Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.68 - APPLICATION AND TRANSITIONAL PROVISIONS RELATING TO THE ALRC FINANCIAL SERVICES INTERIM REPORTS  

Division 1 - Schedule 2 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023  

SECTION 1698  

1698   DEFINITIONS  

In this Division:

commencement time
means the time when Schedule 2 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 commences.

SECTION 1698A   TRANSLATION OF REFERENCES IN INSTRUMENTS  

1698A(1)    
This section applies to an instrument (the affected instrument ) that:

(a)    was made under this Act or an instrument made under this Act; and

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

References to moved definitions and other provisions

1698A(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(b)    that provision was repealed by Schedule 2 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 ; and

(c)    the Corporations legislation, as amended by that Schedule, contains a corresponding provision;

then the affected instrument has effect, at and after the commencement time, as if the reference to the repealed provision were a reference to the corresponding provision.

References to repealed definitions with no corresponding definition

1698A(3)    
Despite the repeal of definitions in sections 9 and 761A made by items 2, 3, 83, 85, 87, 90, 100, 115 and 117 of Schedule 2 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 , the definitions repealed by those items continue, at and after the commencement time, to have effect for the purposes of the affected instrument as if those definitions had not been repealed.

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

SECTION 1698B  

1698B   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.

SECTION 1698C   TRANSLATION OF REFERENCES IN INSTRUMENTS  

1698C(1)    
This section applies to an instrument (the affected instrument ) that:

(a)    was made under this Act or an instrument made under this Act; and

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

References to moved definitions and other provisions

1698C(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

1698C(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 this 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 this 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.

SECTION 1698D   CALCULATION OF TIME  

1698D(1)    
Despite the repeal of sections 5C and 105 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.

1698D(2)    
Otherwise, section 105 of this Act (as inserted by that Schedule) applies on and after the commencement time.

SECTION 1698E  

1698E   SAVING OF PART 5D.6 AUTHORISATIONS  
An authorisation that:

(a)    was made under subsection 601WAA(2); and

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

has effect, at and after the commencement time, as if it had been made under section 601WCI , as inserted by Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 .

SECTION 1698F  

1698F   SAVING OF EXISTING PRESCRIBED FORMS  
A form for a document that is required to be lodged with ASIC under this Act that:

(a)    was prescribed by the regulations or approved by ASIC under section 350 ; and

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

has effect at and after the commencement time as if the form had been prescribed or approved for the purposes of this Act, as amended by Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 .

Note: This relates to the amendments of this Act by that Schedule to require documents to be lodged with ASIC in a prescribed form. These requirements were previously imposed through the definition of lodge with ASIC in section 761A , as in force immediately before the commencement time.

SECTION 1689G   SAVING OF EXISTING REGULATIONS THAT ARE NOT TO BE REMADE  

Meaning of class and kind of financial products and financial services

1689G(1)    
Regulations that:

(a)    were made for the purposes of section 761CA ; and

(b)    were in force immediately before the commencement time;

have effect at and after the commencement time as if the regulations had been made for the purposes of section 761CA , as amended by Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 .

Meaning of derivative

1689G(2)    
Regulations that:

(a)    were made for the purposes of subsection 761D(2) or paragraph 761D(3)(d) ; and

(b)    were in force immediately before the commencement time;

have effect at and after the commencement time as if the regulations had been made for the purposes of subsection 761D(2) or paragraph 761D(3)(d) (as the case requires), as amended by Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 .

Meaning of acquire , issue and provide

1689G(3)    
Regulations that:

(a)    were made for the purposes of subsection 761E(7) ; and

(b)    were in force immediately before the commencement time;

have effect at and after the commencement time as if the regulations had been made for the purposes of subsection 761E(7) , as amended by Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 .

Meaning of financial product

1689G(4)    
Regulations that:

(a)    were made for the purposes of paragraph 764A(1)(m) or subsection 764A(3) ; and

(b)    were in force immediately before the commencement time;

have effect at and after the commencement time as if the regulations had been made for the purposes of paragraph 764A(1)(m) or subsection 764A(3) (as the case requires), as amended by Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 .

Regulations about excess money in regulated funds

1689G(5)    
Regulations that:

(a)    were made for the purposes of section 892G ; and

(b)    were in force immediately before the commencement time;

have effect at and after the commencement time as if the regulations had been made for the purposes of section 892G , as amended by Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 .

Note: That Schedule replaces the term regulated fund with the term Part 7.5 regulated fund.

Meaning of foreign recognition scheme

1689G(6)    
Regulations that:

(a)    were made for the purposes of the definition of foreign recognition scheme in subsection 1200A(1) ; and

(b)    were in force immediately before the commencement time;

have effect at and after the commencement time as if the regulations had been made for the purposes of the definition of foreign recognition scheme in subsection 1200A(1) , as inserted by Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 .

Meaning of recognised jurisdiction

1689G(7)    
Regulations that:

(a)    were made for the purposes of the definition of recognised jurisdiction in subsection 1200A(1) ; and

(b)    were in force immediately before the commencement time;

have effect at and after the commencement time as if the regulations had been made for the purposes of the definition of recognised jurisdiction in subsection 1200A(1) , as inserted by Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 .

SECTION 1698H  

1698H   SAVING OF DECLARATIONS THAT A SPECIFIED FACILITY ETC. IS NOT A FINANCIAL PRODUCT  
A declaration that:

(a)    was made under subsection 765A(2) ; and

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

has effect at and after the commencement time as if the declaration had been made under subsection 765A(2) , as amended by Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 .

SECTION 1698J   SAVING OF APPOINTMENTS AND DELEGATIONS UNDER PART 7.5  

1698J(1)    
An appointment that:

(a)    was made under subsection 892C(2) ; and

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

has effect at and after the commencement time as if the delegation had been made under subsection 892C(2) , as inserted by Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 .

1698J(2)    
A delegation that:

(a)    was made under subsection 892D(6) ; and

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

has effect at and after the commencement time as if the delegation had been made under subsection 892D(6) , as amended by Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 .

SECTION 1698K  

1698K   AMENDMENTS OF DIVISION 5 OF PART 7.8A DO NOT AFFECT THE CONTINUITY OF INSTRUMENTS MADE UNDER SECTION 994L  
The amendments of Division 5 of Part 7.8A made by Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 do not affect the continuity of an instrument made under section 994L that was in force immediately before the commencement time.

SECTION 1698L  

1698L   AMENDMENTS OF PART 9.12 DO NOT AFFECT THE CONTINUITY OF THE REGULATIONS  
The amendments of Part 9.12 made by Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 do not affect the continuity of any regulations made under this Act that were in force immediately before the commencement time.