Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p17
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 17/148)
Character Range: 370371–373192

person commits an offence if the person is involved in a contravention of subregulation (2), (3), (4), or (6) by a licensed trustee company.
Penalty:
 (a) for an individual—50 penalty units; and
 (b) for a body corporate—500 penalty units.

Part 5D.3—Regulation of fees charged by licensed trustee companies

5D.3.01  Modification of section 601TAB of the Act: disclosure to clients of changed fees
  For paragraph 601YAB(1)(b) of the Act, Chapter 5D of the Act applies as if section 601TAB of the Act were modified by inserting after subsection (3) the following subsections:
 '(4) A licensed trustee company is not required to comply with paragraph (1)(a) or (b) or (3)(a) in relation to a client who is a lost client, or an agent who is a lost agent.
 (5) In subsection (4):
lost client means a client who, at a particular time, is uncontactable.
lost agent means an agent who, at a particular time, is uncontactable.
 (6) In subsection (5):
uncontactable, in relation to a person who is a client or an agent of a licensed trustee company, means:
 (a) the licensed trustee company:
 (i) never had an address for the person; or
 (ii) sent at least 1 written communication to the person's last known address which was returned unclaimed and the person has not, since the communication, given the company a contact address; and
 (b) if the person is an agent, the licensed trustee company made a reasonable attempt to get the agent's address from the agent's client or the client's carers.'

Part 5D.4—Obligations of receiving company after transfer

5D.4.01  Preserving rights under dispute resolution systems and arrangements for compensation
 (1) This regulation applies if ASIC makes a determination under subsection 601WBA(1) of the Act that there is to be a transfer of estate assets and liabilities from a transferring company to a receiving company.
 (2) For the purposes of section 601SAB of the Act, the obligations of the receiving company include the provision to retail clients of access to the following in relation to a complaint arising from the provision of traditional trustee services by the transferring company:
 (a) the arrangements for compensation the receiving company is required to have under subsection 912B(1) of the Act;
 (b) the dispute resolution system the receiving company is required to have under subparagraph 912A(1)(g)(i) of the Act.

Part 5D.5—ASIC‑approved transfers of estate assets and liabilities

5D.5.01  Notice of certificate
  For the purposes of paragraph 601WBH(1)(c) of the Act, ASIC must publish a notice mentioned in that paragraph on the ASIC website.

Chapter 6—Takeovers

Part 6.2—Exceptions to the prohibition

6.2.01A  Prescribed requirements
  For the purposes of paragraph (b) of item 19A of the table in section 611 of the Act, the requirement that the