Document ID: chunk:federal_register_of_legislation:C2016A00043:clause:1_48
Version: federal_register_of_legislation:C2016A00043
Segment Type: clause
Provision Reference: sch 1 cl 48
Character Range: 40292–41983

48  Application of amendments
(1) In this item:
start time means the commencement of this Schedule.
(2) The amendments made by Part 1 apply in relation to approved netting arrangements, market netting contracts and close‑out netting contracts entered into after the start time, or that are in existence immediately before the start time.
(3) Subject to subitem (6), the amendments made by Part 1 do not apply in relation to an external administration that commenced before the start time.
(4) The amendments made by Part 1 apply in relation to trigger events that occur for a close‑out netting contract after the start time.
(5) The following do not apply to disposals of rights or property, or the creation or operation of encumbrances or interests, before the start time:
 (a) the amendments made by items 24 to 27;
 (b) paragraph 10(2)(g) of the Payment Systems and Netting Act 1998, as inserted by item 19;
 (c) paragraph 14(2)(h) of the Payment Systems and Netting Act 1998, as inserted by item 29;
 (d) paragraph 16(2)(h) of the Payment Systems and Netting Act 1998, as inserted by item 34.
(6) The amendment made by item 30 applies in relation to a person being in external administration, whether the external administration commences before or after the start time.
(7) The amendment made by item 42 applies to a partial transfer if the certificate of transfer comes into force after the start time.
(8) The amendments made by Parts 1 and 2 apply in relation to the enforcement of a security after the start time, even if the security was given before the start time.
[Minister's second reading speech made in—
House of Representatives on 16 March 2016
Senate on 3 May 2016]
(54/16)