8Administration of the Business Names Register

8 Administration of the Business Names Register

(1) The Australian Securities and Investments Commission Act 2001 applies in Norfolk Island to the extent required to enable ASIC to perform its functions, and exercise its powers, under the Business Names Registration Act 2011. This application is in addition to any other application of the Australian Securities and Investments Commission Act 2001. Note: As this transitional rule applying the Australian Securities and Investment Commission Act 2001 is made under item 5 of schedule 5 of the Territories Legislation Amendment Act 2016, it does not create an offence or civil penalty, provide powers of arrest, detention, search or seizure, impose a tax, set an amount to be appropriated from the Consolidated Revenue Fund or directly amend the text of the Territories Legislation Amendment Act 2016. (2) The registration of new business names in Norfolk Island must only be done in accordance with the Business Names Registration Act 2011 from 1 July 2016. (3) The renewal of business names and notification of a change in the particulars relating to business names registered under the Business Names Act 1976 of Norfolk Island can be done only under that Act until 4 September 2016. (4) Despite any other law of the Commonwealth, before 5 September 2016 the Registrar within the meaning of the Business Names Act 1976 of Norfolk Island must notify ASIC in relation to business names registered under the Business Names Act 1976 of Norfolk Island up to and including 4 September 2016. (5) Despite any other law of the Commonwealth, from 1 July 2016 ASIC may publish business names registered under the Business Names Act 1976 of Norfolk Island.