Clean Energy Legislation (Carbon Tax Repeal) Act 2014 (83 of 2014)

Schedule 1   Repeal of the carbon tax

Part 2   Amendments

Corporations Act 2001

107   At the end Chapter 10

Add:

Part 10.23 - Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014

1542 Definition

In this Part:

designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.

1543 Transitional - carbon units issued before the designated carbon unit day

Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.

1544 Transitional - variation of conditions on Australian financial services licences

Scope

(1) This section applies if, as at the end of the designated carbon unit day, an Australian financial services licence is subject to a condition that authorises the financial services licensee to provide financial services in relation to financial products that are carbon units.

Variation

(2) After that day, subsections 914A(3), (4) and (5) do not apply in relation to a variation of the condition, if the only effect of the variation is to remove the authorisation to provide financial services in relation to financial products that are carbon units.

1545 Transitional - immediate cancellation of Australian financial services licences

Section 915B applies, on and after the designated carbon unit day, as if the following subsection was added at the end of the section:

Licence relating to carbon units

(5) ASIC may cancel an Australian financial services licence held by a person, by giving written notice to the person, if the licence only authorises the person to provide financial services that relate to financial products that are carbon units.

1546 Transitional - statements of reasons for cancellation of Australian financial services licences

Section 915G does not apply to a cancellation under subsection 915B(5) (as inserted by section 1545).