Commonwealth Consolidated Regulations

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Power to act in relation to relevant old legislation

             (1)  This regulation applies if an instrument or another matter continues in force, after the FSR commencement, in accordance with the relevant old legislation that relates to the instrument or matter.


1                 A licence.

2                 A licence condition.

3                 A suspension of a registration.

Note:          The relevant old legislation includes the old Corporations Act, associated provisions and, in some cases, other legislation such as the Insurance (Agents and Brokers) Act 1984 .

             (2)  To avoid doubt:

                     (a)  ASIC may exercise any of the powers, and perform any of the functions, that ASIC had immediately before the FSR commencement in relation to:

                              (i)  a person to whom the instrument or matter applies; and

                             (ii)  a representative of a person mentioned in subparagraph (i); and

                            (iii)  any other person (including a person described in a capacity that came into existence, or in relation to an event that occurred, after the FSR commencement); and

                     (b)  paragraph (a) includes the power:

                              (i)  to issue an instrument; and

                             (ii)  to execute an instrument.

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