74General conditions of allocations existing immediately before 1 April 2020

74 General conditions of allocations existing immediately before 1 April 2020

Despite subsection 73(1), a condition that: (a) was on an allocation as a general condition under the previous regulations (the old general condition); and (b) was in force immediately before 1 April 2020; ceases to be in force on 1 April 2020.

Note 1: This section confirms that, on 1 April 2020, the old general conditions of an allocation are replaced by the conditions set out in Division 2 of Part 2.

Note 2: In contrast, special conditions imposed before 1 April 2020 will continue (see subsections 73(2) and (3)).

Note 3: This instrument can apply to a contravention of an old general condition before 1 April 2020 (see section 77). For example, an approved participant will have committed a compliance breach if it contravened the old condition before 1 April 2020 (see paragraph 24(3)(b)).