Commonwealth Consolidated Acts Commonwealth Consolidated Acts
In this Schedule:
amending Part means Part 2 of Schedule 3 to the Financial Sector Reform (Hayne Royal Commission Response--Stronger Regulators (2019 Measures)) Act 2020 .
commencement day means the day the amending Part commences.
2 Application--existing licensee
(1) Subject to this item, the amendments made by the amending Part apply on and after the commencement day to a licensee whose licence was granted before, on or after the commencement day.
(2) Section 53A of the National Credit Act, as inserted by the amending Part, applies in relation to an entity that starts to control, or stops controlling, the licensee on or after the commencement day.
(3) In relation to a licence in force immediately before the commencement day, the period of 6 months referred to in subsection 53B(1) or 54(1A) of the National Credit Act, as inserted by the amending Part, begins at the start of the commencement day.
(4) The reference in paragraph 55(1)(e) of the National Credit Act, as inserted by the amending Part, to information, an audit report or a statement lodged with ASIC in accordance with a request under subsection 37(4) of that Act in relation to an application for a licence includes such information provided in accordance with such a request before the commencement day.
3 Application--applications made before commencement
The following applications made before the commencement day, and not yet granted or refused at the start of the commencement day, are to be dealt with, on and after the commencement day, in accordance with the National Credit Act as amended by the amending Part:
(a) an application under section 36 of the National Credit Act for a licence;
(b) an application under paragraph 45(2)(b) of the National Credit Act for conditions on a licence to be imposed, varied or revoked.