Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 2   ALRC Financial Services Interim Report: single glossary of defined terms

Part 2   Application and transitional provisions

Corporations Act 2001

617   In the appropriate position in Part 10.68

Insert:

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

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.

1698C Translation of references in instruments

(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

(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(b) that provision was repealed by Schedule 1 or 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023; and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then the affected instrument has effect, at and after the commencement time, as if the reference to the repealed provision were a reference to the corresponding provision.

References to repealed definitions with no corresponding definition

(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(b) the definition of that term was repealed by Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023; and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.

1698D Calculation of time

(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.

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

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.

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.

1689G Saving of existing regulations that are not to be remade

Meaning of class and kind of financial products and financial services

(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

(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

(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

(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

(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

(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

(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.

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.

1698J Saving of appointments and delegations under Part 7.5

(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.

(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.

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.

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.