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Transitional provisions relating to the amendments of Chapter 7

             (1)  This section applies to each company:

                     (a)  that is a trustee company immediately after the commencement of the first regulations made for the purpose of paragraph 601RAB(1)(b); and

                     (b)  that, at that time, holds an Australian financial services licence.

             (2)  During the period of 6 months starting on the commencement of those regulations:

                     (a)  the company's Australian financial services licence is taken to cover the provision by the company of traditional trustee company services; and

                     (b)  section 601TAB does not apply in relation to the company; and

                     (c)  Part 7.7 does not apply in relation to traditional trustee company services provided by the company.

Note:          If the company wants to continue to provide traditional trustee company services after the end of the 6 month period, it will (before the end of that period) need to apply to ASIC to have the conditions of its licence varied to cover those services.

             (3)  To avoid doubt, subsection (2) does not limit ASIC's powers under Part 7.6 (whether during or after the period of 6 months) in relation to the company's Australian financial services licence.

Note:          For example, ASIC may (under Subdivision B of Division 4 of Part 7.6) impose or vary licence conditions, or may (under Subdivision C of Division 4 of Part 7.6) vary, cancel or suspend the licence.

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