Document ID: chunk:federal_register_of_legislation:F2021L01392:clause:7_2
Version: federal_register_of_legislation:F2021L01392
Segment Type: clause
Provision Reference: sch 7 cl 2
Character Range: 105541–106455

2  Compliance with original Part 4 instead of new Part 4A for certain existing data holders
 (1) This item applies to an initial data holder for Schedule 3 of the principal rules that, immediately before the amendment date, complied with the original Part 4 in order to satisfy the earlier transitional provision.
 (2) The data holder may elect, for a period beginning on the amendment date and ending, unless revoked earlier, on 1 July 2022, to continue to comply with the original Part 4 (as varied to the extent reasonably necessary so that it operates in accordance with the rest of the principal rules as otherwise amended) rather than the new Part 4A in relation to one or more accounts.
 (3) If it so elects, such compliance is taken to be compliance with the new Part 4A.
 (4) If the data holder revokes an election in relation to an account, it may not make another election in relation to that account.