Repeal and savings preserve regulatory actions and rights under prior portfolio manager regulations, keeping pending applications and references operative.

The earlier portfolio manager regulations are repealed on commencement, but actions taken (including registrations, approvals, fees, suspensions, cancellations, adjudications, inquiries, investigations and show-cause notices) are deemed done under corresponding provisions of the new regulations; pending applications are deemed made under corresponding provisions; accrued rights, obligations, liabilities, penalties and ongoing proceedings remain unaffected; and references to the repealed regulations in other instruments are to be read as references to corresponding provisions of the new regulations.

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