Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 3   ALRC Financial Services Interim Report: single glossary of defined terms contingent amendments

Part 5   Part 4 of Schedule 1 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023

Division 1   Amendments if Schedule 2 to this Act commences second

Corporations Act 2001

22   Subsection 601WDA(1)

Repeal the subsection, substitute:

Notice of cancellation or variation of Australian financial services licence

(1) If ASIC has under Part 7.6 cancelled a trustee company's Australian financial services licence, or varied the conditions of a trustee company's Australian financial services licence so that the licence ceases to cover traditional trustee company services, the trustee company must, as soon as practicable:

(a) take all reasonable steps to contact the following persons and advise them of the cancellation or variation of the licence:

(i) all persons who the trustee company is aware have executed and lodged instruments, such as wills, that have not yet come into effect, but will potentially lead to estate assets and liabilities being held by the trustee company;

(ii) all persons who the trustee company is aware have appointed the trustee company as trustee or to some other capacity; and

(b) publish notice of the cancellation of the licence on the trustee company's website (if any), and in another manner that is in accordance with subsection (4).

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).