Section 1432 — Corporations Act 2001 (Cth)

(1) Subject to subsection (2), during the transition period for a regulated principal, the relevant old legislation (if any) continues to apply, despite its repeal:

(a) to, and in relation to, the regulated principal and their regulated activities; and

(b) to any other person to whom it is expressed to apply, but only in relation to matters related to the regulated principal and their regulated activities.

Note: So, for example, people may continue to be appointed as agents or representatives of the regulated principal (or to have those appointments varied or revoked) during the transition period under provisions of the relevant old legislation that deal with such matters.

(2) If, because of subsection 1431(2), the relevant new legislation (within the meaning of subsection 1431(1)) starts to apply to part of a person’s regulated activities from a particular time, the relevant old legislation (if any) stops applying, from that time, in relation to that part of those activities.

Related sections

• s 1429 — Treatment of other clearing and settlement facilities
• s 1430 — Meaning of regulated principal, regulated activities and relevant old legislation
• s 1431 — Parts 7.6, 7.7 and 7.8 of the amended Corporations Act generally do not apply to a regulated principal during the transition period
• s 1433 — Streamlined licensing procedure for certain regulated principals
• s 1434 — Special licences for insurance multi‑agents during first 2 years after FSR commencement
• s 1435 — Licensing decisions made within the first 2 years of the FSR commencement—regard may be had to conduct and experience of applicant or related body corporate that currently provides same or similar services

Research how courts apply s 1432

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