Commonwealth Consolidated Regulations

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Banning orders made under relevant old legislation after FSR commencement

             (1)  On and after the FSR commencement, Division 5 of Part 7.3, or Division 5 of Part 8.3, of the old Corporations Act (the relevant Division ), and associated provisions, continue to apply to the extent necessary to allow a banning order 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 banning order made in relation to conduct or another matter mentioned in subregulation (1) is taken to be a banning order made under:

                     (a)  the relevant Division of the old Corporations Act; and

                     (b)  section 920A of the Act.

             (3)  Subregulation (1) does not prevent ASIC from making a banning order under section 920A of the Act in relation to the same conduct or matter in relation to which a banning order is made under the relevant Division of the old Corporations Act.

             (4)  For subregulation (3), nothing in the Act, or 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 that was permitted by the relevant Division of the old Corporations Act before the FSR commencement;

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.

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