Corporations Regulations 2001

CHAPTER 10 - REPEALS, TRANSITIONAL MATTERS AND APPLICATION PROVISIONS  

PART 10.2 - TRANSITIONAL ARRANGEMENTS RELATING TO FINANCIAL SERVICES REFORM LEGISLATION  

Division 18 - Specific kinds of documents in existence before FSR commencement  

REGULATION 10.2.98A   LICENSES, REGISTRATION, ETC IN FORCE BEFORE FSR COMMENCEMENT  

10.2.98A(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.

10.2.98A(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.

10.2.98A(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.

10.2.98A(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.