48. Transitional
Where under an enactment specified in Schedule 1, the enactment was prior to the commencement of this Act administered by a Department of Government, public authority or person, other than the Authority or the power to regulate a financial service was vested in a Department of Government, public authority or person, other than the Authority, the Government Department, public authority or person shall, until the appointment of the Board of the Authority, the Executive Director and the other staff of the Authority in accordance with sections 5, 7 and 8—
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(a) continue to administer the enactment or to regulate the financial service;
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(b) have the powers, duties, functions, rights and obligations vested under the enactment specified in Schedule 1 prior to the commencement of this Act.