Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For section 1444 of the Act, on and after the FSR commencement, a disqualification under subsection 25(5) or 31H(5) of the Insurance (Agents and Brokers) Act 1984 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 disqualification made under subsection 25(5) or 31H(5) of the Insurance (Agents and Brokers) Act 1984 .
(2) For section 1444 of the Act, on and after the FSR commencement, subsections 25(5) and 31H(5) of the Insurance (Agents and Brokers) Act 1984 , and associated provisions, continue to apply to the extent necessary to allow the disqualification to continue in force.
(3) 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 Act as it had under the
relevant old legislation, or an effect equivalent to the effect it had under
the relevant old legislation.