Treasury Laws Amendment (2021 Measures No. 5) Act 2021 (127 of 2021)

Schedule 3   Miscellaneous and technical amendments

Part 3   Other amendments

Division 3   Amendments of the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020

Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020

104   Item 1414 of Schedule 1

Repeal the item, substitute:

1414 In the appropriate position

Insert:

Schedule 7 - Application and transitional provisions for the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020

1 Definitions

In this Schedule:

amending item means an item of Part 2 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 that amends a provision of the National Credit Act.

commencement day , for an amending item, means the day the amending item commences.

Note: Amendments of provisions of the National Credit Act made by an amending item apply on and after the commencement day for the amending item.

2 Things started but not finished by ASIC

If:

(a) before the commencement day for an amending item that amends a provision of the National Credit Act, ASIC started doing a thing under the provision as in force immediately before that day; and

(b) immediately before that day, ASIC had not finished doing that thing; and

(c) on and after that day, that thing falls within the powers or functions of the Registrar;

then, on and after that day:

(d) ASIC may finish doing the thing as if the thing were being done by the Registrar in the performance or exercise of the Registrar's functions or powers; or

(e) if ASIC does not finish doing the thing under paragraph (d) - the Registrar may finish doing the thing in the performance or exercise of the Registrar's functions or powers.