Undertakings
10.2.95 Undertakings
This regulation applies if:
an undertaking was in force under section 93AA or 93A of the Australian Securities and Investments Commission Act 2001 immediately before the FSR commencement; and
the conduct or matter to which the undertaking relates:
is not described in the same terms in the amended Corporations Act; or
is regulated in a different way under the amended Corporations Act.
On and after the FSR commencement, the undertaking continues in force, to the extent practicable to allow it to apply in relation to the conduct or matter:
as it is described on and after the FSR commencement; and
as it is regulated on and after the FSR commencement.
For subregulation (2), nothing in the relevant old legislation (including the Australian Securities and Investments Commission Act 2001) prevents ASIC from:
drafting or amending the terms of an undertaking; or
issuing a notice to a person; or
taking any other action permitted by section 93AA or 93A of that Act;
for the purpose of ensuring that the undertaking has the same effect under the amended Corporations Act as it had under the old Corporations Act, or an effect equivalent to the effect it had under the old Corporations Act.
This Act’s bill:Explanatory statement
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