Document ID: chunk:federal_register_of_legislation:C2025C00112:section:7
Version: federal_register_of_legislation:C2025C00112
Segment Type: section
Provision Reference: s 7
Character Range: 6040–8292

7  Definitions
  In this Act:
accumulation recovery day has the same meaning as in the Corporations Act 2001.
AFCA (short for the Australian Financial Complaints Authority) has the same meaning as in the Corporations Act 2001.
AFCA's accumulated unpaid fees has the same meaning as in the Corporations Act 2001.
AFCA scheme has the same meaning as in the Corporations Act 2001.
AFCA's unpaid fees has the same meaning as in the Corporations Act 2001.
amount includes a nil amount.
approved form has the meaning given by section 30.
ASIC means the Australian Securities and Investments Commission.
capital reserve means an amount equal to $5 million to be applied by the CSLR operator for the purposes mentioned in paragraphs 1069Q(1)(a) to (e) of the Corporations Act 2001.
capital reserve establishment contribution means an amount equal to approximately one third of the capital reserve.
claims, fees and costs estimate means an estimate determined under section 9 or 10.
CSLR operator has the same meaning as in the Corporations Act 2001.
first levy period has the same meaning as in the Levy Act.
late payment penalty means penalty payable under section 14.
levy means levy imposed by the Levy Act.
Levy Act means the Financial Services Compensation Scheme of Last Resort Levy Act 2023.
levy month means one of the 12 months of the calendar year.
levy period has the same meaning as in the Levy Act.
offence against this Act includes an offence against Chapter 7 of the Criminal Code that relates to this Act.
person has a meaning affected by sections 26, 27, 28 and 29.
pre‑CSLR complaint means a complaint that:
 (a) is for AFCA to finalise (including by making a determination); and
 (b) is given to AFCA before the accumulation recovery day; and
 (c) is a complaint of a kind covered by paragraph 1065(1)(a) of the Corporations Act 2001.
Note: AFCA will have finalised many of these complaints before this Act commences.
qualifying period has the same meaning as in the Levy Act.
relevant AFCA determination has the same meaning as in the Corporations Act 2001.
shortfall penalty means penalty payable under section 16.
sub‑sector has the same meaning as in the Levy Act.

Part 2—Pre‑imposition information and estimates of claims and costs