41ATransfer of certain regulatory authorisations

41A Transfer of certain regulatory authorisations

41A Transfer of certain regulatory authorisations

(1) This clause applies to each regulatory authorisation held by or on behalf of a reconstituted or abolished body (an existing regulatory authorisation).

(2) Each of the existing regulatory authorisations becomes a regulatory authorisation of the successor body for the reconstituted or abolished body (the transferred regulatory authorisation) on the repeal day for the purposes of the Act or statutory rule (the relevant State legislation) under which the existing regulatory authorisation was issued.

(3) The provisions of the relevant State legislation apply in relation to a successor body in relation to a transferred regulatory authorisation subject to any modifications prescribed by the regulations.

(4) The Minister is not to recommend the making of a regulation for the purposes of subclause (3) unless the Minister administering the Act or statutory rule proposed to be modified has consented to the modification concerned.

(5) The person or body (a regulatory body) that has the function under the relevant State legislation of issuing regulatory authorisations of the same kind as a transferred regulatory authorisation must, at the request of the successor body, re-issue the transferred regulatory authorisation in the name of the successor body (with substantially the same terms, conditions and endorsements as the transferred regulatory authorisation).

(6) No fee or charge is payable by a successor body to a regulatory body for or in respect of the exercise of any function by the regulatory body in connection with the transfer or re-issue of a regulatory authorisation by operation of, or under, this clause.

(6A) The following provisions apply in relation to a transitional reserve trust—

(a) any regulatory authorisation held by or on behalf of the reserve trust immediately before the repeal day continues to be held by or on behalf of it while the reserve trust is in existence during its continuation period,

(b) this clause applies on the transition day to any regulatory authorisation held by or on behalf of the reserve trust immediately before that day as if the reference in subclause (2) to the repeal day were a reference to the transition day.

(7) In this clause—

issued includes given.