(1) On and after the FSR commencement, a banning order made before the FSR commencement under Division 5 of Part 7.3, or Division 5 of Part 8.3, of the old Corporations Act (the relevant Division ):
(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 banning order made under:
(i) the relevant Division of the old Corporations Act; and
(ii) section 920A of the Act.
(2) On and after the FSR commencement, the relevant Division of the old Corporations Act, and associated provisions, continue to apply to the extent necessary to allow the banning order 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:
(a) drafting or amending the terms of a banning order; or
(b) taking any other action permitted by Division 8 of Part 7.6 of the Act;
for the purpose of ensuring that the banning order has the same effect under the amended Corporations Act as it had under the old Corporations Act, or an effect equivalent to the effect it had under the old Corporations Act.