(1) This section applies if—
(a) section 748 applies to a relevant instrument (for example, an application); and
(b) any matter (for example, the determination of an application) is pending in respect of the instrument immediately before the participation day for this jurisdiction.
(2) When the matter is being dealt with on or after the participation day for this jurisdiction—
(a) the Regulator (or other person having functions under this Law in relation to the matter) may have regard to any relevant provisions of the former legislation for this jurisdiction; and
(b) this Law applies in relation to the matter—
(i) with any adaptations the Regulator (or other person) considers appropriate to achieve consistency with provisions of the former legislation; and
(ii) with any necessary adaptations.