69 inserted by No 101 of 2023, s 3, Sch 1[24] (effective 28 November 2023).
SECTION 1699
DEFINITIONS
1699(1)
In this Part:
amending Part
means Part 1 of Schedule 1 to the
Treasury Laws Amendment (2023 Measures No. 1) Act 2023
.
1699(2)
An expression used in this Part that is also used in Part
7.6
has the same meaning as in that Part.
History
S 1699 inserted by No 101 of 2023, s 3, Sch 1[24] (effective 28 November 2023).
SECTION 1699A
TRANSITIONAL
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REGISTRATION OF RELEVANT PROVIDERS
1699A(1)
This section applies to a registration of a relevant provider that was in force under subsection
921ZC(1)
immediately before the commencement of the amending Part.
1699A(2)
The registration of the relevant provider continues in force (and may be dealt with) on and after the commencement of the amending Part as follows:
(a)
if the application to register the relevant provider was made in accordance with section
921ZA
-
as if the relevant provider had been registered under subsection
921ZC(1)
as substituted by the amending Part;
(b)
if the application to register the relevant provider was made by a financial services licensee in accordance with section
921ZB
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as if the relevant provider had been registered under subsection
921ZC(1A)
as substituted by the amending Part in relation to the financial services licensee.
Note: See section
1699D
for transitional arrangements in relation to a registration of a relevant provider that is suspended immediately before the commencement of the amending Part.
History
S 1699A inserted by No 101 of 2023, s 3, Sch 1[24] (effective 28 November 2023).
SECTION 1699B
TRANSITIONAL
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RELEVANT PROVIDERS WHO ARE FINANCIAL SERVICES LICENSEES APPLYING TO BE REGISTERED
1699B(1)
This section applies to an application for the registration of a relevant provider if:
(a)
the application was made in accordance with section
921ZA
as in force immediately before the commencement of the amending Part; and
(b)
ASIC had not made a decision under section
921ZC
before the commencement of the amending Part in relation to the application.
1699B(2)
The application continues in force (and may be dealt with) on and after the commencement of the amending Part, as if the application had been made to register the relevant provider under subsection
921ZC(1)
as substituted by the amending Part.
History
S 1699B inserted by No 101 of 2023, s 3, Sch 1[24] (effective 28 November 2023).
SECTION 1699C
TRANSITIONAL
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FINANCIAL SERVICES LICENSEES APPLYING TO REGISTER RELEVANT PROVIDERS
1699C(1)
This section applies to an application for the registration of a relevant provider if:
(a)
the application was made in accordance with section
921ZB
as in force immediately before the commencement of the amending Part; and
(b)
ASIC had not made a decision under section
921ZC
before the commencement of the amending Part in relation to the application.
1699C(2)
The application continues in force (and may be dealt with) on and after the commencement of the amending Part, as if the application had been made to register the relevant provider under subsection
921ZC(1A)
as substituted by the amending Part.
History
S 1699C inserted by No 101 of 2023, s 3, Sch 1[24] (effective 28 November 2023).
SECTION 1699D
TRANSITIONAL
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REGISTRATION SUSPENSION ORDERS
1699D(1)
This section applies to a registration suspension order that:
(a)
was in force immediately before the commencement of the amending Part in relation to a registration under subsection
921ZC(1)
of a relevant provider; and
(b)
specified a suspension period ending after that commencement.
1699D(2)
The registration suspension order continues in force (and may be dealt with) on and after that commencement as if it were an instrument of a kind that:
(a)
is specified in paragraph
921L(1)(b)
as substituted by the amending Part; and
(b)
suspends that registration for the remainder of the suspension period.
1699D(3)
After the suspension period, that registration continues in force (and may be dealt with) as follows:
(a)
if the application to register the relevant provider was made in accordance with section
921ZA
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as if that registration had been under subsection
921ZC(1)
as substituted by the amending Part;
(b)
if the application to register the relevant provider was made by a financial services licensee in accordance with section
921ZB
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as if that registration had been under subsection
921ZC(1A)
as substituted by the amending Part in relation to the financial services licensee.
Note: The provider
'
s registration will not already have been continued under section
1699A
because that registration was suspended immediately before the commencement of the amending Part and therefore was not in force at that time (see subsection
921L(3)
).
History
S 1699D inserted by No 101 of 2023, s 3, Sch 1[24] (effective 28 November 2023).
SECTION 1699E
TRANSITIONAL
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REGISTRATION PROHIBITION ORDERS
1699E(1)
This section applies to a registration prohibition order that:
(a)
was in force immediately before the commencement of the amending Part in relation to a registration under subsection
921ZC(1)
of a relevant provider; and
(b)
specified a cancellation time for that registration; and
(c)
specified a prohibition end day that is after the commencement of the amending Part.
1699E(2)
The registration prohibition order continues in force (and may be dealt with) on and after that commencement as if it were an instrument of a kind that:
(a)
is specified in paragraph
921L(1)(c)
as substituted by the amending Part; and
(b)
if the cancellation time is at or after the commencement of the amending Part
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cancels at the cancellation time the relevant provider
'
s registration under subsection
921ZC(1)
or
(1A)
as substituted by the amending Part; and
(c)
provides that the person who is or was the relevant provider is not to be registered under subsection
921ZC(1)
or
(1A)
, as substituted by the amending Part, until after the prohibition end day.
Note 1: If the cancellation time was before the commencement of the amending Part, then the cancellation of the provider
'
s registration will have already taken effect before that commencement.
Note 2: If the cancellation time is at or after that commencement, section
1699A
will continue the provider
'
s registration up until the cancellation time. Paragraph (b) of this subsection confirms that the provider
'
s registration will then be cancelled at the cancellation time.
Note 3: Paragraph (c) confirms that the person is not to be registered again until after the prohibition end day.
History
S 1699E inserted by No 101 of 2023, s 3, Sch 1[24] (effective 28 November 2023).
SECTION 1699F
1699F
TRANSITIONAL
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ACTION BY FINANCIAL SERVICES AND CREDIT PANELS AGAINST RELEVANT PROVIDERS
A Financial Services and Credit Panel may under subsection
921K(1)
make an instrument of a kind specified in paragraph
921L(1)(b)
or
(c)
, as substituted by the amending Part, because of circumstances mentioned in subsection
921K(1)
that happen before, on or after the commencement of the amending Part.
History
S 1699F inserted by No 101 of 2023, s 3, Sch 1[24] (effective 28 November 2023).
SECTION 1699G
1699G
APPLICATION OF AMENDMENT
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REQUIREMENT FOR RELEVANT PROVIDERS TO BE REGISTERED
The repeal of section
1684L
by the amending Part applies on and after 1 January 2023.
History
S 1699G inserted by No 101 of 2023, s 3, Sch 1[24] (effective 28 November 2023).
SECTION 1699H
1699H
APPLICATION OF AMENDMENT
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DEEMED REGISTRATION OF CERTAIN RELEVANT PROVIDERS
The amendments of paragraphs
1684U(1)(b)
and
(c)
and paragraphs
1684U(3)(a)
and
(b)
by the amending Part apply on and after 1 January 2022.
History
S 1699H inserted by No 101 of 2023, s 3, Sch 1[24] (effective 28 November 2023).