Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 314

  (1)   In this section:

"transitional rule" means an instrument made under subsection   (2) or (4).

  (2)   The Minister may make a written instrument prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to sections   310 to 313 in relation to a particular person.

  (3)   An instrument made under subsection   (2) is not a legislative instrument.

Note:   Subsection   33(3) of the Acts Interpretation Act 1901 provides for the repeal, variation etc. of instruments.

  (4)   The Minister may, by legislative instrument, prescribe matters of a transitional nature (including prescribing any saving or application provisions) relating to sections   310 to 313 in relation to a class of persons.

  (5)   Without limiting subsection   (2) or (4):

  (a)   a transitional rule made under subsection   (2) may declare that a specified provision of sections   310 to 313 is to have effect, in relation to a particular person, as if it were modified as specified in the transitional rule; and

  (b)   a transitional rule made under subsection   (4) may declare that a specified provision of sections   310 to 313 is to have effect, in relation to a class of persons, as if it were modified as specified in the transitional rule.

The provision has effect accordingly.

  (6)   A transitional rule:

  (a)   must not be made after 12 months after the commencement day; and

  (b)   if it is a legislative instrument--takes effect from the later of:

  (i)   the day after the day it is registered; or

  (ii)   a later day specified in the rule; and

  (c)   if it is not a legislative instrument--takes effect from the later of:

  (i)   the day after the day it is made; or

  (ii)   a later day specified in the rule; and

  (d)   unless revoked earlier, remains in effect for 12 months from the day the rule takes effect, or a shorter period specified in the rule.

  (7)   To avoid doubt, a transitional rule may not do any of 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.