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CORPORATIONS ACT 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

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

Division 2 - Other transitional provisions    View history reference

SECTION 1445  ASIC DETERMINATIONS MAY DEAL WITH TRANSITIONAL, SAVING OR APPLICATION MATTERS  

 View history reference

1445(1)  [Determination]  


ASIC may, by legislative instrument, make a determination dealing with matters of a transitional, saving or application nature relating to the relevant amendments and the transition from the application of the old legislation to the application of the new legislation. Determinations for this purpose may make such provision as is necessary to take account of the fact that, because of Division 1, different provisions of the amended Corporations Act start applying (and different provisions of the old legislation stop applying) in relation to different people, things and matters at different times.

1445(2)  [Inconsistent regulations]  


A determination overrides any inconsistent regulations made for the purposes of section 1444, other than any such regulations that are expressed to have effect despite anything in a determination under this section (in which case, the determination is of no effect, to the extent of the inconsistency).

1445(3)  [Inconsistency]  


A determination is of no effect to the extent that it is inconsistent with:


(a) a provision of Division 1; or


(b) a regulation or determination made under a provision of Division 1, other than any such regulation or determination (the other instrument) that is expressed to have effect subject to anything in a determination under this section (in which case, the other instrument is of no effect, to the extent of the inconsistency).

1445(4)  [How matter to be dealt with]  


Without limiting subsection (1), a determination may provide for a matter to be dealt with, wholly or partly, in any of the following ways:


(a) by applying (with or without modifications) to the matter:


(i) provisions of a law of the Commonwealth; or

(ii) provisions of a repealed or amended law of the Commonwealth, in the form that those provisions took before the repeal or amendment; or

(iii) a combination of provisions referred to in subparagraphs (i) and (ii);


(b) by otherwise specifying rules for dealing with the matter;


(c) by specifying a particular consequence of the matter, or of an outcome of the matter, for the purposes of a law of the Commonwealth.

1445(5)  [Continued effect of thing done or instrument made, etc]  


Without limiting subsections (1) and (4), a determination may provide for the continued effect after the FSR commencement, for the purposes of the new legislation, of a thing done or instrument made, or a class of things done or instruments made, before the FSR commencement, under or for the purposes of the old legislation. In the case of an instrument, or class of instruments, a determination may (either when providing for the continued effect of the instrument or instruments or at a later time) provide for the instrument or instruments, as continuing to have effect, to have effect subject to modifications.

1445(6)  [Matters to be determined in writing]  


Without limiting subsection (5), a determination for the purposes of that subsection may permit all or any of the following matters to be determined in writing by a specified person, or by a person included in a specified class of persons:


(a) the identification of a thing done or instrument made, or a class of things done or instruments made, that is to continue to have effect;


(b) the purpose for which a thing done or instrument made, or a class of things done or instruments made, is to continue to have effect;


(c) any modifications subject to which an instrument made, or a class of instruments made, is to continue to have effect.

1445(7)  [Amendment not commencing on FSR commencement]  


If a relevant amendment does not commence on the FSR commencement, this section applies in relation to that amendment as if references in the other provisions of this section, and in the definitions in section 1443, to "the FSR commencement" were instead references to the commencement of the relevant amendment.

1445(8)  ["matters of a transitional, saving or application nature"]  


In this section:

matters of a transitional, saving or application nature includes, but is not limited to, matters related to any of the following:


(a) how a matter that arose or existed under the old legislation is to be dealt with under the new legislation;


(b) the significance for the purposes of the new legislation of a matter that arose or existed under the old legislation;


(c) how a process started but not completed under the old legislation is to be dealt with;


(d) the preservation of concessions or exemptions (however described) that existed under the old legislation;


(e) interpreting references to matters in terms of the new legislation so as to include references to matters in terms of the old legislation (including that legislation as it continues to have effect because of provisions of Division 1), and vice versa;


(f) any other matters that are prescribed by regulations made for the purposes of this paragraph.


 



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