Section 1705P — Corporations Act 2001: Transitional—exemptions (Part 7.3)

Exemption of particular clearing and settlement facility (1) Subsections (2) to (4) apply to an exemption of a particular clearing and settlement facility: (a) given under subsection 820C(1); and (b) in force immediately before the commencement time. (2) The exemption continues in force (and may be dealt with) at and after the commencement time as if the exemption had been given under subsection 820C(1) as amended by Part 6 of the amending Schedule. (3) To avoid doubt, a condition specified in the exemption is taken to be specified for the purposes of paragraph 820C(2)(a) as inserted by that Part. (4) For the purposes of paragraph 820C(2)(b), the exemption is taken to be expressed to apply indefinitely. Exemption of classes of clearing and settlement facilities (5) Subsections (6) to (8) apply to an exemption of a class of clearing and settlement facilities: (a) given under subsection 820C(1); and (b) in force immediately before the commencement time. (6) The exemption continues in force (and may be dealt with) at and after the commencement time as if the exemption had been given under subsection 820C(7) as amended by Part 6 of the amending Schedule. (7) To avoid doubt, a condition specified in the exemption is taken to be specified for the purposes of paragraph 820C(8)(a) as amended by that Part. (8) For the purposes of paragraph 820C(8)(b), the exemption is taken to be expressed to apply indefinitely.