Document ID: chunk:federal_register_of_legislation:C2011A00060:clause:1_55
Version: federal_register_of_legislation:C2011A00060
Segment Type: clause
Provision Reference: sch 1 cl 55
Character Range: 49432–52171

55  Modifications of new law for certain purposes

Registrable remittance network services—persons who were providing such services immediately before commencement have 12 months to apply for registration
(1) Subsection 74(1) of the new law does not apply to the provision of a registrable remittance network service by a person on or after the registration commencement day if:
 (a) immediately before the registration commencement day, the person was providing a service of that kind; and
 (b) either:
 (i) the service was provided during the period of 12 months beginning on the registration commencement day; or
 (ii) during the period of 12 months beginning on the registration commencement day, the person made an application under the new law for registration as a remittance network provider, and the application had not been finally determined at the service provision time.

Registrable designated remittance services—persons entered on old Register have 6 months to apply for registration as an independent remittance dealer
(2) Subsection 74(1A) of the new law does not apply to the provision of a registrable designated remittance service by a person on or after the registration commencement day if:
 (a) when the service was provided, the person's name and registrable details were entered on the old Register as continued in existence by item 53 of this Schedule; and
 (b) either:
 (i) the service was provided during the period of 6 months beginning on the registration commencement day; or
 (ii) during the period of 6 months beginning on the registration commencement day, the person made an application under the new law for registration as an independent remittance dealer, and the application had not been finally determined when the service was provided.

Registrable designated remittance services provided by persons entered on old Register—persons entered on old Register have 12 months to apply for registration as a remittance affiliate
(3) Subsection 74(1B) of the new law does not apply to the provision of a designated remittance service by a person on or after the registration commencement day if:
 (a) when the service was provided, the person's name and registrable details were entered on the old Register as continued in existence by item 53 of this Schedule; and
 (b) either:
 (i) the service was provided during the period of 12 months beginning on the registration commencement day; or
 (ii) during the period of 12 months beginning on the registration commencement day, an application for registration of the person as a remittance affiliate of a registered remittance network provider was made under the new law, and the application had not been finally determined when the service was provided.