1495(1)[Trustee company holding licence at commencement]
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.
1495(2)[Licence taken to cover traditional trustee company services]
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.
1495(3)[No limitation of ASIC's powers]
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.