Corporations Regulations 2001

CHAPTER 10 - REPEALS, TRANSITIONAL MATTERS AND APPLICATION PROVISIONS  

PART 10.2 - TRANSITIONAL ARRANGEMENTS RELATING TO FINANCIAL SERVICES REFORM LEGISLATION  

Division 24A - Transitional matters under relevant old legislation: Insurance (Agents and Brokers) Act 1984  

REGULATION 10.2.119B   DISQUALIFICATIONS MADE BEFORE FSR COMMENCEMENT  

10.2.119B(1)   [ Application]  

For section 1444 of the Act, on and after the FSR commencement, a disqualification under subsection 25(5) or 31H(5) of the Insurance (Agents and Brokers) Act 1984 made before the FSR commencement:

(a) continues in force to the extent practicable to allow it to apply to conduct or another matter:

(i) as it is described on and after the FSR commencement; or

(ii) as it is regulated on and after the FSR commencement; and

(b) is taken to be a disqualification made under subsection 25(5) or 31H(5) of the Insurance (Agents and Brokers) Act 1984 .

10.2.119B(2)   [ Continued application of previous provisions]  

For section 1444 of the Act, on and after the FSR commencement, subsections 25(5) and 31H(5) of the Insurance (Agents and Brokers) Act 1984 , and associated provisions, continue to apply to the extent necessary to allow the disqualification to continue in force.

10.2.119B(3)   [ ASIC may draft or amend prohibition]  

For subregulation (2), nothing in the relevant old legislation (including the Australian Securities and Investments Commission Act 2001 ) prevents ASIC from drafting or amending the terms of a prohibition for the purpose of ensuring that the prohibition has the same effect under the Act as it had under the relevant old legislation, or an effect equivalent to the effect it had under the relevant old legislation.