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Financial Sector Reform (Queensland) Act 1999
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Turn the raw legal text into a practical explanation grounded in Financial Sector Reform (Queensland) Act 1999.
The following provisions continue to apply on and after the transfer date in relation to anything done or omitted to be done before the date as if section 17 had not commenced— section 40 of the AFIC Code to the extent it applies the relevant provisions; the relevant provisions as applied under section 40 of the AFIC Code; the other provisions of the AFIC Code and the Financial Institutions Code relevant to section 40 of the AFIC Code and the relevant provisions. Despite subsection (1), a provision, or part of a provision, applying under the subsection that creates an offence is not limited in its application to anything done or omitted to be done before the transfer date. For the application mentioned in subsection (1)— a reference in section 40 of the AFIC Code or in section 5 of the AFIC Regulations to a special services provider is taken to be a reference to an entity that on the transfer date is a company under the Corporations Law and that, immediately before that date, was a special services provider under that code; and a reference in section 40 of the AFIC Code or in section 5 of the AFIC Regulations to AFIC is taken to be a reference to either relevant Commonwealth body; and in section 76(1) of the Financial Institutions Code, the words ‘the financial institutions legislation’ are taken to be omitted and the words ‘investigating whether an offence against the financial institutions legislation has been committed’ are taken to be substituted; and section 76(5) of the Financial Institutions Code is taken to be omitted; and in the definition financial body to which this section applies in section 397(1) of the Financial Institutions Code, paragraphs (a), (b), (d), (e) and (f) are taken to be omitted; and section 397(2) of the Financial Institutions Code is taken to be omitted; and in the definition financial body to which this section applies in section 398(1) of the Financial Institutions Code, paragraphs (a), (b), (d), (e) and (f) are taken to be omitted; and in the definition prescribed person in section 398(1) of the Financial Institutions Code, paragraphs (a) and (b), are taken to be omitted; and section 398(2) of the Financial Institutions Code is taken to be omitted; and a reference in section 404(2) of the Financial Institutions Code to the Minister is taken to be a reference to the Minister administering this Act; and the AFIC Code and the Financial Institutions Code apply with all other necessary changes. This section does not limit section 52. In this section— relevant provisions means part 2, division 2, subdivision 1A (other than sections 75, 79 and 82), part 10 and sections 392, 397, 398 and 404 of the Financial Institutions Code. (sec.55-ssec.1) The following provisions continue to apply on and after the transfer date in relation to anything done or omitted to be done before the date as if section 17 had not commenced— section 40 of the AFIC Code to the extent it applies the relevant provisions; the relevant provisions as applied under section 40 of the AFIC Code; the other provisions of the AFIC Code and the Financial Institutions Code relevant to section 40 of the AFIC Code and the relevant provisions. (sec.55-ssec.2) Despite subsection (1), a provision, or part of a provision, applying under the subsection that creates an offence is not limited in its application to anything done or omitted to be done before the transfer date. (sec.55-ssec.3) For the application mentioned in subsection (1)— a reference in section 40 of the AFIC Code or in section 5 of the AFIC Regulations to a special services provider is taken to be a reference to an entity that on the transfer date is a company under the Corporations Law and that, immediately before that date, was a special services provider under that code; and a reference in section 40 of the AFIC Code or in section 5 of the AFIC Regulations to AFIC is taken to be a reference to either relevant Commonwealth body; and in section 76(1) of the Financial Institutions Code, the words ‘the financial institutions legislation’ are taken to be omitted and the words ‘investigating whether an offence against the financial institutions legislation has been committed’ are taken to be substituted; and section 76(5) of the Financial Institutions Code is taken to be omitted; and in the definition financial body to which this section applies in section 397(1) of the Financial Institutions Code, paragraphs (a), (b), (d), (e) and (f) are taken to be omitted; and section 397(2) of the Financial Institutions Code is taken to be omitted; and in the definition financial body to which this section applies in section 398(1) of the Financial Institutions Code, paragraphs (a), (b), (d), (e) and (f) are taken to be omitted; and in the definition prescribed person in section 398(1) of the Financial Institutions Code, paragraphs (a) and (b), are taken to be omitted; and section 398(2) of the Financial Institutions Code is taken to be omitted; and a reference in section 404(2) of the Financial Institutions Code to the Minister is taken to be a reference to the Minister administering this Act; and the AFIC Code and the Financial Institutions Code apply with all other necessary changes. (sec.55-ssec.4) This section does not limit section 52. (sec.55-ssec.5) In this section— relevant provisions means part 2, division 2, subdivision 1A (other than sections 75, 79 and 82), part 10 and sections 392, 397, 398 and 404 of the Financial Institutions Code.