Same-Sex Relationships (Equal Treatment in Commonwealth Laws - General Law Reform) Act 2008 (144 of 2008)

Schedule 14   Treasury

Part 2   Amendment of market regulation laws

Financial Sector (Shareholdings) Act 1998

104   Transitional provisions

Unacceptable ownership situation

(1) For the purposes of section 12 of the Financial Sector (Shareholdings) Act 1998, if:

(a) apart from this subitem, an unacceptable ownership situation would exist in relation to a financial sector company on the commencement day; and

(b) the situation would exist only because of the amendments of that Act made by this Part;

then, the situation is, during the period of 6 months starting on the commencement day, taken not to exist for so long as it would otherwise have existed.

Practical control of a financial sector company

(2) If:

(a) the Treasurer is satisfied, for the purposes of subparagraph 23(1)(a)(ii) of the Financial Sector (Shareholdings) Act 1998, that a person was in a position to exercise control over a financial sector company on the commencement day; and

(b) the person was in that position on that day only because of the amendments of that Act made by this Part;

then, the Treasurer may not make a declaration under section 23 of that Act in relation to that person and that company during the period of 6 months starting on the commencement day.

Record-keeping

(3) If:

(a) apart from this subitem, a person would be required by regulations made for the purposes of section 26 of the Financial Sector (Shareholdings) Act 1998 to do something on the commencement day in relation to an ownership matter; and

(b) the person would not be required to do that thing if the amendments of that Act made by this Part had not been made;

then, the person is, during the period of 6 months starting on the commencement day, taken not to be required to do that thing for so long as the person would otherwise have been required to do that thing.

Commencement day

(4) In this item:

commencement day means the day on which the amendments of the Financial Sector (Shareholdings) Act 1998 made by this Part commence.