Territories Legislation Amendment Act 2020 (154 of 2020)

Schedule 2   Amendments of Treasury Acts

Part 1   Acts administered by ASIC

Division 2   Acts administered by ASIC: application, saving and transitional provisions

Australian Securities and Investments Commission Act 2001

64   In the appropriate position

Insert:

Part 35 - Transitional provisions relating to the Territories Legislation Amendment Act 2020

334 Transitional rules

(1) ASIC may, by legislative instrument, make rules prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments of this Act made by Division 1 of Part 1 of Schedule 2 to the Territories Legislation Amendment Act 2020.

(2) To avoid doubt, the rules may not do the following:

(a) create an offence or civil penalty;

(b) provide powers of:

(i) arrest or detention; or

(ii) entry, search or seizure;

(c) impose a tax;

(d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;

(e) directly amend the text of this Act.

335 Repeal of this Part

This Part is repealed at the end of the first Monday after the period of 12 months beginning on the day Division 1 of Part 1 of Schedule 2 to the Territories Legislation Amendment Act 2020 commences.