Corporations Regulations 2001

CHAPTER 10 - REPEALS, TRANSITIONAL MATTERS AND APPLICATION PROVISIONS  

PART 10.2 - TRANSITIONAL ARRANGEMENTS RELATING TO FINANCIAL SERVICES REFORM LEGISLATION  

Division 18 - Specific kinds of documents in existence before FSR commencement  

REGULATION 10.2.94A   PROHIBITIONS UNDER PARAGRAPHS 827(1)(d) AND 1192(1)(d) OF THE OLD CORPORATIONS ACT MADE BEFORE FSR COMMENCEMENT  

10.2.94A(1)   [ Application]  

For section 1444 of the Act, on and after the FSR commencement, a prohibition under paragraph 827(1)(d) or 1192(1)(d) of the old Corporations Act made before the FSR commencement:

(a) continues in force to the extent practicable to allow it to apply to conduct or another matter:

(i) as it is described on and after the FSR commencement; or

(ii) as it is regulated on and after the FSR commencement; and

(b) is taken to be a prohibition made under paragraph 827(1)(d) or 1192(1)(d) of the old Corporations Act.

10.2.94A(2)   [ FSR commencement]  

On and after the FSR commencement, paragraph 827(1)(d) or 1192(1)(d) of the old Corporations Act, and associated provisions, continue to apply to the extent necessary to allow the prohibition to continue in force.

10.2.94A(3)   [ ASIC may draft or amend terms of prohibition]  

For subregulation (2), nothing in the relevant old legislation (including the Australian Securities and Investments Commission Act 2001 ) prevents ASIC from drafting or amending the terms of a prohibition for the purpose of ensuring that the prohibition has the same effect under the amended Corporations Act as it had under the old Corporations Act, or an effect equivalent to the effect it had under the old Corporations Act.