Treasury Laws Amendment (2022 Measures No. 1) Act 2022 (35 of 2022)

Schedule 4   Minor and technical amendments

Part 2   Application of registries modernisation amendments

Australian Securities and Investments Commission Act 2001

10   In the appropriate position

Insert:

Part 37 - Application and transitional provisions for the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020

337 Definitions

In this Part:

interim period means the period:

(a) starting at the start of 22 June 2022; and

(b) ending at the end of the day before the day on which Part 2 of Schedule 4 to the Treasury Laws Amendment (2022 Measures No. 1) Act 2022 commences.

postponed item means any of the following that commenced on 22 June 2022 (disregarding Part 1 of Schedule 4 to the Treasury Laws Amendment (2022 Measures No. 1) Act 2022):

(a) an item of Part 2 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020;

(b) an item of Part 3 of Schedule 1 to theFinancial Sector Reform (Hayne Royal Commission Response - Better Advice) Act 2021;

(c) an item of Part 4 of Schedule 2 to the Treasury Laws Amendment (2021 Measures No. 1) Act 2021.

Note Item 103 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 is not covered by paragraph (a) because that item commenced on 4 April 2021.

338 Validation of acts or things done during interim period

Object

(1) The object of this section is to treat all situations during the interim period in every respect as if:

(a) the amendments made by Part 1 of Schedule 4 to the Treasury Laws Amendment (2022 Measures No. 1) Act 2022 had been made at the start of 21 June 2022; and

(b) the amendments made by the postponed items had not been made at the start of 22 June 2022 and had had no effect during the interim period.

Validation of acts and things done in interim period

(2) An act or thing that was done at any time during the interim period is as valid, and is taken always to have been as valid, as it would have been if:

(a) the amendments made by Part 1 of Schedule 4 to the Treasury Laws Amendment (2022 Measures No. 1) Act 2022 had been made at the start of 21 June 2022; and

(b) in particular, the amendments made by the postponed items had not been made at the start of 22 June 2022 and had had no effect during the interim period.

Continuation of delegations

(3) Without limiting subsection (2), if:

(a) a function or power conferred by this Act or the Public Governance, Performance and Accountability Act 2013 was delegated to a person; and

(b) the delegation was in force immediately before 22 June 2022; and

(c) but for this subsection, the delegation would have ceased to have effect at the start of 22 June 2022 because of any of the amendments made by the postponed items;

then:

(d) an act or thing done by the delegate in the interim period is, and is taken always to have been, as valid a performance or exercise of the function or power as it would have been if the delegation had continued in force throughout the interim period; and

(e) the delegation has effect, on and after the day section 1 of the Treasury Laws Amendment (2022 Measures No. 1) Act 2022 commences, as if it had been made at the time that section commences.

Acts and things to which this section applies

(4) This section applies to an act or thing, regardless of the basis on which, or capacity in which, the act or thing was done or purported to be done.

339 Application of item 102 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020

(1) The amendment of section 12A made by item 102 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 applies, in relation to a matter (the relevant matter ), on and after the earliest of the following days:

(a) if a notifiable instrument is in force under paragraph (2)(a) of this section - the day the instrument specifies;

(b) if a notifiable instrument is in force under paragraph (2)(b) of this section that specifies matters that include the relevant matter - the day the instrument specifies in relation to those matters;

(c) 1 July 2026.

Note: Section 12A, as in force immediately before the commencement day for the amending item, will continue to apply in relation to the relevant matter until the day that applies under this subsection.

(2) The Minister:

(a) may by notifiable instrument specify a day for the purposes of paragraph (1)(a); and

(b) may by notifiable instrument specify days and matters for the purposes of paragraph (1)(b).

Note: For specification by class, see subsection 13(3) of the Legislation Act 2003.

(3) A day specified in a notifiable instrument made under subsection (2) must be:

(a) on or after the day that the instrument is made; and

(b) on or after the day on which item 102 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 commences.