Corporations Regulations 2001

CHAPTER 10 - REPEALS, TRANSITIONAL MATTERS AND APPLICATION PROVISIONS  

PART 10.2 - TRANSITIONAL ARRANGEMENTS RELATING TO FINANCIAL SERVICES REFORM LEGISLATION  

Division 18 - Specific kinds of documents in existence before FSR commencement  

REGULATION 10.2.95   UNDERTAKINGS  

10.2.95(1)   [ Application]  

This regulation applies if:

(a) an undertaking was in force under section 93AA or 93A of the Australian Securities and Investments Commission Act 2001 immediately before the FSR commencement; and

(b) the conduct or matter to which the undertaking relates:

(i) is not described in the same terms in the amended Corporations Act; or

(ii) is regulated in a different way under the amended Corporations Act.

10.2.95(2)   [ To apply as described or regulated on and after FSR commencement]  

On and after the FSR commencement, the undertaking continues in force, to the extent practicable to allow it to apply in relation to the conduct or matter:

(a) as it is described on and after the FSR commencement; and

(b) as it is regulated on and after the FSR commencement.

10.2.95(3)   [ Same effect under amended Corporations Act as under old Corporations Act]  

For subregulation (2), nothing in the relevant old legislation (including the Australian Securities and Investments Commission Act 2001 ) prevents ASIC from:

(a) drafting or amending the terms of an undertaking; or

(b) issuing a notice to a person; or

(c) taking any other action permitted by section 93AA or 93A of that Act;

for the purpose of ensuring that the undertaking has the same effect under the amended Corporations Act as it had under the old Corporations Act, or an effect equivalent to the effect it had under the old Corporations Act.