Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) Subregulation (2) applies to a provision of the following instruments:
(a) a previous governing Code that is applied by or under a provision of this Chapter;
(b) an instrument made under a Code mentioned in paragraph (a) that is applied by or under this Chapter;
(c) an ASIC transitional standard within the meaning of Part 12.7 or an instrument made under a provision of the standard.
(2) This subregulation applies if there is a reference in the provision to any of the following:
(a) a word or expression that is defined in the Act or these Regulations;
(b) a power exercised by AFIC or an SSA;
(c) a class of body;
(d) the rules of a body;
(e) the accounts, or group accounts, of a body;
(f) a previous governing Code or a provision of the Code;
(g) an ASIC transitional standard within the meaning of Part 12.7 or a provision of the standard;
(h) an APRA transitional prudential standard or a provision of the standard;
(i) an instrument made under a Code, an ASIC transitional standard, an APRA transitional prudential standard or a provision of the instrument.
(3) A word or expression that is defined in the Act or these regulations applies to each use of the word or expression unless the contrary intention appears.
(4) A reference to a power exercised by AFIC or an SSA is to be read as if it were a reference to an equivalent power exercised by ASIC under the Act, these regulations, another Commonwealth law or an ASIC transitional standard.
(5) A reference to a class of body is to be read as if it were the comparable class of company after the transition date.
(6) A reference to the rules of a body is to be read as if it were a reference to the constitution of the body.
(7) A reference to accounts, or group accounts, of a body is to be read as if it were a reference to a financial report, or consolidated financial statements, of the body.
(8) A reference to any matter mentioned in subregulation (2) is to be read in a way that:
(a) is consistent with, and promotes, the transition from the application of a previous governing Code to a transferring financial institution of a State or Territory to the application to the institution of the Act and these regulations; and
(b) is consistent with the duties, functions and powers of ASIC or an SSA; and
(c) does not alter the interpretation or operation of the instrument in which the reference appears.