Where, under the Agreement, the Ministerial Council –

(a) approves –

(i) a proposed amendment of the Commonwealth Act ;

(ii) regulations proposed to be made under the Commonwealth Act (whether or not amending other regulations);

(iii) a proposed amendment of the Futures Industry (Fees) Act 1986 of the Commonwealth; or

(iv) regulations proposed to be made under the Act referred to in subparagraph (iii) (whether or not amending other regulations); and

(b) approves proposed regulations to be made under this Act in connection with the operation of the proposed amendment or regulations referred to in paragraph (a) –

the Governor may make regulations amending Schedule 1 , 2 , or 3 or section 7 , as the case may be, in accordance with that approval, and that Schedule or section as so amended shall be Schedule 1 , 2 , or 3 or section 7 , as the case may be, of this Act.