AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 284 Old transitional provisions continue to have their effect

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 284

  (1)   Subject to subsection   (3), this Act has the same effect, after the commencement, as it would have if:

  (a)   the transitional provisions (see subsections   (6) and (7)) of the old ASIC Act, the old ASIC Law of the States in this jurisdiction and the old ASIC Law of the Northern Territory (as in force from time to time before the commencement) had been part of this Act; and

  (b)   those transitional provisions produced the same results or effects (to the greatest extent possible) for the purposes of this Act as they produced for the purposes of that Act and those Laws.

  (2)   Without limiting subsection   (1) (but subject to subsection   (3)), if a transitional provision of the old ASIC Act, the old ASIC Law of the States in this jurisdiction or the old ASIC Law of the Northern Territory could, if it had continued in force after the commencement, have operated to give rise to rights and liabilities (including civil or criminal liabilities) in relation to acts or omissions occurring after the commencement, this Act is taken to include that transitional provision (with such modifications (if any) as are necessary).

Note:   In relation to acts or omissions that occurred before the commencement, equivalent rights or liabilities are created by sections   276 and 277.

  (3)   The regulations may determine how a matter dealt with in a transitional provision of the old ASIC Act, the old ASIC Law of the States in this jurisdiction or the old ASIC Law of the Northern Territory is to be dealt with under or in relation to the new ASIC legislation (including by creating offences). The regulations have effect despite subsections   (1) and (2), but subject to subsection   (5).

Note:   In creating offences, the regulations are subject to the limitation imposed by section   258.

  (4)   For the purpose of determining whether the new ASIC legislation includes a provision that corresponds to a provision of the old ASIC legislation of the Commonwealth, a State in this jurisdiction or the Northern Territory, and for the purpose of any reference in this Part to a corresponding provision of the new ASIC legislation, this Act is taken to include the transitional provisions of the old ASIC legislation of the Commonwealth, a State in this jurisdiction or the Northern Territory, as they have effect because of subsections   (1) and (2).

  (5)   Nothing in subsection   (1) or (2), or in regulations made for the purposes of subsection   (3), is taken to produce a result that a right or liability exists under a transitional provision as it has effect because of subsection   (1) or (2), or exists under regulations made for the purposes of subsection   (3), that relates solely to events, circumstances or things that occurred before the commencement.

Note:   Instead, an equivalent right or liability will be created by section   276 or 277.

  (6)   Subject to subsection   (7), for the purposes of this section, a transitional provision is any of the following provisions of the old ASIC Act, the old ASIC Law of the States in this jurisdiction and the old ASIC Law of the Northern Territory:

  (a)   section   12AB;

  (b)   subsection   12GL(2);

  (c)   section   12IA;

  (d)   subsection   13(3);

  (e)   subsection   13(5);

  (f)   section   14A;

  (g)   subsection   51(2);

  (h)   subsection   68(4);

  (i)   subsection   68(5);

  (j)   section   122A;

  (k)   section   127A;

  (l)   subsection   246(2);

  (m)   Part   16;

  (n)   Part   17;

  (o)   Part   18.

  (7)   The regulations may provide that certain provisions are to be taken to be included in, or omitted from, the list in subsection   (6). The list then has effect as if the provisions were so included in it or omitted from it.