Corporations Regulations 2001

CHAPTER 12 - FINANCIAL SECTOR REFORM  

PART 12.1 - PRELIMINARY  

REGULATION 12.1.03   INTERPRETATION OF APPLIED PROVISIONS  

12.1.03(1)   [ Application]  

Subregulation (2) applies to a provision of the following instruments:

(a) a previous governing Code that is applied by or under a provision of this Chapter;

(b) an instrument made under a Code mentioned in paragraph (a) that is applied by or under this Chapter;

(c) an ASIC transitional standard within the meaning of Part 12.7 or an instrument made under a provision of the standard.

12.1.03(2)   [ References]  

This subregulation applies if there is a reference in the provision to any of the following:

(a) a word or expression that is defined in the Act or these Regulations;

(b) a power exercised by AFIC or an SSA;

(c) a class of body;

(d) the rules of a body;

(e) the accounts, or group accounts, of a body;

(f) a previous governing Code or a provision of the Code;

(g) an ASIC transitional standard within the meaning of Part 12.7 or a provision of the standard;

(h) an APRA transitional prudential standard or a provision of the standard;

(i) an instrument made under a Code, an ASIC transitional standard, an APRA transitional prudential standard or a provision of the instrument.

12.1.03(3)   [ Definition of word or expression]  

A word or expression that is defined in the Act or these regulations applies to each use of the word or expression unless the contrary intention appears.

12.1.03(4)   [ Reference to a power]  

A reference to a power exercised by AFIC or an SSA is to be read as if it were a reference to an equivalent power exercised by ASIC under the Act, these regulations, another Commonwealth law or an ASIC transitional standard.

12.1.03(5)   [ Reference to a class of body]  

A reference to a class of body is to be read as if it were the comparable class of company after the transition date.

12.1.03(6)   [ Reference to rules of body]  

A reference to the rules of a body is to be read as if it were a reference to the constitution of the body.

12.1.03(7)   [ Reference to accounts or group accounts]  

A reference to accounts, or group accounts, of a body is to be read as if it were a reference to a financial report, or consolidated financial statements, of the body.

12.1.03(8)   [ Consistency with other codes and Act]  

A reference to any matter mentioned in subregulation (2) is to be read in a way that:

(a) is consistent with, and promotes, the transition from the application of a previous governing Code to a transferring financial institution of a State or Territory to the application to the institution of the Act and these regulations; and

(b) is consistent with the duties, functions and powers of ASIC or an SSA; and

(c) does not alter the interpretation or operation of the instrument in which the reference appears.