Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1546g
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1546G
Character Range: 6049948–6052161

1546G  Application of obligations in relation to compliance schemes
 (1) Section 921H, as inserted by the amending Act, applies on and after 15 November 2019:
 (a) in relation to a person who becomes a financial services licensee on or after that day; and
 (b) for a person who becomes a financial services licensee before that day:
 (i) in relation to a person who becomes a relevant provider on or after that day; and
 (ii) in relation to a person who becomes a relevant provider before that day as if subsection 921H(2) required the scheme to cover the relevant provider by 1 January 2020.
Note: Section 921H requires a financial services licensee to ensure that a compliance scheme covers each of its relevant providers.
 (2) Section 921J, as inserted by the amending Act, applies on and after 15 November 2019.
Note: Section 921J sets out when a compliance scheme covers a relevant provider.
 (3) Sections 921K, 921Q, 921R and 921T, as inserted by the amending Act, apply on and after the day this section commences.
Note: Section 921K provides that a monitoring body for a compliance scheme may apply to ASIC for approval of the scheme. Section 921Q provides that ASIC may request information about a compliance scheme from the monitoring body for the scheme. Section 921R provides that a monitoring body may propose to modify a scheme in certain circumstances. Section 921T requires a monitoring body to notify ASIC of certain reductions in the body's resources or expertise.
 (4) Sections 921L, 921M, 921N, 921P and 921S, as inserted by the amending Act, apply on and after 1 January 2020.
Note: Sections 921L to 921N include provisions about investigations by monitoring bodies. Section 921P provides for compliance schemes to be made publicly available. Section 921S provides for the review of compliance schemes.
 (5) Paragraphs 922E(1)(i) and 922F(1)(n), as inserted by the amending Act, apply on and after 15 November 2019 in relation to notices lodged under section 922D on or after that day.
Note: Paragraphs 922E(1)(i) and 922F(1)(n) require notices lodged under section 922D in relation to a relevant provider to include the name of the compliance scheme that is to cover the relevant provider.