Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 2   ALRC Financial Services Interim Report: single glossary of defined terms

Part 2   Application and transitional provisions

Australian Securities and Investments Commission Act 2001

616   In the appropriate position in Part 40

Insert:

Division 2 - Schedules 1 and 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023

344B Definitions

In this Division:

commencement time means the time when Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 commences.

344C Translation of references in instruments

(1) This section applies to an instrument (the affected instrument ) that:

(a) was made under this Act; and

(b) was in force immediately before the commencement time.

References to moved definitions and other provisions

(2) If:

(a) immediately before the commencement time, the affected instrument contained a reference to a provision of the Corporations legislation (including, for example, a definition); and

(b) that provision was repealed by Schedule 1 or 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023; and

(c) either of the following contains a corresponding provision:

(i) the Corporations legislation as amended by those Schedules;

(ii) the Acts Interpretation Act 1901 as in force at the commencement time;

then the affected instrument has effect, at and after the commencement time, as if the reference to the repealed provision were a reference to the corresponding provision.

References to repealed definitions with no corresponding definition

(3) If:

(a) immediately before the commencement time, the affected instrument contained a reference to a term defined in section 9, 416, 489F, 580, 589, 601RAA, 601WAA, 761A, 880B, 892A, 910A, 960, 994A, 994K, 1011B, 1019C, 1020AA, 1020AH, 1021B, 1022A, 1023B, 1042A, 1073B, 1074B, 1200A, 1210, 1276, 1317DAA or 1363 of the Corporations Act; and

(b) the definition of that term was repealed by Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023; and

(c) neither of the following contains a corresponding definition:

(i) section 9 of the Corporations Act as amended by those Schedules;

(ii) the Acts Interpretation Act 1901 as in force at the commencement time;

then, despite the repeal of the definition, the definition continues, at and after the commencement time, to have effect for the purposes of the affected instrument as if the definition had not been repealed.

344D Calculation of time

(1) Despite the repeal of section 5A of this Act and section 105 of the Corporations Act by Schedule 1 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023, those sections continue to apply at and after the commencement time, as if those sections had not been repealed, in relation to:

(a) a period of time that starts before the commencement time; and

(b) a calculation of how many days a particular day, act or event is before or after another day, act or event if:

(i) the first mentioned day, or the day of the first mentioned act or event, starts before the commencement time; or

(ii) the other day, or the day of the other act or event, starts before the commencement time.

(2) Otherwise, section 105 of the Corporations Act (as inserted by that Schedule) applies on and after the commencement time.