Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 (8 of 2022)

Schedule 8   Minor and technical amendments Spring 2021

Part 1   Amendments commencing day after Royal Assent

National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009

22   In the appropriate position

Insert:

Schedule 20 - Application provisions relating to Schedule 8 to the Corporate Collective Investment Vehicle Framework and Other Measures Act 202 2

1 Definitions

In this Schedule:

amending Part means Part 1 of Schedule 8 to the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022.

commencement day means the day the amending Part commences.

2 Application of paragraph 50A(3)(d) of the National Credit Act

(1) Paragraph 50A(3)(d) of the National Credit Act, as inserted by the amending Part, applies in relation to a reportable situation that arises on or after 1 October 2021 and relates to a breach of an obligation referred to in that paragraph.

(2) If:

(a) due to subitem (1), a licensee is required, under a provision of Division 5 of Part 2-2 of the National Credit Act, to do a thing in relation to a reportable situation that arose before the commencement day; and

(b) that thing must be done within a period of a specified number of days after the licensee first knows about, or is reckless with respect to, particular matters; and

(c) that period began before the commencement day;

then, that requirement is taken to be a requirement to do the thing within the specified number of days after the commencement day.

3 Application of paragraph 50A(3)(c) and subsection 50A(5) of the National Credit Act

Paragraph 50A(3)(c) and subsection 50A(5) of the National Credit Act, as inserted by the amending Part, apply in relation to a reportable situation that arises on or after the commencement day.