Treasury Laws Amendment (Financial Services Compensation Scheme of Last Resort) Act 2023 (46 of 2023)
Schedule 1 Financial services compensation scheme of last resort
Part 2 Other amendments
Corporations Act 2001
15 At the end of section 915B
Add:
(4B) ASIC must cancel an Australian financial services licence held by the trustees of a trust, by giving written notice to the trustees, if:
(a) the trustees of the trust are required to pay an amount to a person in accordance with a relevant AFCA determination; and
(b) the CSLR operator has paid, under section 1063, an amount of compensation to the person for the relevant AFCA determination.
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