Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For section 1444 of the Act, this regulation applies if:
(a) a person held a licence (the old licence ) under the old Corporations Act immediately before the FSR commencement in relation to an activity; and
(b) the person holds a financial services licence that applies to the same activity; and
(c) ASIC identifies a matter that occurred, before the person held a financial services licence in relation to the activity, in relation to which ASIC would have had the power under the old Corporations Act:
(i) to suspend or cancel the old licence; or
(ii) to impose conditions on the old licence; or
(iii) to vary or revoke a condition to which the old licence was subject.
(2) On and after the FSR commencement, ASIC's power under the Act to suspend or cancel the financial services licence mentioned in paragraph (1)(b) is taken to include the power to suspend or cancel the financial services licence:
(a) in order to achieve an outcome that ASIC could have achieved by the exercise of the power mentioned in paragraph (1)(c); and
(b) in any way that was authorised under the old Act.
(3) On and after the FSR commencement, ASIC's power under the Act to impose conditions on the financial services licence mentioned in paragraph (1)(b) is taken to include the power to impose conditions:
(a) in order to achieve an outcome that ASIC could have achieved by the exercise of the power mentioned in paragraph (1)(c); and
(b) in any way that was authorised under the old Act.
(4) On and after the FSR commencement, ASIC's power under the Act to vary or revoke a condition to which the financial services licence mentioned in paragraph (1)(b) is taken to include the power to vary or revoke a condition:
(a) in order to achieve an outcome that ASIC could have achieved by the exercise of the power mentioned in paragraph (1)(c); and
(b) in any way that was authorised under the old Act.