Corporations Amendment (Corporate Reporting Reform) Act 2010 (66 of 2010)

Schedule 2   Australian Securities and Investments Commission Act 2001

Part 2   Application, saving and transitional provisions

Australian Securities and Investments Commission Act 2001

13   At the end of the Act

Add:

Part 18 Transitional provisions relating to the Corporations Amendment (Corporate Reporting Reform) Act 2010

289 Definitions

In this Part:

amending Act means the Corporations Amendment (Corporate Reporting Reform) Act 2010.

old Act means this Act as in force immediately before the commencement of the amending Act.

Schedule 2 commencement means the day on which Part 1 of Schedule 2 to the amending Act commences.

transition period means the period:

(a) beginning at the start of the day Part 1 of Schedule 2 to the amending Act commences; and

(b) ending when there is no longer any person holding an appointment as a member of the Companies Auditors and Liquidators Disciplinary Board under paragraph 203(1)(c) or (d) of the old Act.

290 Application of Companies Auditors and Liquidators Disciplinary Board amendments

(1) The amendments made by items 1 to 5 of Schedule 2 to the amending Act do not apply until after the transition period.

(2) During the transition period:

(a) a person holding an appointment as a member of the Companies Auditors and Liquidators Disciplinary Board under paragraph 203(1)(c) or (d) of the old Act immediately before the Schedule 2 commencement continues to hold that appointment on and after that commencement for the remainder of the term of the person's appointment as if those amendments had not been made; and

(b) paragraph (a) does not prevent the Minister terminating the appointment under section 207 or the person from resigning under section 206; and

(c) there are to be no more than 6 accounting members of the Companies Auditors and Liquidators Disciplinary Board; and

(d) any member appointed after the Schedule 2 commencement:

(i) must be selected by the Minister; and

(ii) must be eligible to be appointed under subsection 203(1B) as inserted by item 5 of Schedule 2 to the amending Act; and

(e) accounting member means:

(i) a member appointed under paragraph (d); or

(ii) a member appointed under paragraph 203(1)(c) or (d) of the old Act.

(3) After the transition period, accounting member is taken to include a member appointed under paragraph (2)(d).

291 Application of pre-hearing conference amendments

The amendments made by items 7 and 8 of Schedule 2 to the amending Act apply in relation to conferences conducted before, on or after the Schedule 2 commencement.