Sch 7Application and transitional provisions for the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020

Schedule 7—Application and transitional provisions for the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 amending item means an item of Part 2 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 that amends a provision of the National Credit Act. application day, for an amendment made by an amending item, as applying in relation to a matter, means the day on and after which the amendment applies in relation to that matter because of item 3. commencement day, for an amending item, means the day on which the amending item commences (taking into account Part 1 of Schedule 4 to the Treasury Laws Amendment (2022 Measures No. 1) Act 2022). interim period means the period: (a) starting at the start of 22 June 2022; and (b) ending at the end of the day before the day on which Part 2 of Schedule 4 to the Treasury Laws Amendment (2022 Measures No. 1) Act 2022 commences. postponed item means any of the following that commenced on 22 June 2022 (disregarding Part 1 of Schedule 4 to the Treasury Laws Amendment (2022 Measures No. 1) Act 2022): (a) an item of Part 2 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020; (b) an item of Part 3 of Schedule 1 to the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021; (c) an item of Part 4 of Schedule 2 to the Treasury Laws Amendment (2021 Measures No. 1) Act 2021. > Note Item 103 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 is not covered by paragraph (a) because that item commenced on 4 April 2021. 2 Validation of acts or things done during interim period Object (1) The object of this item is to treat all situations during the interim period in every respect as if: (a) the amendments made by Part 1 of Schedule 4 to the Treasury Laws Amendment (2022 Measures No. 1) Act 2022 had been made at the start of 21 June 2022; and (b) the amendments made by the postponed items had not been made at the start of 22 June 2022 and had had no effect during the interim period. Validation of acts and things done in interim period (2) An act or thing that was done at any time during the interim period is as valid, and is taken always to have been as valid, as it would have been if: (a) the amendments made by Part 1 of Schedule 4 to the Treasury Laws Amendment (2022 Measures No. 1) Act 2022 had been made at the start of 21 June 2022; and (b) in particular, the amendments made by the postponed items had not been made at the start of 22 June 2022 and had had no effect during the interim period. Continuation of delegations (3) Without limiting subitem (2), if: (a) a function or power conferred by the National Credit Act or this Act was delegated to a person; and (b) the delegation was in force immediately before 22 June 2022; and (c) but for this subitem, the delegation would have ceased to have effect at the start of 22 June 2022 because of any of the amendments made by the postponed items; then: (d) an act or thing done by the delegate in the interim period is, and is taken always to have been, as valid a performance or exercise of the function or power as it would have been if the delegation had continued in force throughout the interim period; and (e) the delegation has effect, on and after the day section 1 of the Treasury Laws Amendment (2022 Measures No. 1) Act 2022 commences, as if it had been made at the time that section commences. Acts and things to which this item applies (4) This item applies to an act or thing, regardless of the basis on which, or capacity in which, the act or thing was done or purported to be done. 3 Application of amendments (1) An amendment of a provision of the National Credit Act that is made by an amending item applies, in relation to a matter (the relevant matter), on and after the earliest of the following days: (a) if the amending item is covered by a notifiable instrument in force under paragraph (2)(a) of this item—the day the instrument specifies for the item; (b) if the amending item is covered by a notifiable instrument in force under paragraph (2)(b) of this item that specifies matters for the item that include the relevant matter—the day the instrument specifies for the item in relation to those matters; (c) 1 July 2026. > Note: The provision, as in force immediately before the commencement day for the amending item, will continue to apply in relation to the relevant matter until the day that applies under this subitem. (2) The Minister: (a) may by notifiable instrument specify days for amending items for the purposes of paragraph (1)(a); and (b) may by notifiable instrument specify days and matters for amending items for the purposes of paragraph (1)(b). > Note: For specification by class, see subsection 13(3) of the Legislation Act 2003. (3) A day specified for an amending item in a notifiable instrument made under subitem (2) must be: (a) on or after the day that the instrument is made; and (b) on or after the commencement day for the amending item. (4) Without limiting subsection 13(3) of the Legislation Act 2003, an instrument made under subitem (2) of this item may specify all amending items as a class of amending items. 4 Things started but not finished by ASIC If: (a) an amending item amends a provision of the National Credit Act; and (b) before the application day for the amendment made by the amending item, as applying in relation to a matter, ASIC started doing a thing that relates to that matter under the provision as in force immediately before the commencement day for the amending item; and (c) immediately before that application day, ASIC had not finished doing that thing; and (d) on and after that application day, doing that thing is within the powers or functions of the Registrar; then, on and after that application day: (e) ASIC may finish doing that thing as if that thing were being done by the Registrar in performing or exercising the Registrar’s functions or powers; and (f) to the extent that ASIC does not finish doing that thing under paragraph (e), the Registrar may finish doing that thing in performing and exercising the Registrar’s functions and powers.