Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:301:p24
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 301 (pt 24/30)
Character Range: 1935472–1938215

reference to society were a reference to the relevant financial institution; and
 (b) a reference to financial institutions legislation were a reference to the Act and the Corporations Regulations; and
 (c) a reference to standards were a reference to the ASIC transitional standards.

12.7.04  Continuation of ASIC transitional standards
 (1) For clause 39 of Schedule 4 to the Act and subject to this Division, the ASIC transitional standards:
 (a) continue to apply in relation to a transferring financial institution of a State or Territory to the extent that the standards applied to the institution immediately before the transfer date; and
 (b) apply in relation to a relevant financial institution of a kind mentioned in paragraph (b) or (c) of the definition of that expression in regulation 12.7.01 to the extent that the standards applied to an institution of that kind immediately before the transfer date; and
 (c) apply in relation to an Australian ADI to which a declaration under regulation 12.7.02 applies to the extent that the standards applied to Australian ADIs immediately before the transfer date.
 (2) However, Prudential Standard 6.8.3, as applied by subregulation (1), does not authorise ASIC to grant an exemption.
Note: Regulation 12.7.05 authorises ASIC to make a declaration having the effect of an exemption to which Prudential Standard 6.8.3 relates.

12.7.05  Exemption from, and modification of, certain provisions
 (1) This regulation applies, in the circumstances to which Prudential Standard 6.8.3 referred immediately before the transfer date, on:
 (a) the initiative of ASIC; or
 (b) application made to ASIC in writing by a person to whom Division 3 of Part 7.3 of the Act, or regulation 7.3.13A or 7.3.13B, applies or another person.
 (2) ASIC may, by Gazette notice, declare:
 (a) that Division 3 of Part 7.3 of the Act, or regulation 7.3.13A or 7.3.13B, does not apply to a person to whom the declaration applies; and
 (b) that a provision mentioned in paragraph (a) applies to a person to whom the declaration applies as if the provision were modified in accordance with the declaration.
 (3) Division 3 of Part 7.3 of the Act, and regulations 7.3.13A and 7.3.13B, apply subject to a declaration applying in relation to that Division or regulation.
 (4) A declaration:
 (a) may be made subject to a condition stated in the exemption; and
 (b) takes effect on the day on which it is published.

12.7.06  Certain provisions of the Friendly Societies Code cease to apply to FSR licensee
 (1) For clause 39 of Schedule 4 to the Act the provisions of subclause 36(1) of Schedule 4 cease to apply to a body to which the Schedule applies on the earlier of:
 (a) 2 years after the FSR commencement; and
 (b)