Document ID: chunk:federal_register_of_legislation:F2024L01202:reg:9:p4
Version: federal_register_of_legislation:F2024L01202
Segment Type: reg
Provision Reference: reg 9 (pt 4/4)
Character Range: 9312–11939

first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the reportable situation has arisen; or
(b) if:
                  (i) there is a reportable situation (previous reportable situation) with underlying circumstances that are the same as, or substantially similar to, the underlying circumstances of the reportable situation (current reportable situation); and
                  (ii) the financial services licensee has lodged a report under this section in relation to the previous reportable situation with ASIC;
              within 90 days after the financial services licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the current reportable situation has arisen.".

       (2)     The provisions to which Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 50B were modified or varied by omitting subsection 50B(4) (other than the heading) and substituting:
           "(4) The report must be lodged with ASIC:
              (a) within 30 days after the licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe that the reportable situation has arisen; or
              (b) if:
                  (i) there is a reportable situation (previous reportable situation) with underlying circumstances that are the same as, or substantially similar to, the underlying circumstances relating to the reportable situation (current reportable situation); and
                  (ii) the licensee has lodged a report under this section in relation to the previous reportable situation with ASIC;
              within 90 days after the licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the current reportable situation has arisen.".

8 Core obligations
The provisions to which Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 50A were modified or varied by omitting paragraph 50A(3)(c) and substituting:
"(c) the obligation under paragraph 47(1)(d), so far as it relates to Commonwealth legislation that is:
              (i) covered by paragraph (d) of the definition of credit legislation; and
              (ii) one of the following:
                  (A) Banking Act 1959;
                  (B) Corporations Act 2001;
                  (C) Financial Sector (Collection of Data) Act 2001;
                  (D) Financial Sector (Shareholdings) Act 1998;
                  (E) Financial Sector (Transfer and Restructure) Act 1999.".

Part 3—Repeal