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 10.2.93   BANNING ORDERS MADE UNDER RELEVANT OLD LEGISLATION AFTER FSR COMMENCEMENT  

10.2.93(1)   [ Conduct or matters before and after FSR commencement]  

On and after the FSR commencement, Division 5 of Part 7.3, or Division 5 of Part 8.3, of the old Corporations Act (the relevant Division ), and associated provisions, continue to apply to the extent necessary to allow a banning order to be made or enforced against a person in relation to:

(a) conduct or another matter that occurred before the FSR commencement; or

(b) conduct or another matter that:

(i) occurred after the FSR commencement; and

(ii) is regulated in accordance with section 1432 or 1436A of the Act.

10.2.93(2)   [ Provisions under which banning order made]  

A banning order made in relation to conduct or another matter mentioned in subregulation (1) is taken to be a banning order made under:

(a) the relevant Division of the old Corporations Act; and

(b) section 920A of the Act.

10.2.93(3)   [ ASIC may make banning order]  

Subregulation (1) does not prevent ASIC from making a banning order under section 920A of the Act in relation to the same conduct or matter in relation to which a banning order is made under the relevant Division of the old Corporations Act.

10.2.93(4)   [ Same effect under amended Corporations Act as under old Corporations Act]  

For subregulation (3), nothing in the Act, or the relevant old legislation (including the Australian Securities and Investments Commission Act 2001 ), prevents ASIC from:

(a) drafting or amending the terms of a banning order; or

(b) taking any other action that was permitted by the relevant Division of the old Corporations Act before the FSR commencement;

for the purpose of ensuring that the banning order 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.