Document ID: chunk:federal_register_of_legislation:C2023A00068:clause:2_34
Version: federal_register_of_legislation:C2023A00068
Segment Type: clause
Provision Reference: sch 2 cl 34
Character Range: 56221–57112

34  Transitional rules
(1) ASIC and APRA may jointly, by legislative instrument, make rules prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to:
 (a) the amendments or repeals made by this Act; or
 (b) the enactment of this Act or the FAR Act.
(2) To avoid doubt, the rules may not do 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 or the FAR Act.
(3) This Act (other than subitem (2) of this item) does not limit the rules that may be made.

[Minister's second reading speech made in—
House of Representatives on 8 March 2023
Senate on 22 March 2023]
(20/23)