Corporations Regulations 2001
View history note
Hide history noteFor section 1444 of the Act, this regulation applies if:
(a) a person held a licence (the old licence ) under the old Corporations Act immediately before the FSR commencement in relation to an activity; and
(b) the person holds a financial services licence that applies to the same activity; and
(c) ASIC identifies a matter that occurred, before the person held a financial services licence in relation to the activity, in relation to which ASIC would have had the power under the old Corporations Act:
(i) to suspend or cancel the old licence; or
(ii) to impose conditions on the old licence; or
(iii) to vary or revoke a condition to which the old licence was subject.
10.2.98A(2)
On and after the FSR commencement, ASIC ' s power under the Act to suspend or cancel the financial services licence mentioned in paragraph (1)(b) is taken to include the power to suspend or cancel the financial services licence:
(a) in order to achieve an outcome that ASIC could have achieved by the exercise of the power mentioned in paragraph (1)(c); and
(b) in any way that was authorised under the old Act.
10.2.98A(3)
On and after the FSR commencement, ASIC ' s power under the Act to impose conditions on the financial services licence mentioned in paragraph (1)(b) is taken to include the power to impose conditions:
(a) in order to achieve an outcome that ASIC could have achieved by the exercise of the power mentioned in paragraph (1)(c); and
(b) in any way that was authorised under the old Act.
10.2.98A(4)
On and after the FSR commencement, ASIC ' s power under the Act to vary or revoke a condition to which the financial services licence mentioned in paragraph (1)(b) is taken to include the power to vary or revoke a condition:
(a) in order to achieve an outcome that ASIC could have achieved by the exercise of the power mentioned in paragraph (1)(c); and
(b) in any way that was authorised under the old Act.
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