Corporations Regulations 2001

CHAPTER 10 - REPEALS, TRANSITIONAL MATTERS AND APPLICATION PROVISIONS  

PART 10.2 - TRANSITIONAL ARRANGEMENTS RELATING TO FINANCIAL SERVICES REFORM LEGISLATION  

Division 8 - National Guarantee Fund  

REGULATION 10.2.27   STATUS OF FUTURE CLAIM AGAINST THE NATIONAL GUARANTEE FUND  

10.2.27(1)   [ Application]  

This regulation applies if:

(a) a matter related to conduct that occurred before the FSR commencement; and

(b) a person could, if Part 7.10 of the old Corporations Act had not been repealed, have made a claim in relation to the matter under any of the following Divisions of the old Corporations Act on or after the FSR commencement:

(i) Division 6 of Part 7.10 (dealing with contract guarantees);

(ii) Division 6A of Part 7.10 (dealing with securities loans guarantees);

(iii) Division 6B of Part 7.10 (dealing with net obligations);

(iv) Division 6C of Part 7.10 (dealing with transfer service delivery guarantees);

(v) Division 7 of Part 7.10 (dealing with unauthorised transfer);

(vi) Division 7A of Part 7.10 (dealing with contraventions of SCH certificate cancellation provisions);

(vii) Division 8 of Part 7.10 (dealing with insolvent members).

10.2.27(2)   [ Continued effect of previous provisions]  

On and after the FSR commencement:

(a) Division 1, and Divisions 6 to 9, of Part 7.10 of the old Corporations Act continue to have effect in relation to the matter and the person; and

(b) regulations made for Part 7.10 of the old Corporations Act continue to have effect in relation to the matter and the person; and

(c) Part 7.5 of the Act has effect in relation to a matter to which paragraphs (a) and (b) do not apply.

10.2.27(3)   [ Sunset clause]  

However, the person cannot make a claim under section 949 or 950, or Division 6A, 6B or 6C of Part 7.10, of the old Corporations Act after 30 September 2005.