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<h1>Repeal and savings preserve regulatory actions and rights under prior portfolio manager regulations, keeping pending applications and references operative.</h1> The earlier portfolio manager regulations are repealed on commencement, but actions taken (including registrations, approvals, fees, suspensions, cancellations, adjudications, inquiries, investigations and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accrued rights, obligations, liabilities, penalties and ongoing proceedings remain unaffected; and references to the repealed regulations in other instruments are to be read as references to corresponding provisions of the new regulations.