Document ID: chunk:federal_register_of_legislation:C2013C00529:clause:1_1528
Version: federal_register_of_legislation:C2013C00529
Segment Type: clause
Provision Reference: sch 1 cl 1528
Character Range: 49135–51178

1528  Application of ban on conflicted remuneration
 (1) Subject to subsections (2) and (3), Division 4 of Part 7.7A, as inserted by item 24 of Schedule 1 to the amending Act, does not apply to a benefit given to a financial services licensee, or a representative of a financial services licensee, if:
 (a) the benefit is given under an arrangement entered into before the application day; and
 (b) the benefit is not given by a platform operator.
 (2) The regulations may prescribe circumstances in which that Division applies, or does not apply, to a benefit given to a financial services licensee or a representative of a financial services licensee.
 (3) Despite subsection (1), that Division does not apply to a benefit given to a financial services licensee, or a representative of a financial services licensee, to the extent that the operation of that Division would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution).
 (4) In this section:
application day:
 (a) in relation to a financial services licensee or a person acting as a representative of a financial services licensee, means:
 (i) if the financial services licensee has lodged notice with ASIC in accordance with subsection 967(1) that the obligations and prohibitions imposed under Part 7.7A are to apply to the licensee and persons acting as representatives of the licensee on and from a day specified in the notice—the day specified in the notice; or
 (ii) in any other case—1 July 2013; and
 (b) in relation to any other person who would be subject to an obligation or prohibition under Division 4 of Part 7.7A if it applied, means:
 (i) if a notice has been lodged with ASIC in accordance with subsection 967(3) that the obligations and prohibitions imposed under Part 7.7A are to apply to the person on and from a day specified in the notice—the day specified in the notice; or
 (ii) in any other case—1 July 2013.