73Things done under the previous regulations

73 Things done under the previous regulations

(1) If: (a) a thing was done, or arose, for a particular purpose under the previous regulations; and (b) the thing could be done, or could arise, for that purpose under this instrument; the thing has effect for the purposes of this instrument (and may be dealt with) as if it had been done, or had arisen, for that purpose under this instrument. (2) Without limiting subsection (1), a reference in that subsection to a thing being done, or arising, includes a reference to each of the following: (a) an entitlement to incentive arising under the previous regulations; (b) a request made under the previous regulations by an investor for an allocation to be transferred; (c) a determination of breach under the previous regulations; (d) a decision, payment, incentive, notice, application or other instrument being given or made.

Note 1: An allocation made under the previous regulations may have additional special conditions imposed on it, or be transferred, revoked or otherwise dealt with, under this instrument (see subsection 6(2)).

Note 2: Subsections (1) and (2) confirm that things can be done under this instrument in reliance on things done under the previous regulations. For example:

(a) if an amount of incentive is still to be given on 1 April 2020, the entitlement to the incentive is treated as if it arose under this instrument and could result in a reduction of the amount before it is given under this instrument; or
(b) if an investor request for transfer is still to be dealt with on 1 April 2020, the request is treated as if it had been made under this instrument and could result in a transfer under this instrument; or
(c) if, on 1 April 2020, a decision about redirecting an incentive is still to be made following a determination of breach that has been made, the determination of breach is treated as if it had been made under this instrument and could result in a redirection under this instrument.

Note 3: Other examples of the effect of subsection (1) are as follows:

(a) a variation under subsection 23(1) of the previous regulations of a special condition is treated as if it had been done under section 19 of this instrument;
(b) subsection 10(2) of this instrument also covers a transfer under the previous regulations that corresponds to a transfer under section 20 of this instrument.

(3) A special condition imposed on an allocation under paragraph 13(2)(b) of the previous regulations has effect for the purposes of this instrument (and may be dealt with) as if it had been imposed under this instrument.

Note: This subsection allows a special condition that was imposed when the allocation was made to have effect, and to be varied or removed, under this instrument. Subsection (1) does not already provide for this because this instrument does not provide for the making of new allocations.