Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Minister may, by notifiable instrument, authorise a person to operate the financial services compensation scheme of last resort if the Minister is satisfied the person will meet the mandatory requirements under section 1062.
Note: The person who is authorised by the Minister to operate the scheme is the CSLR operator (short for financial services compensation scheme of last resort operator).
(2) An authorisation of a person to operate the financial services compensation scheme of last resort must not come into force while an authorisation of another person to operate that scheme is in force.
(3) The Minister may, by notifiable instrument, vary or revoke an authorisation.
(4) In an instrument made under subsection (1) or (3), the Minister:
(a) must specify the day the authorisation, variation or revocation comes into force; and
(b) may impose, vary or revoke conditions relating to the
authorisation.