Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.69 - TRANSITIONAL PROVISIONS RELATING TO SCHEDULE 1 TO THE TREASURY LAWS AMENDMENT (2023 MEASURES NO. 1) ACT 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.

SECTION 1699A   TRANSITIONAL - 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 - 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.

SECTION 1699B   TRANSITIONAL - 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.

SECTION 1699C   TRANSITIONAL - 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.

SECTION 1699D   TRANSITIONAL - 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 - 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 - 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) ).

SECTION 1699E   TRANSITIONAL - 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 - 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.

SECTION 1699F  

1699F   TRANSITIONAL - 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.

SECTION 1699G  

1699G   APPLICATION OF AMENDMENT - REQUIREMENT FOR RELEVANT PROVIDERS TO BE REGISTERED  
The repeal of section 1684L by the amending Part applies on and after 1 January 2023.

SECTION 1699H  

1699H   APPLICATION OF AMENDMENT - 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.