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
9 After subsection 915B(1A)
Insert:
(1B) ASIC must cancel an Australian financial services licence held by an individual, by giving written notice to the individual, if:
(a) the individual is required to pay an amount to another person in accordance with a relevant AFCA determination; and
(b) the CSLR operator has paid, under section 1063, an amount of compensation to the other person for the relevant AFCA determination.
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