The current ESS rules apply to all ESS interests acquired from 1 July 2009. The current rules also contains transitional arrangements that will apply to some ESS interests that were acquired before 1 July 2009. These ESS interests are known as transitioned interests. Under transitional arrangements, some of the previous rules are preserved while some current rules do not apply, or are modified in the way that they apply to a transitioned interest.
The previous law will continue to apply to shares, stapled securities or rights to shares, or rights to stapled securities not brought within the current law.
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The current law may apply to shares or rights acquired before 1 July 2009.