40Provisions for Financial Institutions Code as applied under section 40 of AFIC Code

40 Provisions for Financial Institutions Code as applied under section 40 of AFIC Code

(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 56 had not commenced:

(a) section 40 of the AFIC Code to the extent that it applies the relevant provisions;

(b) the relevant provisions as applied under section 40 of the AFIC Code;

(c) the other provisions of the AFIC Code and Financial Institutions Code relevant to section 40 of the AFIC Code and the relevant provisions.

(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.

(3)  For the purposes of the application mentioned in subsection (1)  –

(a) a reference in section 40 of the AFIC Code or in regulation 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 was, immediately before that date, a special services provider under the Code; and

(b) a reference in section 40 of the AFIC Code or in regulation 5 of the AFIC Regulations is taken to be a reference to either relevant Commonwealth body; and

(c) 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

(d) section 76(5) of the Financial Institutions Code is taken to be omitted; and

(e) 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

(f) section 397(2) of the Financial Institutions Code is taken to be omitted; and

(g) 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