Provisions applying to previously exempt persons who are registered to act as trustees under pre-paid contracts
39A Provisions applying to previously exempt persons who are registered to act as trustees under pre-paid contracts
This section applies to a person who, immediately before the repeal of section 39B by the Regulatory and Other Legislation (Amendments and Repeals) Act 2016 (the Amendments and Repeals Act), was registered under that section to act as trustee of trust funds under a pre-paid contract.
The following provisions apply in relation to a person to whom this section applies—
the person continues to be registered to act as trustee of trust funds under a pre-paid contract (except if the person’s registration is cancelled or during any period in which the person’s registration is suspended),
the person’s registration continues to be subject to any conditions to which it was subject immediately before the repeal of section 39B by the Amendments and Repeals Act,
if the person was exempt from complying with one or more provisions of this Act or the regulations because of an exemption granted by the Secretary, that exemption continues in force.
The Secretary may exempt a person registered under this section from complying with such of the provisions of this Act or the regulations as the Secretary considers appropriate having regard to all of the circumstances in which the person acts as trustee of trust funds under a pre-paid contract.
This provision refers to the regulations (the regulations
). Made under this Act:
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