After section 68 of the Principal Act , the following section is inserted in Part 7:

68A.     Further savings and transitionals

(1)  In this section –

commencement day means the day on which the Economic Regulator Amendment Act 2015 commences;

former Regulator means the Regulator established under section 9 as in force immediately before the commencement day;

sole Regulator means the Regulator appointed under section 9 as in force on, and after, the commencement day.

(2)  On the commencement day –

(a) the appointment of each member of the former Regulator is revoked; and

(b) a member of the former Regulator is only entitled to receive any benefits in respect of the revocation as may be specified in his or her instrument of appointment as such a member.

(3)  On and after the commencement day, a reference to a member of the Regulator by title, other than in this section, is taken to be a reference to the sole Regulator, as required.

(4)  Any legal or other proceedings that, before the commencement day, might have been continued or instituted by or against the former Regulator, or a member of the former Regulator in his or her capacity as member, may, on and after that day, be continued or instituted by or against the sole Regulator.

(5)  In this, or any other, Act, any action or decision of the former Regulator before the commencement day that was done or made in its capacity as the former Regulator is taken on and after that day to be an action or decision of the sole Regulator.