CORPORATIONS ACT 2001 - SECT 1546G Application of obligations in relation to compliance schemes

CORPORATIONS ACT 2001 - SECT 1546G

  (1)   Section   921H, as inserted by the amending Act, applies on and after 15   November 2019:

  (a)   in relation to a person who becomes a financial services licensee on or after that day; and

  (b)   for a person who becomes a financial services licensee before that day:

  (i)   in relation to a person who becomes a relevant provider on or after that day; and

  (ii)   in relation to a person who becomes a relevant provider before that day as if subsection   921H(2) required the scheme to cover the relevant provider by 1   January 2020.

Note:   Section   921H requires a financial services licensee to ensure that a compliance scheme covers each of its relevant providers.

  (2)   Section   921J, as inserted by the amending Act, applies on and after 15   November 2019.

Note:   Section   921J sets out when a compliance scheme covers a relevant provider.

  (3)   Sections   921K, 921Q, 921R and 921T, as inserted by the amending Act, apply on and after the day this section commences.

Note:   Section   921K provides that a monitoring body for a compliance scheme may apply to ASIC for approval of the scheme. Section   921Q provides that ASIC may request information about a compliance scheme from the monitoring body for the scheme. Section   921R provides that a monitoring body may propose to modify a scheme in certain circumstances. Section   921T requires a monitoring body to notify ASIC of certain reductions in the body's resources or expertise.

  (4)   Sections   921L, 921M, 921N, 921P and 921S, as inserted by the amending Act, apply on and after 1   January 2020.

Note:   Sections   921L to 921N include provisions about investigations by monitoring bodies. Section   921P provides for compliance schemes to be made publicly available. Section   921S provides for the review of compliance schemes.

  (5)   Paragraphs 922E(1)(i) and 922F(1)(n), as inserted by the amending Act, apply on and after 15   November 2019 in relation to notices lodged under section   922D on or after that day.

Note:   Paragraphs 922E(1)(i) and 922F(1)(n) require notices lodged under section   922D in relation to a relevant provider to include the name of the compliance scheme that is to cover the relevant provider.