CORPORATIONS ACT 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.2 - TRANSITIONAL PROVISIONS RELATING TO THE FINANCIAL SERVICES REFORM ACT 2001  

Division 1 - Transitional provisions relating to the phasing-in of the new financial services regime  

Subdivision B - Treatment of existing markets  

SECTION 1416   SECTION 1413 MARKETS - POWERS FOR REGULATIONS TO CHANGE HOW THE OLD AND NEW CORPORATIONS ACT APPLY DURING THE TRANSITION PERIOD  

1416(1)   [ Regulations]  

The regulations may do all or any of the following in relation to a market the operation of which is authorised by a licence granted under section 1413:


(a) provide that some or all of the provisions (the relevant old legislation ) that would otherwise continue to apply in relation to the market because of section 1415 do not apply in relation to the market;


(b) provide that some or all of the relevant old legislation applies in relation to the market with specified modifications during some or all of the transition period for the market;


(c) provide that some or all of the relevant new legislation (within the meaning of section 1414) in relation to the market applies in relation to the market during some or all of the transition period for the market;


(d) provide that specified provisions of the amended Corporations Act (including relevant new legislation), and any associated provisions, apply in relation to the market during some or all of the transition period for the market with specified modifications.

1416(2)   [ Paramountcy]  

Regulations made for the purposes of subsection (1) have effect despite anything in sections 1414 and 1415.

1416(3)   [ Power to change provisions]  

Subsection (1) gives a full power to disapply, apply and modify provisions as mentioned in that subsection, including for reasons that do not have an express or implied connection with the transition to the relevant new legislation.

Note: So (for example), a change to the day-to-day operation of the relevant old legislation as continuing to apply may be achieved by a modification under paragraph (1)(b) (whether that change is to an existing rule, or is the addition of a new rule).


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