Document ID: chunk:federal_register_of_legislation:C2018A00122:clause:2_314
Version: federal_register_of_legislation:C2018A00122
Segment Type: clause
Provision Reference: sch 2 cl 314
Character Range: 11078–13404

314  Transitional rules
 (1) In this section:
transitional rule means an instrument made under subsection (2) or (4).
 (2) The Minister may make a written instrument prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to sections 310 to 313 in relation to a particular person.
 (3) An instrument made under subsection (2) is not a legislative instrument.
Note:  Subsection 33(3) of the Acts Interpretation Act 1901 provides for the repeal, variation etc. of instruments.
 (4) The Minister may, by legislative instrument, prescribe matters of a transitional nature (including prescribing any saving or application provisions) relating to sections 310 to 313 in relation to a class of persons.
 (5) Without limiting subsection (2) or (4):
 (a) a transitional rule made under subsection (2) may declare that a specified provision of sections 310 to 313 is to have effect, in relation to a particular person, as if it were modified as specified in the transitional rule; and
 (b) a transitional rule made under subsection (4) may declare that a specified provision of sections 310 to 313 is to have effect, in relation to a class of persons, as if it were modified as specified in the transitional rule.
The provision has effect accordingly.
 (6) A transitional rule:
 (a) must not be made after 12 months after the commencement day; and
 (b) if it is a legislative instrument—takes effect from the later of:
 (i) the day after the day it is registered; or
 (ii) a later day specified in the rule; and
 (c) if it is not a legislative instrument—takes effect from the later of:
 (i) the day after the day it is made; or
 (ii) a later day specified in the rule; and
 (d) unless revoked earlier, remains in effect for 12 months from the day the rule takes effect, or a shorter period specified in the rule.
 (7) To avoid doubt, a transitional rule may not do any of the following:
 (a) create an offence or civil penalty;
 (b) provide powers of:
 (i) arrest or detention; or
 (ii) entry, search or seizure;
 (c) impose a tax;
 (d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;
 (e) directly amend the text of this Act.

Part 2—Consequential amendments

Australian Securities and Investments Commission Act 2001