Document ID: chunk:federal_register_of_legislation:F2024C01050:reg:6a:p7
Version: federal_register_of_legislation:F2024C01050
Segment Type: reg
Provision Reference: reg 6A (pt 7/11)
Character Range: 26682–29442

of the licensee but only to the extent that Subdivision would have imposed, but for this subsection (2), a continuing obligation on the licensee from the date of appointment of the relevant external administrator.

       This subsection (2) applies until the last day of the licensee deferral period.

        Condition

        (3) The financial services licensee must lodge the reports with ASIC by no later than the last day of the licensee deferral period.

11 Effect of specifications under section 915H of the Act

    For the purposes of sections 7, 9 and 10 of this instrument, if a specification given under section 915H of the Act to a financial services licensee whose licence has been cancelled or suspended is inconsistent with the relief given by this instrument, the specification will prevail, and the relief will, to the extent of the inconsistency, not apply.

12 Transitional arrangements

        (1) The exemptions made by, and the conditions imposed by, paragraphs 4 to 8 of ASIC Class Order [CO 03/392] as in force immediately before the day of its repeal are, with effect from the date of repeal, made and imposed by this subsection (1).

        (2) Subsection (1) applies for a period of 12 months commencing from the day of repeal of the class order.

Part 3—Declaration

13 Schemes being wound up
(1) Chapter 5C of the Act applies to all persons as if the following section were inserted after section 601NF:
"601NFA Reporting obligations during winding up
(1) This section applies to:
(a) a responsible entity of a registered scheme being wound up; or
(b) a person (the responsible person) appointed under subsection 601NF(1) to take responsibility for ensuring a registered scheme is wound up in accordance with the scheme's constitution.
(2) This section only applies where a copy of a scheme insolvency resolution has been lodged with ASIC by the responsible entity or responsible person.
(3) The responsible entity or responsible person who lodges the copy of the scheme insolvency resolution must prepare a report for each relevant period during the winding up and on the completion of the winding up, which includes the following information unless disclosure of that information would be prejudicial to the winding up:
(a) information about the progress and status of the winding up of the scheme, including details (as applicable) of:
(i) the actions taken during the period;
(ii) the actions required to complete the winding up;
(iii) the actions proposed to be taken in the next 12 months;
(iv) the expected time to complete the winding up; and
(b) financial information about receipts and payments for the scheme during the period; and
(c) the following information as at the end of the period:
(i) the value of scheme