Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 10.2.94A

Prohibitions under paragraphs 827(1)(d) and 1192(1)(d) of the old Corporations Act made before FSR commencement

             (1)  For section 1444 of the Act, on and after the FSR commencement, a prohibition under paragraph 827(1)(d) or 1192(1)(d) of the old Corporations Act made before the FSR commencement:

                     (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 prohibition made under paragraph 827(1)(d) or 1192(1)(d) of the old Corporations Act.

             (2)  On and after the FSR commencement, paragraph 827(1)(d) or 1192(1)(d) of the old Corporations Act, and associated provisions, continue to apply to the extent necessary to allow the prohibition 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 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 Corporations Act, or an effect equivalent to the effect it had under the old Corporations Act.



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