s 272 Savings and transitional
Notwithstanding section 271— (a) any rule, regulation, order, notification or other subsidiary legislation made and any approval, authority, consent, decision, direction, exemption, notice, order, permission, recommendation, requirement, specification or other executive act granted or done under the repealed Acts and in force or having effect before the appointed date, shall be deemed to have been made, granted or done under a corresponding provision in this Act or a corresponding provision in any direction issued pursuant to section 156, subsection 214(6) or section 216, and shall continue to remain in full force and effect in relation to the person to whom it applied until amended or revoked, except those subsidiary legislation set out in Schedule 16 which are deemed to have been revoked; (b) every guideline, direction, circular or notice under the repealed Acts in relation to any matter which corresponds with any provision of this Act, issued before the appointed date and in force immediately before the appointed date, shall be deemed to be standards which have been lawfully specified under such provisions of this Act and shall remain in full force and effect in relation to the person to whom it applied until amended or revoked; (c) any application for a licence, approval, authorization, notification, acknowledgment, consent, permission or for any other purpose whatsoever made by any person under the repealed Acts before the appointed date and pending before the appointed date, shall— (i) if there is a corresponding provision in this Act or in any direction issued under subsection 214(6) or section 216, be dealt with as if it was made under that provision; (ii) if a different provision has been made for the application under this Act or in any direction issued under subsection 214(6) or section 216, be dealt with in accordance with such provision; and (iii) if there is no corresponding provision in this Act or a different provision has not been made for the application under this Act or in any direction issued under subsection 214(6) or section 216, lapse on the appointed date and any fees or other payment received with the application shall be refunded to such person; (d) all transactions, credit facilities, dealings, contracts, powers of attorney or arrangements lawfully executed or entered into and all business lawfully done under the repealed Acts with any person shall be deemed to have been lawfully and validly executed, entered into or done under this Act, and accordingly, any right or liability under such transaction, dealing, business existing before the appointed date shall be deemed to continue to be lawful and valid under this Act; (e) without limiting the generality of paragraph (d), all insurance policies issued, all transactions or dealings lawfully executed or entered into, and all business lawfully done under the repealed Insurance Act 1996 by a person who was licensed under that repealed Act and who is authorized or registered or deemed to be authorized or registered under this Act with any policy owner, customer, creditor, debtor or other person shall be deemed to have been lawfully and validly executed, entered into, or done, under and in accordance with this Act, and any right or liability under the transaction, dealing or business existing before the appointed date shall be deemed to continue to be lawful and valid under this Act; (f) nothing shall affect any person’s liability to be investigated, prosecuted or punished for offences committed under the repealed Acts before the appointed date; (g) any pending legal proceedings, criminal prosecution or investigation under the repealed Acts shall be continued under the repealed Acts as if the repealed Acts are in force; (h) subject to paragraph (i), any reference to the repealed Acts in any written law shall be construed as a reference to this Act and any reference to any specific provision of the repealed Acts in any written law shall be construed as a reference to a provision of this Act which corresponds closely to such specific provision; (i) any reference to the Exchange Control Act 1953 or exchange control or any specific provision, or generally to the provisions, of the repealed Exchange Control Act 1953 in any written law shall be construed as a reference to section 214 or 216 of this Act or a corresponding provision in any direction issued under subsection 214(6) or section 216; (j) any reference to the Controller of Foreign Exchange in any written law shall accordingly be construed as a reference to the Bank; (k) any reference to an “authorized dealer” in subsection 1(3) of the Money Services Business Act 2011 [Act 731] shall be construed as a reference to a licensed bank under this Act and the interpretation of an “authorized dealer” in section 2 of that Act shall be construed accordingly; (l) any right, benefit, privilege, obligation or liability acquired, accrued or incurred under the repealed Acts, shall continue to remain in force under this Act; and (m) all other acts or things done under the repealed Acts shall be deemed to have been done under this Act and accordingly, shall continue to be valid and lawful under this Act.