Document ID: chunk:federal_register_of_legislation:C2012A00067:clause:1_962r
Version: federal_register_of_legislation:C2012A00067
Segment Type: clause
Provision Reference: sch 1 cl 962R
Character Range: 19407–20908

962R  Application of this Subdivision
 (1) This Subdivision applies, on and from the application day, to an ongoing fee arrangement to which Subdivision B does not apply.
 (2) In this section:
application day means:
 (a) where:
 (i) the client has entered into the ongoing fee arrangement with a financial services licensee, or a person acting as a representative of a financial services licensee; and
 (ii) that licensee or representative is the fee recipient in relation to the arrangement on 1 July 2012; and
 (iii) the financial services licensee has lodged notice with ASIC in accordance with subsection 967(1) that the obligations and prohibitions under this Part 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
 (b) where:
 (i) the client has entered into the ongoing fee arrangement with a financial services licensee, or a person acting as a representative of a financial services licensee; and
 (ii) because the rights of the licensee or representative under the arrangement have been assigned, another person is the fee recipient in relation to the arrangement on 1 July 2012; and
 (iii) a notice has been lodged with ASIC in accordance with subsection 967(1) or (3) that the obligations and prohibitions under this Part are to apply to the other person, on and from a day specified in the notice;
  the day specified in the notice; or
 (c) in any other case—1 July 2013.