Document ID: chunk:federal_register_of_legislation:C2020A00003:clause:14_2
Version: federal_register_of_legislation:C2020A00003
Segment Type: clause
Provision Reference: sch 14 cl 2
Character Range: 99690–100916

2  Transitional—existing banning and disqualification orders
(1) An order made under subsection 80(1) of the National Credit Act, that is in force immediately before the commencement of Part 2 of Schedule 4 to the Financial Sector Reform (Hayne Royal Commission Response—Stronger Regulators (2019 Measures)) Act 2020, continues in force (and may be dealt with) as if it had been made under that subsection as amended by that Part.
(2) An order described in paragraph 86(2)(a) of the National Credit Act that:
 (a) was made under subsection 86(2) of that Act; and
 (b) is in force immediately before the commencement of Part 2 of Schedule 4 to the Financial Sector Reform (Hayne Royal Commission Response—Stronger Regulators (2019 Measures)) Act 2020;
continues in force (and may be dealt with) as if it had been made under that subsection as amended by that Part.
(3) Section 83 of the National Credit Act applies to an order covered by subitem (1) as if the words "because of a change in any of the circumstances based on which ASIC made the order" were omitted from subsection 83(1) of that Act.

[Minister's second reading speech made in—
House of Representatives on 28 November 2019
Senate on 5 February 2020]

(229/19)