Document ID: chunk:federal_register_of_legislation:C2012A00108:clause:1_7
Version: federal_register_of_legislation:C2012A00108
Segment Type: clause
Provision Reference: sch 1 cl 7
Character Range: 9349–11459

7  Transitioning existing registrations

Application of item
(1) This item applies in relation to a WELS product that was registered within the meaning of the old WELS Act immediately before commencement.

Transitioning registrations
(2) Immediately after commencement:
 (a) the WELS product is no longer registered within the meaning of the old WELS Act; and
 (b) all of the following apply:
 (i) the product is taken, for the purposes of the new WELS Act, to be registered within the meaning of that Act;
 (ii) the registration scheme applies in relation to the product as if the product were registered within the meaning of the new WELS Act;
 (iii) the applicable WELS standard for the product is the applicable WELS standard under which the product was registered within the meaning of the old WELS Act.
(3) The WELS product stops being registered within the meaning of the new WELS Act at the end of 80 days after commencement, unless the fee payable in accordance with the registration scheme is paid within that period.
(4) Paragraph (2)(b) and subitem (3) have effect despite anything in the registration scheme.

Refund of fees paid under old WELS Act
(5) If a fee accompanied the application that was made under the old WELS Act for registration of the WELS product, the Regulator must pay the person in relation to whom the product is registered an amount worked out using the formula:
where:
N is the number (which may be zero) of whole years, as determined immediately before commencement, for which the product was registered within the meaning of the old WELS Act.
(6) The Regulator may set off an amount payable under subitem (5) against the amount of the fee payable under subitem (3).
(7) Payments of amounts under subitem (5) are taken, for the purposes of section 66 of the new WELS Act, to be payments in connection with the performance of the Regulator's functions under that Act.

Regulations
(8) The Governor‑General may make regulations prescribing additional matters of a transitional nature (including any saving or application provisions) relating to Part 6 of the new WELS Act.