Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:15:p35
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 15 (pt 35/73)
Character Range: 1775254–1778054

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.
 (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.
 (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.

Division 19—Extension of limitation periods

10.2.99  Application of items 111 and 121 of the Financial Services Reform (Consequential Provisions) Act 2001 to amendments of the Australian Securities and Investments Commission Act 2001
 (1) This regulation applies in relation to:
 (a) the amendment of subsection 12GF(2) of the Australian Securities and Investments Commission Act 2001 made by item 111 of Schedule 1 to the Financial Services Reform (Consequential Provisions) Act 2001; and
 (b) the amendment of subsection 12GM(5) of the Australian Securities and Investments Commission Act 2001 made by item 121 of Schedule 1 to the Financial Services Reform (Consequential Provisions) Act 2001.
 (2) The amendment applies in relation to conduct engaged in on or after the commencement of that item.
 (3) The amendment also applies in relation to conduct engaged in before the commencement of that item, but only if the period that:
 (a) relates to the conduct; or
 (b) applied under subsection 12GF(2) or 12GM(5) before the commencement of that item;
had not ended when that item commenced.

Division 20—Rules for dealing with liability during transition period

10.2.100  Application of Division 20
 (1) This Division sets out rules for determining the liability of a responsible person under:
 (a) the relevant old legislation; or
 (b) the amended Corporations Act;
in relation to conduct engaged in, during the transition period, by a representative in respect of more than 1 principal.
Note: The Corporations Act 2001 has been amended by the Financial Services Reform (Consequential Provisions) Act 2001. The Consequential Provisions Act includes a two‑year transition period