Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history note[
CCH Note:
No 13 of 2018, Sch 1[31] contains the following Application of amendments (effective 6 March 2018):
31 Application of amendments
]
(1)
The amendments made by this Part apply on and after the day on which the first authorisation of an external dispute resolution scheme, under Part
7.10A
of the
Corporations Act 2001
as amended by Part 1 of this Schedule, comes into force.
(2)
Without limiting subitem (1), the amendments made by items 13, 14 and 29 apply in relation to disclosures of information made on and after the day on which that authorisation comes into force, whether the information was acquired before, on or after that day.
Referring contraventions and breaches etc. to appropriate authorities
1052E(1)
If AFCA becomes aware, in connection with a complaint under the AFCA scheme, that: (a) a serious contravention of any law may have occurred; or (b) a contravention of the governing rules of any of the following may have occurred:
(i) a regulated superannuation fund;
(ii) an AFCA regulated superannuation scheme;
(c) a breach of the terms and conditions relating to an annuity policy, a life policy or an RSA may have occurred; or (d) a party to the complaint may have refused or failed to give effect to a determination made by AFCA;
(iii) an approved deposit fund; or
AFCA must give particulars of the contravention, breach, refusal or failure to one or more of APRA, ASIC or the Commissioner of Taxation.
1052E(2)
However, if: (a) the complaint relates to the scheme provided for by the Australian Defence Force Cover Act 2015 ; and (b) subsection (1) applies because AFCA becomes aware that:
(i) a serious contravention of any law may have occurred; or
(ii) a party to the complaint may have refused or failed to give effect to a determination made by AFCA;
AFCA must instead give particulars of the contravention, refusal or failure to the Minister administering that Act and the Minister administering the Public Governance, Performance and Accountability Act 2013 .
Referring settled complaints
1052E(3)
If: (a) the parties to a complaint made under the AFCA scheme agree to a settlement of the complaint; and (b) AFCA thinks the settlement may require investigation;
AFCA may give particulars of the settlement to one or more of APRA, ASIC or the Commissioner of Taxation.
Referring systemic issues
1052E(4)
If AFCA considers that there is a systemic issue arising from the consideration of complaints under the AFCA scheme, AFCA must give particulars of the issue to one or more of APRA, ASIC or the Commissioner of Taxation.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
