New South Wales Consolidated Acts

FINANCIAL SECTOR REFORM (NEW SOUTH WALES) ACT 1999 - SECT 42

42 Financial Institutions Code provisions as applied under section 40 of AFIC Code

(1) The following provisions continue to apply on and after the transfer date in relation to anything done or omitted to be done before that date as if section 17 (1) had not commenced:

(a) section 40 of the AFIC Code to the extent it applies the relevant provisions,

(b) the relevant provisions as applied under section 40 of the AFIC Code,

(c) the other provisions of the AFIC Code and the Financial Institutions Code relevant to section 40 of the AFIC Code and the relevant provisions.

(2) Despite subsection (1), a provision, or part of a provision, applying under that subsection that creates an offence is not limited in its application to anything done or omitted to be done before the transfer date.

(3) For the purposes of the application mentioned in subsection (1):

(a) a reference in section 40 of the AFIC Code or in section 5 of the AFIC Regulations to a special services provider is taken to be a reference to an entity that on the transfer date is a company under the Corporations Law and that, immediately before that date, was a special services provider under that Code, and

(b) a reference in section 40 of the AFIC Code or in section 5 of the AFIC Regulations to AFIC is taken to be a reference to either relevant Commonwealth body, and

(c) in section 76 (1) of the Financial Institutions Code, the words “the financial institutions legislation” are taken to be omitted and the words “investigating whether an offence against the financial institutions legislation has been committed” are taken to be substituted, and

(d) section 76 (5) of the Financial Institutions Code is taken to be omitted, and

(e) in the definition of "financial body to which this section applies" in section 397 (1) of the Financial Institutions Code, paragraphs (a), (b), (d), (e) and (f) are taken to be omitted, and

(f) section 397 (2) of the Financial Institutions Code is taken to be omitted, and

(g) in the definition of "financial body to which this section applies" in section 398 (1) of the Financial Institutions Code, paragraphs (a), (b), (d), (e) and (f) are taken to be omitted, and

(h) in the definition of "prescribed person" in section 398 (1) of the Financial Institutions Code, paragraphs (a) and (b) are taken to be omitted, and

(i) section 398 (2) of the Financial Institutions Code is taken to be omitted, and

(j) a reference in section 404 (2) of the Financial Institutions Code to the Minister is taken to be a reference to the Minister administering this Act, and

(k) the AFIC Code and the Financial Institutions Code apply with all other necessary changes.

(4) This section does not limit section 39.

(5) In this section:
"relevant provisions" means Subdivision 1A of Division 2 of Part 2 (other than sections 75, 79 and 82), Part 10 and sections 392, 397, 398 and 404 of the Financial Institutions Code.