Commonwealth Consolidated Regulations

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Disqualifications made after FSR commencement

             (1)  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 a disqualification 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.

             (2)  A disqualification made in relation to conduct or another matter mentioned in subregulation (1) is taken to be a disqualification made under subsection 25(5) or 31H(5) of the Insurance (Agents and Brokers) Act 1984 .

             (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 amended Corporations Act as it had under the old legislation, or an effect equivalent to the effect it had under the old legislation.

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