Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 10.2.94

Banning orders made under the Act after FSR commencement

             (1)  On and after the FSR commencement, Division 8 of Part 7.6 of the Act is taken to authorise the making of a banning order in relation to conduct or another matter that is or may be regulated under the relevant old legislation.

             (2)  Subregulation (1) applies only to the extent that the relevant old legislation would have permitted the making of an order in similar terms in relation to the conduct or other matter.

             (3)  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)  Division 5 of Part 7.3, or Division 5 of Part 8.3, of the old Corporations Act (the relevant Division ); and

                     (b)  section 920A of the Act.

             (4)  Subregulation (1) does not prevent ASIC from making a banning order under the relevant Division of the old Corporations Act in relation to the same conduct or matter in relation to which a banning order is made under Division 8 of Part 7.6 of the Act.

             (5)  For subregulation (4), 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 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.



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