Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p202
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 202/212)
Character Range: 524047–527031

of the relevant previous law of this jurisdiction relating to the securities industry; or

         (iii) subsection 22 (1), (2) or (3) of the relevant previous law of this jurisdiction relating to the futures industry; and

     (b) no investigation pursuant to the direction had yet begun, or such an investigation had begun but had not yet been completed or terminated.

  "(2) The direction has effect:

     (a) with such modifications (if any) as are specified, in relation to the direction, in an application order; and

     (b) with such other modifications (if any) as the circumstances require;

as if it were a direction to the Commission under subsection 14 (1).

"(3) If, immediately before that commencement, an investigation was being carried out pursuant to the direction:

     (a) the Commission must comply with the direction, as it has effect because of subsection (2), by continuing the investigation in accordance with the direction as it so has effect; and

     (b) the investigation, as continued by the Commission, is taken to be an investigation under section 14.".

SCHEDULE 7—continued

Section 15:

     (a) Omit "Corporations Act 1989", substitute "Corporations Law or under a previous law corresponding to section 422 or 533 of that Law".

     (b) Omit "law of the Commonwealth or a Territory", substitute "national scheme law of this jurisdiction".

Subsection 27 (2):

  Omit "the examination", substitute "an examination".

Paragraphs 28 (a), (b) and (c):

  Omit the paragraphs, substitute:

      "(a) for the purposes of the performance or exercise of any of the Commission's functions and powers under a national scheme law of this jurisdiction; or

      (b) for the purposes of ensuring compliance with a national scheme law of this jurisdiction; or

   (c) in relation to:

          (i) an alleged or suspected contravention of a national scheme law of this jurisdiction; or

          (ii) an alleged or suspected contravention of a law of this jurisdiction, being a contravention that concerns the management or affairs of a body corporate, or involves fraud or dishonesty and relates to a body corporate, securities or futures contracts; or".

Subsection 29 (1):

  After "national scheme law" insert "of this jurisdiction".

Subsection 35 (1):

  After "particular premises" insert "within this jurisdiction".

Paragraph 35 (1) (a):

After "this Division" insert "or a corresponding law of another jurisdiction".

Paragraph 36 (1) (a):

After "this Division" insert "or a corresponding law of another jurisdiction".

SCHEDULE 7—continued

Section 37:

  Add at the end:

  "(10) In this section:

" 'proceeding' includes a proceeding under a law of another jurisdiction.".

Section 40:

  Repeal the section, substitute:

When certain powers may be exercised

  "40. A power conferred by section 41 or 44 may only be exercised:

     (a) for the purposes of the performance or exercise of any of the Commission's functions and powers