About Intellectual Property IP Training Respect for IP IP Outreach IP for… IP and... IP in... Patent & Technology Information Trademark Information Industrial Design Information Geographical Indication Information Plant Variety Information (UPOV) IP Laws, Treaties & Judgements IP Resources IP Reports Patent Protection Trademark Protection Industrial Design Protection Geographical Indication Protection Plant Variety Protection (UPOV) IP Dispute Resolution IP Office Business Solutions Paying for IP Services Negotiation & Decision-Making Development Cooperation Innovation Support Public-Private Partnerships AI Tools & Services The Organization Working with WIPO Accountability Patents Trademarks Industrial Designs Geographical Indications Copyright Trade Secrets WIPO Academy Workshops & Seminars IP Enforcement WIPO ALERT Raising Awareness World IP Day WIPO Magazine Case Studies & Success Stories IP News WIPO Awards Business Universities Indigenous Peoples Judiciaries Genetic Resources, Traditional Knowledge and Traditional Cultural Expressions Economics Gender Equality Global Health Climate Change Competition Policy Sustainable Development Goals Frontier Technologies Mobile Applications Sports Tourism PATENTSCOPE Patent Analytics International Patent Classification ARDI – Research for Innovation ASPI – Specialized Patent Information Global Brand Database Madrid Monitor Article 6ter Express Database Nice Classification Vienna Classification Global Design Database International Designs Bulletin Hague Express Database Locarno Classification Lisbon Express Database Global Brand Database for GIs PLUTO Plant Variety Database GENIE Database WIPO-Administered Treaties WIPO Lex - IP Laws, Treaties & Judgments WIPO Standards IP Statistics WIPO Pearl (Terminology) WIPO Publications Country IP Profiles WIPO Knowledge Center WIPO Technology Trends Global Innovation Index World Intellectual Property Report PCT – The International Patent System ePCT Budapest – The International Microorganism Deposit System Madrid – The International Trademark System eMadrid Article 6ter (armorial bearings, flags, state emblems) Hague – The International Design System eHague Lisbon – The International System of Appellations of Origin and Geographical Indications eLisbon UPOV PRISMA UPOV e-PVP Administration UPOV e-PVP DUS Exchange Mediation Arbitration Expert Determination Domain Name Disputes Centralized Access to Search and Examination (CASE) Digital Access Service (DAS) WIPO Pay Current Account at WIPO WIPO Assemblies Standing Committees Calendar of Meetings WIPO Webcast WIPO Official Documents Development Agenda Technical Assistance IP Training Institutions COVID-19 Support National IP Strategies Policy & Legislative Advice Cooperation Hub Technology and Innovation Support Centers (TISC) Technology Transfer Inventor Assistance Program WIPO GREEN WIPO's Pat-INFORMED Accessible Books Consortium WIPO for Creators WIPO Translate Speech-to-Text Classification Assistant Member States Observers Director General Activities by Unit External Offices Job Vacancies Procurement Results & Budget Financial Reporting Oversight
Arabic English Spanish French Russian Chinese
Laws Treaties Judgments Browse By Jurisdiction

Australia

AU405

Back

Corporations Regulations 2001 (consolidated as of March 31, 2015)

 Corporations Regulations 2001

Prepared by the Office of Parliamentary Counsel, Canberra

Corporations Regulations 2001

Statutory Rules No. 193, 2001

made under the

Corporations Act 2001

Compilation No. 113

Compilation date: 31 March 2015

Includes amendments up to: SLI No. 39, 2015

Registered: 9 April 2015

This compilation is in 7 volumes

Volume 1: regulations 1.0.01–6D.5.02

Volume 2: regulations 7.1.02–7.6.08E

Volume 3: regulations 7.7.01–8.4.02

Volume 4: regulations 9.1.01–12.9.03

Volume 5: Schedules 1, 2 and 2A

Volume 6: Schedules 3–12

Volume 7: Endnotes

Each volume has its own contents

Federal Register of Legislative Instruments F2015C00303

About this compilation

This compilation

This is a compilation of the Corporations Regulations 2001 that shows the text

of the law as amended and in force on 31 March 2015 (the compilation date).

This compilation was prepared on 31 March 2015.

The notes at the end of this compilation (the endnotes) include information

about amending laws and the amendment history of provisions of the compiled

law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the

compiled law. Any uncommenced amendments affecting the law are accessible

on ComLaw (www.comlaw.gov.au). The details of amendments made up to, but

not commenced at, the compilation date are underlined in the endnotes. For

more information on any uncommenced amendments, see the series page on

ComLaw for the compiled law.

Application, saving and transitional provisions for provisions and

amendments

If the operation of a provision or amendment of the compiled law is affected by

an application, saving or transitional provision that is not included in this

compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as

modified but the modification does not amend the text of the law. Accordingly,

this compilation does not show the text of the compiled law as modified. For

more information on any modifications, see the series page on ComLaw for the

compiled law.

Self-repealing provisions

If a provision of the compiled law has been repealed in accordance with a

provision of the law, details are included in the endnotes.

Federal Register of Legislative Instruments F2015C00303

Corporations Regulations 2001 i

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Contents

Chapter 9—Miscellaneous 1

Part 9.1—Registers and registration of documents 1 9.1.01 Prescribed registers............................................................1

9.1.02 Prescribed information ......................................................2

Part 9.2—Registration of auditors and liquidators 7

Division 2—Registration 7

9.2.01 Practical experience in auditing (Act s 1280(2)) ...............7

9.2.02 Prescribed universities and institutions (Act ss

1280(2A) and 1282(2))......................................................7

9.2.03 Prescribed courses (Act s 1280(2A)) .................................9

Division 2A—Conditions on registration 11

9.2.08 Kinds of conditions (Act s 1289A)..................................11

Part 9.2A—Authorised audit companies 12

Division 1—Registration 12

9.2A.01 Application for registration as authorised audit

company (Act s 1299A) ..................................................12

9.2A.03 Annual statements by authorised audit company

(Act s 1299G) ..................................................................13

Part 9.4—Penalty notice offences and penalties 16 9.4.01 Prescribed offences (Act s 1313).....................................16

9.4.02 Prescribed penalties (Act s 1313) ....................................16

9.4.03 Late payment of review fee—prescribed offence

and penalty (Act s 1313 and 1364) ..................................16

Part 9.4A—Register and index 18 9.4A.01 Definitions for Part 9.4A.................................................18

9.4A.02 Register and index must be kept up to date:

subsection 1306(4A) of the Act.......................................18

Part 9.5—Delegation of powers and functions under the Act 19 9.5.01 Prescribed functions (Law s 1345A(1))...........................19

Part 9.7—Unclaimed property 20 9.7.01 Entitlement to unclaimed property ..................................20

Federal Register of Legislative Instruments F2015C00303

ii Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 9.12—Matters relating to regulations 22 9.12.01 Exemptions from Chapter 7.............................................22

9.12.02 Exemption from provisions of Chapter 7—CLS

Bank ................................................................................22

9.12.03 Partial exemption of foreign-based market

licensees from certain notification obligations ................24

9.12.04 Exemption from provisions of Chapter 7—

compliance with ASIC exemptions .................................26

9.12.04 Exemption from provisions of Chapter 7—carbon

unit auctions ....................................................................26

9.12.05 Exemption from provisions of Chapter 7—gas

trading exchange .............................................................27

Chapter 10—Repeals 28

Part 10.1—Old Corporations Regulations 28 10.1.01 Repeal of Corporations Regulations 1990 ......................28

10.1.02 Repeal of Partnerships and Associations

Application Order 1999 (No. 1) ......................................28

Part 10.2—Transitional arrangements relating to Financial

Services Reform legislation 29

Division 1—Preliminary 29

10.2.01 Application of Part 10.2 ..................................................29

10.2.02 Definitions.......................................................................29

10.2.02A References to transition periods ......................................29

10.2.02B References to the application of Division 2 of

Part 7.9 of the Act ...........................................................30

Division 1A—Treatment of proposed markets that have not

started to operate by the FSR commencement 31

10.2.02C Proposed markets ............................................................31

Division 2—Transitional arrangements relating to business rules

or listing rules 32

Subdivision 2.1—Business rules 32

10.2.03 Amendment of business rules of securities

exchange before FSR commencement.............................32

10.2.04 Amendment of SCH business rules before FSR

commencement................................................................33

10.2.05 Amendment of SEGC business rules before FSR

commencement................................................................34

Federal Register of Legislative Instruments F2015C00303

Corporations Regulations 2001 iii

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.06 Amendment of business rules of futures body

before FSR commencement ............................................35

Subdivision 2.2—Listing rules 36

10.2.07 Amendment of listing rules of securities exchange

before FSR commencement ............................................36

Division 3—Status of directions and notices 38

10.2.08 Direction to securities exchange to comply with

ongoing requirements ......................................................38

10.2.09 Notice to securities exchange of need to prohibit

trading .............................................................................38

10.2.10 Notice to securities exchange prohibiting trading ...........38

10.2.11 Direction to futures exchange—orderly market ..............39

Division 4—Assistance to ASIC 40

10.2.12 Obligations of securities exchange: disciplinary

action...............................................................................40

10.2.13 Obligations of securities exchange: particulars of

contravention...................................................................40

10.2.14 Obligations of securities exchange: information

about listed disclosing entity ...........................................41

10.2.15 Obligations of securities clearing house:

disciplinary action ...........................................................41

10.2.16 Obligations of futures body: disciplinary action..............42

10.2.17 Obligations of futures body: particulars of

contravention...................................................................42

10.2.18 Obligations of clearing house for futures

exchange: information about listed disclosing

entity................................................................................43

Division 5—Special reports 44

10.2.19 Special report by securities exchange about

compliance with ongoing requirements...........................44

10.2.20 Special report by securities exchange about

compliance with ongoing requirements: ASIC

requirements ....................................................................44

Division 5A—Transactions by holder of financial services licence

or a representative of the holder of such a licence 45

10.2.20A References to financial service licensee ..........................45

Division 5B—Obligation to pay money into account 46

10.2.20B Financial products quoted on Australian Stock

Exchange Limited ...........................................................46

Federal Register of Legislative Instruments F2015C00303

iv Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 6—Self-listing 48

10.2.21 Status of arrangements for self-listing.............................48

10.2.22 Status of exemption relating to self-listing ......................48

Division 7—Decisions about membership of futures exchange 49

10.2.23 Status of notice to applicant ............................................49

10.2.24 Status of notice to ASIC..................................................49

Division 8—National Guarantee Fund 50

10.2.25 Status of claim against the National Guarantee

Fund ................................................................................50

10.2.26 Entitlement to make claim against the National

Guarantee Fund ...............................................................51

10.2.27 Status of future claim against the National

Guarantee Fund ...............................................................52

10.2.27A Expenditure of excess funds from National

Guarantee Fund ...............................................................53

Division 9—Claims against fidelity funds 54

10.2.28 Status of claim against fidelity fund ................................54

10.2.29 Entitlement to make claim against fidelity fund ..............54

10.2.29A Status of incomplete claim against fidelity fund..............55

10.2.30 Status of future claim against fidelity fund......................55

Division 10—Status of netting markets 57

10.2.31 Netting markets ...............................................................57

10.2.32 Netting market approval granted before the FSR

commencement................................................................57

Division 11—Status of listed securities 59

10.2.33 Securities of exempt stock markets .................................59

Division 12—Miscellaneous 60

10.2.34 Preservation of nomination of body corporate as

SEGC ..............................................................................60

Division 13—Regulated principals 61

10.2.35 Definitions.......................................................................61

10.2.35A Streamlined licensing procedure for certain

regulated principals .........................................................62

10.2.36 Persons who are not covered by section 1433 of

the Act .............................................................................63

10.2.37 Variation of conditions on financial services

licence .............................................................................63

Federal Register of Legislative Instruments F2015C00303

Corporations Regulations 2001 v

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.38 Persons taken to be regulated principals: giving of

incidental advice and previously exempt persons............64

10.2.39 Reference to offer covered by Australian financial

services licence: section 911A of the Act ........................74

10.2.40 Reference to financial services licensee:

section 911A of the Act...................................................75

10.2.40A Need for an Australian financial services licence............75

10.2.41 Reference to second principal: section 911B of the

Act...................................................................................76

10.2.42 Reference to financial services licensee:

section 916D of the Act...................................................76

10.2.43 Status of insurance agent: section 1436A of the

Act...................................................................................76

10.2.44A Obligation to cite licence number in documents..............76

10.2.46 When Australian financial services licence may be

granted.............................................................................77

10.2.46A When Australian financial services licence may be

varied...............................................................................78

10.2.47 Dispute resolution requirements: no external

dispute resolution scheme................................................79

10.2.47A Modification of pre-FSR authority ..................................79

Division 14—Financial services disclosure 81

10.2.48 Obligation to give Financial Services Guide for

service arranged before application of Part 7.7 of

the Act .............................................................................81

10.2.48A Obligation to give a Financial Services Guide for a

custodial and depository service......................................82

10.2.49 Obligation to give Financial Services Guide in

relation to existing clients................................................83

10.2.50 Content of Financial Services Guide for an

authorised representative that is a regulated

principal or a representative of a regulated

principal ..........................................................................83

10.2.50A Treatment of arrangements under which a person

can instruct another person to acquire a financial

product ............................................................................85

Division 15—Other provisions relating to conduct etc 86

10.2.51 Sale offers that need disclosure .......................................86

10.2.52 Offers that do not need disclosure: small scale

offerings ..........................................................................86

10.2.52A Offers that do not need disclosure ...................................87

Federal Register of Legislative Instruments F2015C00303

vi Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.53 Money other than loans: financial services licensee

who formerly held dealer’s licence..................................87

10.2.54 Money other than loans: financial services licensee

who formerly held futures broker’s licence .....................88

10.2.55 Money other than loans: financial services licensee

who was formerly a registered insurance broker .............89

10.2.56 Money other than loans: financial services licensee

who ceases to be licensed ................................................91

10.2.57 Loan money: financial services licensee who

formerly held dealer’s licence .........................................91

10.2.58 Other property of clients: financial services

licensee who formerly held dealer’s licence ....................92

10.2.59 Other property of clients: financial services

licensee who formerly held futures broker’s

licence .............................................................................92

10.2.60 Special provisions relating to insurance: financial

services licensee who was formerly a registered

insurance broker ..............................................................93

10.2.61 Obligation to report: financial services licensee

who formerly held a futures broker’s licence ..................94

10.2.62 Reporting in relation to dealings in derivatives:

financial services licensee who formerly held a

dealer’s licence ................................................................95

10.2.63 Financial statements of financial services licensee:

general .............................................................................96

10.2.64 Financial statements of financial services licensees

who were certain regulated principals .............................96

10.2.65 Auditors: certain financial services licensee who

formerly held dealer’s licence .........................................98

10.2.66 Auditors: certain financial services licensees who

held a futures broker’s licence.......................................100

10.2.67 Auditor’s report in certain matters: financial

services licensee who formerly held a dealer’s

licence ...........................................................................102

10.2.68 Auditor’s report on certain matters: financial

services licensee who formerly held a futures

broker’s licence .............................................................103

10.2.69 Auditor’s report on certain matters: financial

services licensee who was formerly a registered

insurance broker ............................................................104

10.2.70 Priority to clients’ orders: financial services

licensee who held a dealers licence ...............................104

Federal Register of Legislative Instruments F2015C00303

Corporations Regulations 2001 vii

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.71 Sequencing of instructions to deal through

licensed markets: financial services licensee who

formerly held a futures brokers licence .........................105

10.2.72 Records relating to instructions to deal through

licensed markets: financial services licensee who

held a futures brokers licence ........................................105

10.2.73 Dealing with non-licensees: financial services

licensee who held a dealers licence ...............................106

10.2.73A Advertising for financial products .................................107

10.2.73B Freezing accounts ..........................................................108

Division 16—Product disclosure provisions for existing products

during transition period 109

10.2.74 Financial products in the same class..............................109

10.2.75 References to financial services licensee.......................111

10.2.76 References to retail client ..............................................111

10.2.77 References to issue of product.......................................112

10.2.78 References to Product Disclosure Statement: offer

previously accepted .......................................................112

10.2.79 References to Product Disclosure Statement:

managed investment products .......................................113

10.2.80 Lodgment of Product Disclosure Statement after

lodgment of notice.........................................................113

10.2.81 Ongoing disclosure........................................................113

10.2.82 Money received for financial product before the

product is issued: general ..............................................114

10.2.83 Money received for financial product before the

product is issued: requirement before application

of subsection 37(2) of Insurance (Agents and

Brokers) Act 1984..........................................................115

10.2.84 Confirmation of transactions .........................................115

10.2.85 Dispute resolution requirements: financial

products .........................................................................115

10.2.86 Dispute resolution requirements: regulated

principals .......................................................................115

10.2.87 Dispute resolution requirements: no external

dispute resolution scheme..............................................116

10.2.87A Meaning of financial product advice: exempt

document or statement...................................................116

Division 17—Arrangements relating to enforcement of matters

by ASIC 118

10.2.88 Definition ......................................................................118

Federal Register of Legislative Instruments F2015C00303

viii Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.89 Financial services law ...................................................118

10.2.90 ASIC may have regard to prior conduct and events ......118

10.2.91 Power to act in relation to relevant old legislation ........119

Division 18—Specific kinds of documents in existence before

FSR commencement 121

10.2.92 Banning orders made before FSR commencement........121

10.2.93 Banning orders made under relevant old

legislation after FSR commencement............................122

10.2.94 Banning orders made under the Act after FSR

commencement..............................................................123

10.2.94A Prohibitions under paragraphs 827(1)(d) and

1192(1)(d) of the old Corporations Act made

before FSR commencement ..........................................124

10.2.94B Prohibitions under paragraphs 827(1)(d) and

1192(1)(d) of the old Corporations Act made after

FSR commencement......................................................124

10.2.95 Undertakings .................................................................125

10.2.96 Registers in existence before FSR commencement .......126

10.2.97 Registers created after FSR commencement .................127

10.2.98 Registers, documents and things kept before FSR

commencement..............................................................127

10.2.98A Licenses, registration, etc in force before FSR

commencement..............................................................128

Division 19—Extension of limitation periods 130

10.2.99 Application of items 111 and 121 of the Financial

Services Reform (Consequential Provisions) Act

2001 to amendments of the Australian Securities

and Investments Commission Act 2001 .........................130

Division 20—Rules for dealing with liability during transition

period 131

10.2.100 Application of Division 20 ............................................131

10.2.101 Definitions for Division 20............................................131

10.2.102 Liability of responsible person: general rules................132

10.2.103 Conduct by a person who operates as

representative and principal...........................................134

10.2.104 Operation of regulations 10.2.102 and 10.2.103............135

Division 21—Title and transfer 137

10.2.105 Loss or destruction of certificates..................................137

10.2.106 Instrument of transfer ....................................................137

10.2.107 Trustee etc may be registered as owner of shares ..........138

Federal Register of Legislative Instruments F2015C00303

Corporations Regulations 2001 ix

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.108 Registration of transfer at request of transferor .............138

10.2.109 Notice of refusal to register transfer ..............................139

10.2.110 Duties of company with respect to issue of

certificates: allotment of shares or debentures or

making interests available .............................................139

10.2.111 Duties of company with respect to issue of

certificates: transfer of shares, debentures or

interests .........................................................................140

10.2.112 Notices relating to non-beneficial and beneficial

ownership of shares .......................................................141

10.2.113 What is a sufficient transfer of marketable

securities or marketable rights: general .........................142

10.2.114 Sufficient transfer by authorised trustee

corporation ....................................................................143

10.2.115 Determination of who holds quoted securities for

the purposes of a meeting: determination made

before FSR commencement ..........................................143

Division 22—Transitional matters under relevant old legislation:

Financial Transaction Reports Act 1988 145

10.2.116 Cash dealer ....................................................................145

10.2.117 Exempt cash transaction ................................................145

Division 23—Transitional matters under relevant old legislation:

Income Tax Assessment Act 1936 146

10.2.118 Offshore banking units ..................................................146

Division 24—Transitional matters under relevant old legislation:

Insurance Act 1973 147

10.2.119 Insurers carrying on class of insurance business ...........147

Division 24A—Transitional matters under relevant old

legislation: Insurance (Agents and Brokers) Act

1984 148

10.2.119A Debts of broker in relation to premiums etc ..................148

10.2.119B Disqualifications made before FSR

commencement..............................................................148

10.2.119C Disqualifications made after FSR commencement ........149

Division 25—Transitional matters under relevant old legislation:

Marine Insurance Act 1909 150

10.2.120 Marine policy effected through broker ..........................150

Federal Register of Legislative Instruments F2015C00303

x Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 25A—Transitional matters under relevant old

legislation: Retirement Savings Accounts

Regulations 1997 151

10.2.120A Continuation of RSA Regulations during transition

period ............................................................................151

Division 25B—Transitional matters under relevant old

legislation: Superannuation Industry (Supervision)

Regulations 1994 152

10.2.120B Continuation of SIS Regulations during transition

period ............................................................................152

Division 26—Transitional matters under relevant old legislation:

Superannuation (Resolution of Complaints) Act

1993 153

10.2.121 Life insurance broker.....................................................153

Division 27—Transitional matters under the Act (other than

Chapter 7) 154

10.2.122 Solvency and insolvency ...............................................154

10.2.123 Managed investment products held by 100 or more

persons ..........................................................................154

10.2.124 When a managed investment scheme must be

registered .......................................................................154

10.2.125 Responsible entity to be a public company and

hold an Australian financial services licence.................155

10.2.126 Duties of officers of responsible entity..........................155

10.2.127 Voidable contracts.........................................................155

10.2.128 Situations not giving rise to relevant interests ...............156

10.2.129 Bidder’s statement content ............................................156

10.2.130 Continuous disclosure: other disclosing entities............157

10.2.131 Sale offers that need disclosure: securities issued

before FSR commencement ..........................................157

10.2.132 Offers that do not need disclosure: offer to

sophisticated investor through licensed dealer ..............158

10.2.133 Prospectus content: general disclosure test....................158

10.2.134 Prospectus content—specific disclosures ......................158

10.2.135 Registers........................................................................159

Division 27A—Transitional matters under other legislation 160

10.2.135A References to authorised foreign exchange dealers .......160

Federal Register of Legislative Instruments F2015C00303

Corporations Regulations 2001 xi

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 28—Retail clients and wholesale clients 161

10.2.136 Securities before the FSR commencement ....................161

10.2.137 Incomplete financial services ........................................162

10.2.138 Professional investors....................................................163

Division 29—Effect on definitions in old Corporations Act of

transition to licensed markets and licensed CS

facilities 165

10.2.139 Approved foreign bank..................................................165

10.2.140 Eligible exchange-traded options ..................................165

10.2.141 Futures law....................................................................165

10.2.142 Member organisation.....................................................166

10.2.143 Non-broker ....................................................................166

10.2.144 Non-dealer.....................................................................167

10.2.145 Securities law ................................................................167

10.2.146 Marketable parcel ..........................................................167

Division 30—Effect on certain conduct of transition to licensed

markets and licensed CS facilities 169

10.2.147 Own account dealings and transactions: futures

contracts ........................................................................169

10.2.148 Conditions of dealers licence.........................................169

10.2.149 Persons who are not clients ...........................................169

10.2.150 Dealings and transactions on a dealer’s own

account ..........................................................................170

10.2.151 Dealer to give priority to clients’ orders........................170

10.2.152 Dealers’ financial records..............................................170

10.2.153 Auditor to report to ASIC on certain matters ................170

10.2.154 Qualified privilege for auditor.......................................171

10.2.155 Court may freeze certain bank accounts of dealers

and former dealers .........................................................171

10.2.156 Interpretation—registers................................................171

10.2.157 Conditions of futures broker’s licence:

membership of futures organisation ..............................172

10.2.158 Futures organisation to be informed about

conditions of futures brokers licence.............................173

10.2.159 Licensee to notify breach of licence condition ..............173

10.2.160 Register of Futures Licensees........................................174

10.2.161 Excluded clients ............................................................174

10.2.162 Segregation of client money and property.....................174

10.2.163 Accounts to be kept by futures brokers .........................175

Federal Register of Legislative Instruments F2015C00303

xii Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.164 Property in custody of futures broker ............................175

10.2.165 Auditor to report to ASIC in certain cases.....................176

10.2.166 Defamation....................................................................176

10.2.167 Power of Court to restrain dealings with futures

broker’s bank accounts ..................................................177

10.2.168 Power of Court to restrain dealings with futures

broker’s bank accounts ..................................................177

10.2.169 Sequence of transmission and execution of orders ........177

10.2.170 Dealings by employees of futures brokers and

futures advisers..............................................................178

Division 31—Effect on fundraising of transition to licensed

markets and licensed CS facilities 179

10.2.171 Sale offers that need disclosure .....................................179

10.2.172 Prospectus content—specific disclosures ......................179

10.2.173 Issuing or transferring the securities under a

disclosure document ......................................................180

10.2.174 Choices open to person making an offer if

disclosure document condition not met or

disclosure document defective.......................................180

10.2.175 Restrictions on advertising and publicity.......................180

Division 32—Effect on product disclosure of transition to

licensed markets and licensed CS facilities 181

10.2.176 Offers that do not need disclosure .................................181

10.2.177 Prospectus content—general disclosure test..................181

10.2.178 Prospectus content—specific disclosures ......................181

10.2.179 Futures broker to give certain information to

prospective client...........................................................182

Division 33—Effect on Corporations Regulations 2001 of

transition of financial service providers and

transition to licensed markets and licensed CS

facilities 183

10.2.180 Licence conditions—investment advice to retail

investors ........................................................................183

10.2.181 Exemption from licensing—certain dealings ................183

10.2.182 Exemption from licensing—managed investment

schemes .........................................................................183

10.2.183 Exempt dealer................................................................184

10.2.184 Exempt securities and interests......................................184

10.2.185 Transactions in prescribed circumstances......................184

Federal Register of Legislative Instruments F2015C00303

Corporations Regulations 2001 xiii

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.186 Exempted transaction ....................................................184

10.2.187 Charging brokerage on principal transactions ...............185

10.2.188 Exemption from subsection 844(2) of old

Corporations Act ...........................................................185

10.2.189 Exemption: Part 8.3 of old Corporations Act—

certain futures contracts.................................................185

10.2.190 Exemption of certain transactions from

subsection 1206(1) of old Corporations Act..................186

10.2.191 Exemption of certain transactions from

subsection 1207(1) of the old Corporations Act ............186

10.2.192 Which futures broker to comply with

subsection 1207(1) of old Corporations Act in

relation to certain transactions.......................................187

10.2.193 Exemption of certain transactions from paragraphs

1207(1)(g) and (h) of old Corporations Act...................187

Division 34—Effect on certain instruments of transition of

financial service providers and transition to licensed

markets and licensed CS facilities 188

10.2.194 References to certain matters.........................................188

Division 35—Streamlined licensing 190

10.2.195 Suspension or cancellation of streamlined licence ........190

Division 36—Insurance multi-agents 191

10.2.196 Application by holder of qualified licence ....................191

Division 37—Hawking of managed investment products 192

10.2.197 Hawking interest in managed investment scheme .........192

10.2.198 Hawking financial product—other arrangements ..........192

Division 38—Security bonds issued before FSR commencement 194

10.2.199 Security bonds...............................................................194

Division 39—Disclosure documents 195

10.2.200 Disclosure documents—cooling-off period...................195

Division 40—Telephone monitoring during takeovers 196

10.2.201 Telephone monitoring ...................................................196

10.2.201A References to financial services licensees .....................196

Division 41—Requirements if Product Disclosure Statement is

not in existence 197

10.2.202 Documents equivalent to Product Disclosure

Statement.......................................................................197

Federal Register of Legislative Instruments F2015C00303

xiv Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 42—Dealing with money received for financial product

before the product is issued 198

10.2.203 Payment of money into account ....................................198

Division 43—Arrangements related to deposits with stock

exchanges 199

10.2.204 Withdrawals from trust account ....................................199

Division 44—Superannuation to which arrangements apply

under the Family Law Act 1975 200

10.2.205 Application of amendments...........................................200

Division 45—Arrangements relating to certain reporting periods 202

10.2.206 Fund information for retail clients for financial

products that have an investment component:

superannuation ..............................................................202

10.2.207 Periodic statements for retail clients for financial

products that have an investment component ................202

Division 46—Arrangements relating to passbook accounts 203

10.2.208 Periodic statements........................................................203

10.2.209 Confirmation of transactions .........................................203

Division 47—Agreements with unlicensed persons relating to the

provision of financial services 204

10.2.210 Agreements ...................................................................204

Division 48—Arrangements for Lloyd’s 205

10.2.211 Lloyd’s ..........................................................................205

Division 49—Hawking of certain financial products 206

10.2.212 Hawking of managed investment products....................206

Division 50—Warrants or options to acquire issued securities 207

10.2.213 Warrants or options to acquire issued securities............207

Division 52—Winding up of fidelity funds if market ceases to

operate 208

10.2.215 Winding up of fidelity funds if market ceases to

operate...........................................................................208

Federal Register of Legislative Instruments F2015C00303

Corporations Regulations 2001 xv

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 10.5—Transitional provisions relating to the Corporate

Law Economic Reform Program (Audit Reform and

Corporate Disclosure) Act 2004 209 10.5.01 Adoption of auditing standards made by

accounting profession before commencement (Act

ss 1455(1) and (3)) ........................................................209

Part 10.15—Transitional provisions relating to the

Corporations Amendment (Financial Market

Supervision) Act 2010 213 10.15.01 Application of Part 10.15 ..............................................213

10.15.02 Amendments not to apply to certain operators of

licensed markets ............................................................213

10.15.03 Transfer of documents...................................................213

10.15.04 Notifications, consents, waivers, etc..............................214

10.15.05 Notification given by participant to operator of

licensed market..............................................................215

10.15.06 Registers........................................................................216

Part 10.18—Transitional provisions relating to Corporations

Amendment (Further Future of Financial Advice

Measures) Act 2012 217

Part 10.19—Transitional matters relating to MySuper

measures 218 10.19.01 Changes to product disclosure statements and

periodic statements ........................................................218

Part 10.20—Transitional matters relating to relevant providers

and persons who control body corporate licensees 220

Division 1—Introduction 220

10.20.01 Simplified outline of this Part........................................220

10.20.02 Object of this Part..........................................................221

10.20.03 Definitions.....................................................................221

Division 2—General application provision for Schedule 8D 222

10.20.04 General application provision for Schedule 8D.............222

Division 3—Pre-existing and new relevant providers and

controllers during the transitional period 223

10.20.05 Application of this Division ..........................................223

Federal Register of Legislative Instruments F2015C00303

xvi Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.20.06 Notices under section 922D—initial lodgement of

information....................................................................224

10.20.07 Notices under section 922D—later notice about

educational qualifications and professional

memberships .................................................................225

10.20.08 Notices under section 922H—important changes

before 30 April 2015 .....................................................226

10.20.09 Notices under section 922H—other changes before

30 September 2015........................................................226

10.20.10 Notices under section 922J—pre-existing body

corporate licensees ........................................................227

10.20.11 Notices under section 922J—controllers during

transition period.............................................................227

10.20.12 Notices under section 922K—ceasing to control a

pre-existing body corporate licensees............................228

10.20.13 Change in matter within 30 business days.....................228

10.20.14 Application of regulations 10.20.06 to 10.20.13 ...........228

Division 4—Other application provisions 229

10.20.15 Application—relevant provider numbers ......................229

10.20.16 Application—register of relevant providers ..................229

10.20.17 Application—prescribed registers .................................229

Chapter 12—Financial sector reform 230

Part 12.1—Preliminary 230 12.1.01 Definitions for Chapter 12.............................................230

12.1.02 Application of this Chapter to previous governing

Codes etc .......................................................................231

12.1.03 Interpretation of applied provisions...............................231

Part 12.2—Transitional matters—general 233

Division 2—Other matters 233

12.2.08 Lodgment of certain documents with ASIC ..................233

12.2.10 Certain appointments of auditors continue ....................233

12.2.12 Converted shares ...........................................................233

Part 12.4—Notice of meetings of certain bodies corporate 234 12.4.01 Application of Part ........................................................234

12.4.02 Modification of certain provisions of Act......................234

12.4.03 Members etc may elect to be notified of meetings ........235

12.4.04 Notice of meetings to be published in press ..................236

Federal Register of Legislative Instruments F2015C00303

Corporations Regulations 2001 xvii

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

12.4.05 Copies of notices to be displayed ..................................237

12.4.06 Members may request notice of meetings at any

time................................................................................237

12.4.07 Records to be kept about notices ...................................237

Part 12.5—Determinations and declarations in relation to

certain instruments 239 12.5.01 Definition for Part 12.5 .................................................239

12.5.02 Application, variation, revocation and

modification ..................................................................239

12.5.03 Effect of determinations and declarations .....................240

12.5.04 Publication of determinations and declarations .............240

12.5.05 When determinations and declarations take effect ........241

12.5.06 Inspection and purchase of copies of instruments .........241

Part 12.6—Financial reporting by certain bodies corporate 242 12.6.01 Application of Part ........................................................242

12.06.01A Annual financial reporting.............................................242

12.6.02 Modification of certain provisions of Act......................242

12.6.03 Members etc may elect to receive reports .....................243

12.6.04 Copies of reports to be available to members ................244

12.6.05 Records to be kept about notices ...................................244

Part 12.7—Other disclosure 245

Division 1—Preliminary 245

12.7.01 Definitions for Part 12.7................................................245

12.7.02 Declarations by ASIC....................................................245

Division 2—Continued application of certain provisions 247

12.7.03 Continuation of certain provisions of previous

governing Codes............................................................247

12.7.04 Continuation of ASIC transitional standards .................248

12.7.05 Exemption from, and modification of, certain

provisions ......................................................................248

12.7.06 Certain provisions of the Friendly Societies Code

cease to apply to FSR licensee ......................................249

Part 12.8—Shares in certain bodies corporate 250

Division 1—Preliminary 250

12.8.02 Application of Part 12.8 ................................................250

12.8.03 What is a member share ................................................250

Federal Register of Legislative Instruments F2015C00303

xviii Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

12.8.04 Declarations by ASIC....................................................251

Division 2—Member shares 252

12.8.05 Notice requirements ......................................................252

12.8.06 Registers of members ....................................................252

12.8.06A Member shares—liability to pay calls ...........................254

12.8.07 Disclosure in annual returns ..........................................254

12.8.08 Member shares—numbering and certificates ................255

12.8.09 Member shares—unclaimed property............................255

Division 3—Certain shares in transferring building societies and

credit unions 256

12.8.10 Definitions for Division 3..............................................256

12.8.11 Transferring building societies may issue shares

equivalent to membership shares...................................256

12.8.12 Transferring credit unions may issue shares

equivalent to withdrawable shares.................................257

Part 12.9—Winding up and deregistration of certain

transferring financial institutions 258 12.9.01 Application of Part 12.9 ................................................258

12.9.02 Winding up....................................................................258

12.9.03 Deregistration ................................................................258

Federal Register of Legislative Instruments F2015C00303

Miscellaneous Chapter 9

Registers and registration of documents Part 9.1

Regulation 9.1.01

Corporations Regulations 2001 1

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Chapter 9—Miscellaneous

Part 9.1—Registers and registration of documents

9.1.01 Prescribed registers

For subsections 1274A(2), (3) and (4) of the Act, the following

registers are prescribed:

(a) the register of companies registered under section 118 or

601BD of the Act or the registration of which is continued by

section 1378 of the Act;

(b) the register of Disqualified Company Directors and Other

Officers kept under section 1274AA of the Act;

(c) the Australian Register of Company Charges kept under

section 265 of the Act;

(d) the register of registered Australian bodies kept under

Division 1 of Part 5B.2 of the Act;

(e) the register of foreign companies registered under Division 2

of Part 5B.2 of the Act;

(f) the register of names reserved under section 152 of the Act;

(g) the Register of Licence Holders kept under section 789 of the

Act;

(h) the register of managed investment schemes registered under

section 601EB of the Act;

(i) the Register of Futures Licensees kept under section 1155 of

the Act;

(j) the Register of Auditors kept under section 1285 of the Act;

(k) the Register of Liquidators kept under section 1286 of the

Act;

(l) the Register of Official Liquidators kept under section 1286

of the Act;

(m) the register in respect of financial services licensees

mentioned in subsection 922A(2) of the Act;

Federal Register of Legislative Instruments F2015C00303

Chapter 9 Miscellaneous

Part 9.1 Registers and registration of documents

Regulation 9.1.02

2 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(n) the register in respect of authorised representatives of

financial services licensees mentioned in subsection 922A(2)

of the Act;

(o) the register in respect of persons against whom a banning

order or disqualification order is made mentioned in

subsection 922A(2) of the Act;

(p) the register relating to trustees for debenture holders kept

under section 283BCA of the Act;

(q) the register of relevant providers mentioned in

regulation 7.6.06B.

9.1.02 Prescribed information

For subsections 1274A(3) and (4) of the Act, the following

information is prescribed:

(a) in relation to each company registered under section 118 or

601BD of the Act or the registration of which is continued by

section 1378 of the Act:

(i) its full name, the date of its registration and its

registration number;

(ii) whether it is a public company or a proprietary

company;

(iii) whether it is a company limited by shares, a company

limited by guarantee, a company limited by both shares

and guarantee, an unlimited company or a no liability

company;

(iv) its contact address;

(iva) its principal place of business;

(v) its registered office;

(vi) its officers;

(vii) any scheme of arrangement it has entered into with its

creditors, its placement under voluntary administration

or a deed of company arrangement or receivership or its

liquidation;

(viii) its paid-up and unpaid capital;

(ix) its deregistration;

Federal Register of Legislative Instruments F2015C00303

Miscellaneous Chapter 9

Registers and registration of documents Part 9.1

Regulation 9.1.02

Corporations Regulations 2001 3

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(x) any charges on its property that have been lodged with

ASIC or entered in the Australian Register of Company

Charges;

(b) in relation to the Register of Disqualified Company Directors

and Other Officers—orders and notices registered under

section 1274AA of the Act;

(c) in relation to the Australian Register of Company Charges—

each charge registered under subsection 265(2) of the Act;

(d) in relation to each body registered in the register of registered

Australian bodies:

(i) its full name, the date of its incorporation and its

registration number;

(ii) the class of the body in its place of origin and whether

the liability of members of the body is limited;

(iii) its contact address;

(iiia) its principal place of business;

(iv) its registered office;

(v) its registered office or principal place of business in its

place of origin;

(vi) its officers;

(vii) any scheme of arrangement it has entered into with its

creditors, its placement under voluntary administration

or a deed of company arrangement or receivership or its

liquidation;

(viii) its paid-up and unpaid capital;

(ix) its deregistration;

(x) any charges on its property that have been lodged with

ASIC or entered in the Australian Register of Company

Charges;

(e) in relation to each company entered in the register of foreign

companies:

(i) its full name, the date and place of its incorporation or

registration in its place of origin and its registration

number;

Federal Register of Legislative Instruments F2015C00303

Chapter 9 Miscellaneous

Part 9.1 Registers and registration of documents

Regulation 9.1.02

4 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(ii) the class of the foreign company in its place of origin

and whether the liability of its members is limited;

(iii) its contact address;

(iiia) its principal place of business;

(iv) its registered office;

(v) its registered office or principal place of business in its

place of origin;

(vi) its officers;

(vii) its agent;

(viii) any scheme of arrangement it has entered into with its

creditors, its placement under voluntary administration

or a deed of company arrangement or receivership or its

liquidation;

(ix) its paid-up and unpaid capital;

(x) its deregistration;

(xi) any charges on its property that have been lodged with

ASIC or entered in the Australian Register of Company

Charges;

(f) in relation to the register of reserved or registered names—a

name entered in that register, the number allocated to that

name and the date on which the entry was made;

(g) in relation to the Register of Licence Holders—each licence

holder registered under section 783 or 784 of the Act;

(h) in relation to each registered scheme:

(i) the ARSN of the scheme;

(ii) the name of the scheme;

(iii) the date of registration of the scheme;

(iiia) its contact address;

(iiib) its principal place of business;

(iv) the name and address of the registered office of the

responsible entity of the scheme;

(v) the name and address of the auditor of the scheme’s

compliance plan;

(vi) the date of any amendment of the constitution or

compliance plan of the scheme;

Federal Register of Legislative Instruments F2015C00303

Miscellaneous Chapter 9

Registers and registration of documents Part 9.1

Regulation 9.1.02

Corporations Regulations 2001 5

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(vii) any deregistration or winding up of the scheme;

(viii) the name and address of the auditor of the scheme;

(i) in relation to the Register of Futures Licensees—the name of

each registered futures licensee;

(j) in relation to the Register of Auditors—the name of each

registered auditor;

(k) in relation to the Register of Liquidators—the name of each

registered liquidator;

(l) in relation to the Register of Official Liquidators—the name

of each registered official liquidator;

(m) in relation to the register in respect of financial services

licensees mentioned in subsection 922A(2) of the Act:

(i) all of the information in the register which ASIC

considers appropriate for a person to search in

accordance with subsection 1274A(3) of the Act; or

(ii) all of the information in the register which ASIC

considers appropriate to make available in accordance

with subsection 1274A(4) of the Act;

(n) in relation to the register in respect of authorised

representatives of financial services licensees mentioned in

subsection 922A(2) of the Act:

(i) all of the information in the register which ASIC

considers appropriate for a person to search in

accordance with subsection 1274A(3) of the Act; or

(ii) all of the information in the register which ASIC

considers appropriate to make available in accordance

with subsection 1274A(4) of the Act;

(o) in relation to the register in respect of persons against whom

a banning order or disqualification order is made mentioned

in subsection 922A(2) of the Act:

(i) all of the information in the register which ASIC

considers appropriate for a person to search in

accordance with subsection 1274A(3) of the Act; or

(ii) all of the information in the register which ASIC

considers appropriate to make available in accordance

with subsection 1274A(4) of the Act;

Federal Register of Legislative Instruments F2015C00303

Chapter 9 Miscellaneous

Part 9.1 Registers and registration of documents

Regulation 9.1.02

6 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(p) in relation to the register relating to trustees for debenture

holders kept under section 283BCA of the Act:

(i) all of the information in the register which ASIC

considers appropriate for a person to search in

accordance with subsection 1274A(3) of the Act; or

(ii) all of the information in the register which ASIC

considers appropriate to make available in accordance

with subsection 1274A(4) of the Act;

(q) in relation to the register of relevant providers (within the

meaning of section 922C of the Act as notionally inserted by

Schedule 8D to these Regulations):

(i) all of the information in the register (other than a

relevant provider’s date and place of birth) which ASIC

considers appropriate for a person to search in

accordance with subsection 1274A(3) of the Act; or

(ii) all of the information in the register (other than a

relevant provider’s date and place of birth) which ASIC

considers appropriate to make available in accordance

with subsection 1274A(4) of the Act.

Federal Register of Legislative Instruments F2015C00303

Miscellaneous Chapter 9

Registration of auditors and liquidators Part 9.2

Registration Division 2

Regulation 9.2.01

Corporations Regulations 2001 7

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 9.2—Registration of auditors and liquidators

Division 2—Registration

9.2.01 Practical experience in auditing (Act s 1280(2))

For subparagraph 1280(2)(b)(ii) of the Act, each of the following is

prescribed practical experience in auditing:

(a) during the 5 years immediately before the date of the

application, at least 3 000 hours work in auditing under the

direction of a registered company auditor, including:

(i) appraising the operations of companies and forming

opinions on the matters specified in sections 307, 308

and 309 of the Act; and

(ii) at least 750 hours spent supervising audits of

companies;

(b) practical experience that, in the opinion of ASIC, is

equivalent to the practical experience mentioned in

paragraph (a);

(c) work of the kind and duration mentioned in paragraph (a)

that was done under previous laws corresponding to

sections 307, 308 and 309 of the Act.

9.2.02 Prescribed universities and institutions (Act ss 1280(2A) and

1282(2))

For paragraph 1280(2A)(a) and subparagraph 1282(2)(a)(ii) of the

Act:

(a) the universities mentioned in Part 1 of the table are

prescribed; and

(b) the institution mentioned in Part 2 of the table is prescribed.

Part 1 University

101 Australian Catholic University

Federal Register of Legislative Instruments F2015C00303

Chapter 9 Miscellaneous

Part 9.2 Registration of auditors and liquidators

Division 2 Registration

Regulation 9.2.02

8 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 1 University

102 Australian National University

103 Bond University

104 Central Queensland University

105 Charles Darwin University

106 Charles Sturt University

107 Curtin University of Technology

108 Deakin University

109 Edith Cowan University

110 Griffith University

111 Flinders University of South Australia

112 James Cook University

113 La Trobe University

114 Macquarie University

115 Monash University

116 Murdoch University

117 Queensland University of Technology

118 Royal Melbourne Institute of Technology University

119 Southern Cross University

120 Swinburne University of Technology

121 University of Adelaide

122 University of Ballarat

123 University of Canberra

124 University of Melbourne

125 University of Newcastle

126 University of New England

127 University of New South Wales

128 University of Notre Dame Australia

129 University of Queensland

130 University of South Australia

Federal Register of Legislative Instruments F2015C00303

Miscellaneous Chapter 9

Registration of auditors and liquidators Part 9.2

Registration Division 2

Regulation 9.2.03

Corporations Regulations 2001 9

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 1 University

131 University of Southern Queensland

132 University of Sydney

133 University of Tasmania

134 University of Technology, Sydney

135 University of the Sunshine Coast

136 University of Western Australia

137 University of Western Sydney

138 University of Wollongong

139 Victoria University

Part 2 Institution

201 Avondale College

9.2.03 Prescribed courses (Act s 1280(2A))

For paragraph 1280(2A)(c) of the Act, the courses prescribed are:

(a) the following courses conducted by The Institute of

Chartered Accountants in Australia:

(i) Audit and Assurance in the CA Program;

(ii) Financial Reporting and Assurance in the CA Program;

(iii) Accounting 2 in the Professional Year Program;

(iv) Audit and EDP Module in the Professional Year

Program;

(v) an audit module in the Professional Year Program

conducted before 1986 that is equivalent to a course

mentioned in subparagraph (i), (ii), (iii) or (iv); and

(b) the following courses in the CPA Program conducted by

CPA Australia:

(i) Assurance Services and Auditing;

(ii) Advanced Audit and Assurance; and

(c) the following courses conducted by, or on behalf of, the

National Institute of Accountants:

Federal Register of Legislative Instruments F2015C00303

Chapter 9 Miscellaneous

Part 9.2 Registration of auditors and liquidators

Division 2 Registration

Regulation 9.2.03

10 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(i) Issues in Auditing and Professional Practice in the

Graduate Certificate in Professional Accounting, offered

by the University of New England in conjunction with

the National Institute of Accountants;

(ii) Issues in Auditing and Professional Practice in the

Degree of Master of Commerce (Professional

Accounting), offered by the University of New England

in conjunction with the National Institute of

Accountants.

Federal Register of Legislative Instruments F2015C00303

Miscellaneous Chapter 9

Registration of auditors and liquidators Part 9.2

Conditions on registration Division 2A

Regulation 9.2.08

Corporations Regulations 2001 11

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 2A—Conditions on registration

9.2.08 Kinds of conditions (Act s 1289A)

For subsection 1289A(1) of the Act, the following kinds of

conditions are specified:

(a) conditions relating to the minimum amount and nature of

continuing or other professional education that must be

undertaken by a registered company auditor;

(b) conditions relating to the periodic or other review of the audit

and audit-related work of a registered company auditor as

part of a quality assurance or review program;

(c) conditions relating to having a current policy of professional

indemnity insurance for claims against a registered company

auditor in relation to audits conducted under the Act;

(d) conditions relating to establishing and maintaining a system

for resolving complaints made against a registered company

auditor by audit clients in relation to audits conducted under

the Act.

Federal Register of Legislative Instruments F2015C00303

Chapter 9 Miscellaneous

Part 9.2A Authorised audit companies

Division 1 Registration

Regulation 9.2A.01

12 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 9.2A—Authorised audit companies

Division 1—Registration

9.2A.01 Application for registration as authorised audit company

(Act s 1299A)

For subsection 1299A(2) of the Act, the information is:

(a) the following information about the applicant:

(i) the applicant’s name;

(ii) the applicant’s ABN or ACN;

(iii) the address of the applicant’s registered office;

(iv) the address of the principal place at which the applicant

proposes to practise as an auditor;

(v) the address of each other place (if any) at which the

applicant proposes to practise as an auditor; and

(b) the following information about each director of the

applicant:

(i) the director’s name and address;

(ii) the director’s registration number as a registered

company auditor; and

(c) the following statements:

(i) a statement to the effect that none of the directors of the

applicant have been disqualified from managing a

company under Part 2D.6 of the Act;

(ii) a statement to the effect that each share in the applicant

is held and beneficially owned by an individual or by

the legal personal representative of an individual;

(iii) a statement of whether the applicant’s constitution

allows a share in the applicant to be held and

beneficially owned by a person other than an individual

or the legal personal representative of an individual;

(iv) a statement to the effect that a majority of the votes that

may be cast at a general meeting of the applicant attach

Federal Register of Legislative Instruments F2015C00303

Miscellaneous Chapter 9

Authorised audit companies Part 9.2A

Registration Division 1

Regulation 9.2A.03

Corporations Regulations 2001 13

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

to shares in the applicant that are held and beneficially

owned by individuals who are registered company

auditors;

(v) a statement to the effect that the applicant is not an

externally-administered body corporate; and

(d) the name and address of each person who performs a chief

executive officer function (within the meaning of

section 295A of the Act) in relation to the applicant; and

(e) the following details about the applicant’s professional

indemnity insurance policy for claims that may be made

against the applicant in relation to the audit of companies and

registered schemes under the Act:

(i) the insurer’s name;

(ii) the policy number;

(iii) the terms and conditions of the policy.

9.2A.03 Annual statements by authorised audit company (Act s

1299G)

(1) For subsection 1299G(1A) of the Act, the information is:

(a) whether the information about the company on the Register

of Authorised Audit Companies under section 1299E of the

Act is correct; and

(b) a statement of whether the company has, at all times in the

relevant period, met the requirements of paragraphs

1299B(a), (b), (c) and (e) of the Act; and

(c) if the company has not, at all times in the relevant period,

met the requirements of paragraphs 1299B(a), (b), (c) and (e)

of the Act—details about the way in which the company did

not meet the requirements; and

(d) the following details about the company’s professional

indemnity insurance policy for claims that may be made

against the applicant in relation to the audit of companies and

registered schemes under the Act:

(i) the insurer’s name;

(ii) the policy number;

Federal Register of Legislative Instruments F2015C00303

Chapter 9 Miscellaneous

Part 9.2A Authorised audit companies

Division 1 Registration

Regulation 9.2A.03

14 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(iii) the terms and conditions of the policy; and

(e) information about criminal proceedings (if any) that have

been taken against the company in the relevant period; and

(f) for each director of the company and each employee of the

company who is a registered company auditor, details of

criminal or disciplinary proceedings (if any) that have been

taken against the director or employee in the relevant period

(including exclusion from practice as an auditor or liquidator

or suspension of registration as an auditor or liquidator); and

(g) a statement of whether the company has resigned or been

removed from office as an auditor during the relevant period;

and

(h) if the company has resigned or been removed from office as

an auditor during the relevant period, the following details

about each resignation or removal:

(i) the name and ACN of the corporation, registered

scheme, disclosing entity or financial services licensee

being audited;

(ii) the date of the company’s resignation or removal from

office;

(iii) the reason for the company’s resignation or removal

from office; and

(i) a statement of whether a director or employee of the

company has resigned or been removed from office as a

liquidator during the relevant period; and

(j) if a director or employee of the company has resigned, or has

been removed from office as a liquidator, during the relevant

period, the following details about each resignation or

removal:

(i) the name and ACN of the corporation, registered

scheme, disclosing entity or financial services licensee

being liquidated;

(ii) the date of the resignation or removal from office;

(iii) the reason for the resignation or removal from office;

and

Federal Register of Legislative Instruments F2015C00303

Miscellaneous Chapter 9

Authorised audit companies Part 9.2A

Registration Division 1

Regulation 9.2A.03

Corporations Regulations 2001 15

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(k) a list of the 10 audits, including the approximate dollar value

of the fees, for which the company has received the highest

audit engagement fees in the relevant period.

(2) In this regulation:

relevant period means the period of 12 months to which the

statement relates under subsection 1299G(1) of the Act.

Federal Register of Legislative Instruments F2015C00303

Chapter 9 Miscellaneous

Part 9.4 Penalty notice offences and penalties

Regulation 9.4.01

16 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 9.4—Penalty notice offences and penalties

9.4.01 Prescribed offences (Act s 1313)

For paragraph (b) of the definition of prescribed offence in

subsection 1313(8) of the Act, an offence against a provision

mentioned in Schedule 3 to the Act, to which a penalty of 5 penalty

units applies, is prescribed.

9.4.02 Prescribed penalties (Act s 1313)

For an offence prescribed by regulation 9.4.01 for which a person

may be, or has been, given a notice under subsection 1313(1) of the

Act, the amount of the penalty is:

(a) if the person is an individual—1.25 penalty units; and

(b) if the person is a body corporate—6.25 penalty units.

9.4.03 Late payment of review fee—prescribed offence and penalty

(Act s 1313 and 1364)

(1) For paragraph (b) of the definition of prescribed offence in

subsection 1313(8) of the Act, the failure to pay a review fee by the

due date specified for the fee in subsection 1351(3) of the Act is

prescribed.

Note: The failure to pay is made an offence by section 1311 of the Act.

(2) For paragraph 1364(2)(n) of the Act, the penalty for the failure to

pay a review fee is:

(a) if payment is received within 1 month after the due date—

$65; and

(b) if payment is not received within 1 month after the due

date—$270.

Note: Subsection 1351(3) of the Act provides for when a fee imposed by the

Corporations (Review Fees) Act 2003 is due.

Federal Register of Legislative Instruments F2015C00303

Miscellaneous Chapter 9

Penalty notice offences and penalties Part 9.4

Regulation 9.4.03

Corporations Regulations 2001 17

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(3) In this regulation:

review fee means a fee imposed by section 5 of the Corporations

(Review Fees) Act 2003.

Federal Register of Legislative Instruments F2015C00303

Chapter 9 Miscellaneous

Part 9.4A Register and index

Regulation 9.4A.01

18 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 9.4A—Register and index

9.4A.01 Definitions for Part 9.4A

In this Part, unless the contrary intention appears:

index means an instrument, prepared for subsection 1306(4) of the

Act, that is an index of members of a corporation.

issuer has the same meaning as in section 761E of the Act.

register means an instrument, prepared for subsection 1306(4) of

the Act, that is any of the following:

(a) register of members of a corporation;

(b) register of holders of debentures of a corporation;

(c) register of members of a registered scheme;

(d) register of holders of options of a corporation.

9.4A.02 Register and index must be kept up to date:

subsection 1306(4A) of the Act

(1) A corporation that is an issuer that is required to keep 1 or more

registers must ensure that its registers and index (if any) are, at any

time, not more than 20 business days out of date.

(2) If a person notifies a corporation that is an issuer that is required to

keep 1 or more registers that the person wishes to inspect a register

or index of the corporation, the corporation must ensure that, at the

beginning of the business day following the day on which it

receives the notice, the register or index that the person wishes to

inspect is not more than 5 business days out of date.

Federal Register of Legislative Instruments F2015C00303

Miscellaneous Chapter 9

Delegation of powers and functions under the Act Part 9.5

Regulation 9.5.01

Corporations Regulations 2001 19

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 9.5—Delegation of powers and functions

under the Act

9.5.01 Prescribed functions (Law s 1345A(1))

For subsection 1345A(1) of the Act, the functions and powers of

the Minister under the following provisions of the Act are

prescribed:

(a) subsection 147(2) or 601DC(2) (Names available with

Minister’s consent);

(c) Part 9.7 (Unclaimed property).

Federal Register of Legislative Instruments F2015C00303

Chapter 9 Miscellaneous

Part 9.7 Unclaimed property

Regulation 9.7.01

20 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 9.7—Unclaimed property

9.7.01 Entitlement to unclaimed property

(1) This regulation sets out how to work out the interest for

paragraph 1341(3A)(a) of the Act.

(2) If the unclaimed money is paid to ASIC in more than one payment,

the interest is to be worked out separately for each payment.

(3) The interest is to be worked out for the period (the interest period)

that:

(a) starts on the later of:

(i) 1 July 2013; and

(ii) the day when the unclaimed money was paid to ASIC;

and

(b) ends on the 14th day after ASIC last authorised the

unclaimed money to be paid under subsection 1341(1) or (2)

of the Act.

(4) The interest is to be worked out by adding together the interest for

each financial year during the interest period.

(5) The interest for each financial year is worked out using the

following formula, and rounding the result to the nearest cent:

Amount × Days interest payable × Interest rate

Days in the financial year

where:

amount means the amount of unclaimed money plus the interest (if

any) worked out for each earlier financial year for which interest is

payable.

days interest payable means the number of days in the financial

year for which interest is payable.

Federal Register of Legislative Instruments F2015C00303

Miscellaneous Chapter 9

Unclaimed property Part 9.7

Regulation 9.7.01

Corporations Regulations 2001 21

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

days in the financial year means the number of days in the

financial year.

interest rate, for a financial year, means:

(a) the percentage change in the All Groups CPI between the

2 March quarters most recently published before the first day

of the financial year (rounded up to 4 decimal places); or

(b) if that percentage change is less than 0%—0%.

Federal Register of Legislative Instruments F2015C00303

Chapter 9 Miscellaneous

Part 9.12 Matters relating to regulations

Regulation 9.12.01

22 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 9.12—Matters relating to regulations

9.12.01 Exemptions from Chapter 7

Subsection 1043A(1) of the Act does not have effect in relation to

the following:

(a) the obtaining by a director of a share qualification;

(b) the application for, and acquisition under that application of,

financial products of a body corporate by, or by a trustee for,

employees of that body, or of a body corporate that is related

to the first-mentioned body under a superannuation scheme,

pension fund or other scheme established solely or primarily

for the benefit of the employees;

(c) a transaction entered into by a person in accordance with his

or her obligations under an underwriting agreement;

(d) a person holding the office of:

(i) personal representative of a deceased person; or

(ii) liquidator; or

(iii) trustee under Parts IV, X and XI of the Bankruptcy Act

1966;

in respect of a transaction entered into by the person in good

faith in the performance of the functions of the office;

(e) a sale of financial products under:

(i) a mortgage or charge of the financial products; or

(ii) a mortgage, charge, pledge or lien of documents of title

to the financial products.

9.12.02 Exemption from provisions of Chapter 7—CLS Bank

(1) For section 1368 of the Act, the following provisions of Chapter 7

of the Act do not have effect in relation to the following

transactions by participants in the facility operated CLS Bank

International:

(a) section 794E—settlement of non-cash payments between

participants;

Federal Register of Legislative Instruments F2015C00303

Miscellaneous Chapter 9

Matters relating to regulations Part 9.12

Regulation 9.12.02

Corporations Regulations 2001 23

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) Part 7.3—settlement of non-cash payments between

participants in relation to the provision or transfer of a

financial product mentioned in paragraph 764A(1)(a), (b),

(ba), (c), (j) or (k) of the Act.

(2) Subregulation (1) is subject to the conditions set out in this

regulation.

(3) CLS Bank International must:

(a) operate under section 25A of the Federal Reserve Act of the

United States of America; and

(b) be regulated as a bank by the Board of Governors of the

Federal Reserve System of the United States of America.

(4) An Australian entity that is a participant in the facility operated by

CLS Bank International:

(a) must be regulated by APRA; and

(b) must not use the services of CLS Bank International as a

retail client within the meaning of section 761G of the Act.

(5) CLS Bank International must tell the Reserve Bank of Australia in

writing as soon as practicable after any of the following

circumstances happen:

(a) CLS Bank International receives a request for an Australian

entity to become a participant in the facility it operates;

(b) CLS Bank International proposes approving an additional

Australian entity or Australian resident as a shareholder;

(c) CLS Bank International notifies the Board of Governors of

the Federal Reserve System of the United States of America

of a proposed change in the character or nature of the facility

or a significant change in its operations;

(d) material regulatory action is taken against CLS Bank

International in any other jurisdiction.

(6) In this regulation:

Australian entity includes:

(a) an Australian bank; or

Federal Register of Legislative Instruments F2015C00303

Chapter 9 Miscellaneous

Part 9.12 Matters relating to regulations

Regulation 9.12.03

24 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) a financial services licensee within the meaning of

section 761A of the Corporations Act 2001.

material regulatory action, for the facility operated by CLS Bank

International, means:

(a) any action by the Board of Governors of the Federal Reserve

System of the United States of America that requires CLS

Bank International to cease, suspend or vary its operations or

to take any other action in the nature of a sanction or

corrective action in relation to either the operation of the

facility or CLS Bank International; or

(b) regulatory action that is likely to affect Australian

participants in the facility or any Australian operations of

CLS Bank International.

participant, for the facility operated by CLS Bank International,

means a person who, under the facility’s operating rules, is allowed

to participate directly in the facility, with or without the authority

of another participant.

9.12.03 Partial exemption of foreign-based market licensees from

certain notification obligations

(1) This regulation sets out the extent to which, for section 1368 of the

Act, specified provisions of the Act have effect in relation to a

market licensee whose licence was granted under

subsection 795B(2) of the Act.

(2) Paragraph 792B(2)(b) of the Act has effect only to the extent that:

(a) the participant in the market against whom disciplinary

action is taken is in this jurisdiction; or

(b) the activity giving rise to the disciplinary action may

significantly affect:

(i) another participant in the market who is in this

jurisdiction; or

(ii) a client, of a participant in the market, whom the market

licensee believes to be in this jurisdiction.

Federal Register of Legislative Instruments F2015C00303

Miscellaneous Chapter 9

Matters relating to regulations Part 9.12

Regulation 9.12.03

Corporations Regulations 2001 25

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(3) Paragraph 792B(2)(c) of the Act has effect only to the extent that:

(a) the person suspected of the contravention or impending

contravention of the market’s operating rules or the Act is a

participant in the market who is in this jurisdiction; or

(b) the contravention or impending contravention may

significantly affect:

(i) a participant in the market who is in this jurisdiction; or

(ii) a client, of a participant in the market, whom the market

licensee believes to be in this jurisdiction.

(4) In spite of subregulation (3), paragraph 792B(2)(c) of the Act has

effect only to the extent of requiring inclusion in the notice to

ASIC of information that, under the regulatory regime applying to

financial markets in the foreign country in which the market

licensee’s principal place of business is located, it is permissible

for the market licensee to include in the notice.

(5) Subregulation (4) is subject to the conditions that:

(a) the market licensee gives notice of the contravention or

impending contravention to a body responsible for the

regulation of financial markets in the foreign country in

which the market licensee’s principal place of business is

located as soon as practicable after suspecting the

commission of the contravention, or the likelihood of the

impending contravention; and

(b) the notice to that body includes the information mentioned in

subparagraphs 792B(2)(c)(i), (ii) and (iii) of the Act; and

(c) the market licensee informs ASIC of the following:

(i) the giving of the notice mentioned in paragraph (a);

(ii) the name and address of the regulatory body to whom it

was given;

(iii) when the notice was given; and

(d) arrangements exist for that body to give notice to ASIC about

the contravention or impending contravention that includes

the information that it is not permissible for the market

licensee to include in the notice it gives to ASIC under

subregulation (4).

Federal Register of Legislative Instruments F2015C00303

Chapter 9 Miscellaneous

Part 9.12 Matters relating to regulations

Regulation 9.12.04

26 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

9.12.04 Exemption from provisions of Chapter 7—compliance with

ASIC exemptions

(1) For paragraph 1368(a) of the Act, Division 2 of Part 7.7A of the

Act does not have effect in relation to a person to whom one of the

following exemptions made by ASIC is stated to apply:

(a) ASIC Class Order [CO 05/736];

(b) ASIC Class Order [CO 05/1122];

(c) ASIC Class Order [CO 08/01];

(d) ASIC Class Order [CO 11/1227].

(2) The Division does not have effect subject to the condition that the

person complies with the conditions set out in the exemption which

applies to the person.

9.12.04 Exemption from provisions of Chapter 7—carbon unit

auctions

(1) For paragraph 1368(a) of the Act, section 791A of the Act does not

have effect in relation to a person if:

(a) the person is engaged, by the Clean Energy Regulator, to

assist in the conduct of the auction of carbon units under the

Clean Energy Act 2011; and

(b) in conducting or assisting in the conduct of the auction, the

person engages in conduct that constitutes operating a

financial market.

(2) For paragraph 1368(a) of the Act, section 820A of the Act does not

have effect in relation to a person if:

(a) the person is engaged, by the Clean Energy Regulator, to

assist in the conduct of the auction of carbon units; and

(b) in conducting or assisting in the conduct of the auction, the

person engages in conduct that constitutes operating a

clearing and settlement facility.

Federal Register of Legislative Instruments F2015C00303

Miscellaneous Chapter 9

Matters relating to regulations Part 9.12

Regulation 9.12.05

Corporations Regulations 2001 27

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

9.12.05 Exemption from provisions of Chapter 7—gas trading

exchange

(1) For paragraph 1368(a) of the Act, section 791A of the Act does not

have effect in relation to the operator of a qualifying gas trading

exchange carrying out its role of operating a market in qualifying

gas exchange products on the qualifying gas trading exchange.

(2) For paragraph 1368(a) of the Act, section 820A of the Act does not

have effect in relation to the operator of a qualifying gas trading

exchange carrying out its role in relation to clearing and settlement

arrangements for qualifying gas exchange products on the

qualifying gas trading exchange.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.1 Old Corporations Regulations

Regulation 10.1.01

28 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Chapter 10—Repeals

Part 10.1—Old Corporations Regulations

10.1.01 Repeal of Corporations Regulations 1990

The following Statutory Rules are repealed:

1990 No. 455

1991 Nos. 218, 219, 281, 341, 453, 478 and 479

1992 Nos. 230, 281, 364, 395 and 450

1993 Nos. 135, 207 and 277

1994 Nos. 35, 108, 153, 221, 251, 302 and 430

1995 Nos. 222, 344, 345 and 398

1996 Nos. 26, 51, 55, 90, 205, 218 and 343

1997 Nos. 10, 81, 102 and 142

1998 Nos. 9, 22, 109, 128, 161, 185, 186, 239 and 293

1999 Nos. 38, 47, 143, 212, 237 and 293

2000 Nos. 11, 30, 31, 50, 78, 175, 206 and 282

Note: These Regulations were made under the old Corporations Law, but are

continued in effect by section 1380 of the Corporations Act 2001 as if

made under the Act.

10.1.02 Repeal of Partnerships and Associations Application

Order 1999 (No. 1)

The Partnerships and Associations Application Order 1999 (No. 1)

is repealed.

Note: The Partnerships and Associations Application Order 1999 (No. 1)

was made under the old Corporations Law, but is continued in effect

by section 1388 of the Act.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Preliminary Division 1

Regulation 10.2.01

Corporations Regulations 2001 29

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 10.2—Transitional arrangements relating to

Financial Services Reform legislation

Division 1—Preliminary

10.2.01 Application of Part 10.2

For Part 10.2 of the Act, this Part deals with matters of a

transitional, saving or application nature relating to amendments

made by the Financial Services Reform Act 2001 and the transition

from the application of the old legislation to the application of the

new legislation.

Note: Part 10.2 contains a number of regulation-making powers that relate to

matters of a transitional, saving and application nature.

10.2.02 Definitions

In this Part:

old Corporations Regulations means these Regulations as in force

immediately before the FSR commencement.

Note: Section 9 and Part 10.2 of the Act include a number of definitions of

words and expressions that are relevant to the operation of this Part.

They have the same meanings when used in this Part.

Part 10.2 also includes several expressions that have particular

meanings in the context of particular provisions or circumstances,

including relevant old legislation, relevant new legislation and

transition period.

10.2.02A References to transition periods

In these Regulations, unless the contrary intention appears, a

reference to a transition period includes a transition period that has

been extended under section 1437 of the Act.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 1 Preliminary

Regulation 10.2.02B

30 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.02B References to the application of Division 2 of Part 7.9 of the

Act

In these Regulations, unless the contrary intention appears:

(a) a reference to Division 2 of Part 7.9 of the Act not applying

to or in relation to a financial product is taken to refer only to

circumstances in which that Division does not apply because

of the effect of a provision of Part 10.2 of the Act; and

(b) a reference to a financial product to which, or in relation to

which, Division 2 of Part 7.9 of the Act applies is taken to

include any financial product except a financial product to

which that Division does not apply because of the effect of a

provision of Part 10.2 of the Act.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Treatment of proposed markets that have not started to operate by the FSR

commencement Division 1A

Regulation 10.2.02C

Corporations Regulations 2001 31

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 1A—Treatment of proposed markets that have not

started to operate by the FSR commencement

10.2.02C Proposed markets

For paragraph 1412(1)(b) of the Act, the following markets are

identified:

(a) a market in futures contracts proposed to be operated by

Atriax Limited;

(b) a market in futures contracts proposed to be operated by

Hong Kong Futures Exchange Limited;

(c) a market in securities proposed to be operated by Bloomberg

L.P;

(d) a market in futures contracts proposed to be operated by The

London Metal Exchange;

(e) a market in futures contracts proposed to be operated by

Credit Suisse First Boston (Europe) Limited;

(f) a market in securities proposed to be operated by Eurex

Deutschland;

(g) a market in futures contracts proposed to be operated by

Eurex Deutschland.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 2 Transitional arrangements relating to business rules or listing rules

Regulation 10.2.03

32 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 2—Transitional arrangements relating to business

rules or listing rules

Subdivision 2.1—Business rules

10.2.03 Amendment of business rules of securities exchange before

FSR commencement

(1) This regulation applies if:

(a) an amendment was made, by way of rescission, alteration or

addition, to the business rules of a securities exchange before

the FSR commencement; and

(b) written notice of the amendment was lodged in accordance

with subsection 774(1) of the old Corporations Act before the

FSR commencement; and

(c) the period of 28 days in relation to the amendment,

mentioned in subsection 774(5) of the old Corporations Act,

had not expired before the FSR commencement; and

(d) the Minister had not decided, before the FSR

commencement, whether to disallow the whole or a specified

part of the amendment under subsection 774(5) of the old

Corporations Act.

Note: The period of 28 days in paragraph (c) is the period in which the

Minister may disallow the whole or a specified part of the amendment.

(2) On and after the FSR commencement, section 793E of the Act has

effect in relation to the amendment as if the amendment were a

change to the operating rules of a licensed market mentioned in

section 793D of the Act.

(3) For subregulation (2):

(a) the securities exchange is to be treated, under sections 793D

and 793E of the Act, as a market licensee that has lodged

written notice of the change with ASIC; and

(b) ASIC is taken to have complied with its obligations to the

Minister under section 793E of the Act; and

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Transitional arrangements relating to business rules or listing rules Division 2

Regulation 10.2.04

Corporations Regulations 2001 33

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(c) the Minister is taken to have been given the notice of the

change on the day on which written notice of the amendment

was lodged in accordance with subsection 774(1) of the old

Corporations Act.

10.2.04 Amendment of SCH business rules before FSR

commencement

(1) This regulation applies if:

(a) an amendment was made, by way of rescission, alteration or

addition, to the SCH business rules before the FSR

commencement; and

(b) written notice of the amendment was given in accordance

with subsection 779C(1) of the old Corporations Act before

the FSR commencement; and

(c) the period of 28 days in relation to the amendment,

mentioned in subsection 779C(5) of the old Corporations

Act, had not expired before the FSR commencement; and

(d) the Minister had not decided, before the FSR

commencement, whether to disallow the whole or a specified

part of the amendment under subsection 779C(5) of the old

Corporations Act.

Note: The period of 28 days in paragraph (c) is the period in which the

Minister may disallow the whole or a specified part of the amendment.

(2) On and after the FSR commencement, section 822E of the Act has

effect in relation to the amendment as if the amendment were a

change to the operating rules of a licensed CS facility mentioned in

section 822D of the Act.

(3) For subregulation (2):

(a) the securities clearing house is to be treated, under

sections 822D and 822E of the Act, as a licensed CS facility

that has lodged written notice of the change with ASIC; and

(b) ASIC is taken to have complied with its obligations to the

Minister under section 822E of the Act; and

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 2 Transitional arrangements relating to business rules or listing rules

Regulation 10.2.05

34 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(c) the Minister is taken to have been given the notice of the

change on the day on which written notice of the amendment

was given in accordance with subsection 779C(1) of the old

Corporations Act.

10.2.05 Amendment of SEGC business rules before FSR

commencement

(1) This regulation applies if:

(a) a change is made to the SEGC’s operating rules before the

FSR commencement; and

(b) written notice of the amendment was given in accordance

with subsection 928(1) of the old Corporations Act before the

FSR commencement; and

(c) the period of 28 days in relation to the amendment,

mentioned in subsection 928(5) of the old Corporations Act,

had not expired before the FSR commencement; and

(d) the Minister had not decided, before the FSR

commencement, whether to disallow the whole or a specified

part of the amendment under subsection 928(5) of the old

Corporations Act.

Note: The period of 28 days in paragraph (c) is the period in which the

Minister may disallow the whole or a specified part of the amendment.

(2) On and after the FSR commencement, section 890H of the Act has

effect in relation to the amendment as if the amendment were a

change to the SEGC’s operating rules mentioned in section 890G

of the Act.

(3) For subregulation (2):

(a) the SEGC is to be treated, under sections 890G and 890H of

the Act, as having lodged written notice of the change with

ASIC; and

(b) ASIC is taken to have complied with its obligations to the

Minister under section 890H of the Act; and

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Transitional arrangements relating to business rules or listing rules Division 2

Regulation 10.2.06

Corporations Regulations 2001 35

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(c) the Minister is taken to have been given the notice of the

change on the day on which written notice of the amendment

was given in accordance with subsection 928(1) of the old

Corporations Act.

10.2.06 Amendment of business rules of futures body before FSR

commencement

(1) This regulation applies if:

(a) an amendment was made, by way of rescission, alteration or

addition, to the business rules of any of a futures body before

the FSR commencement; and

(b) written notice of the amendment was given in accordance

with subsection 1136(1) of the old Corporations Act before

the FSR commencement; and

(c) the period of 28 days in relation to the amendment,

mentioned in subsection 1136(5) of the old Corporations Act,

had not expired before the FSR commencement; and

(d) the Minister had not decided, before the FSR

commencement, whether to disallow the whole or a specified

part of the amendment under subsection 1136(5) of the old

Corporations Act.

Note: The period of 28 days in paragraph (c) is the period in which the

Minister may disallow the whole or a specified part of the amendment.

(2) On and after the FSR commencement, section 793E of the Act has

effect in relation to the amendment as if the amendment were a

change to the operating rules of a licensed market mentioned in

section 793D of the Act.

(3) For subregulation (2):

(a) the futures body is to be treated, under sections 793D and

793E of the Act, as a market licensee that has lodged written

notice of the change with ASIC; and

(b) ASIC is taken to have complied with its obligations to the

Minister under section 793E of the Act; and

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 2 Transitional arrangements relating to business rules or listing rules

Regulation 10.2.07

36 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(c) the Minister is taken to have been given the notice of the

change on the day on which written notice of the amendment

was given in accordance with subsection 1136(1) of the old

Corporations Act.

Subdivision 2.2—Listing rules

10.2.07 Amendment of listing rules of securities exchange before

FSR commencement

(1) This regulation applies if:

(a) a securities exchange made or adopted an amendment, by

way of rescission, alteration or addition, to its listing rules

before the FSR commencement; and

(b) written notice of the amendment was lodged in accordance

with subsection 774(1) of the old Corporations Act before the

FSR commencement; and

(c) the period of 28 days in relation to the amendment,

mentioned in subsection 774(5) of the old Corporations Act,

had not expired before the FSR commencement; and

(d) the Minister had not decided, before the FSR

commencement, whether to disallow the whole or a specified

part of the amendment under subsection 774(5) of the old

Corporations Act.

Note: The period of 28 days in paragraph (c) is the period in which the

Minister may disallow the whole or a specified part of the amendment.

(2) On and after the FSR commencement, section 793E of the Act has

effect in relation to the amendment as if the amendment were a

change to the operating rules of a licensed market mentioned in

section 793D of the Act.

(3) For subregulation (2):

(a) the securities exchange is to be treated, under sections 793D

and 793E of the Act, as a market licensee that has lodged

written notice of the change with ASIC; and

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Transitional arrangements relating to business rules or listing rules Division 2

Regulation 10.2.07

Corporations Regulations 2001 37

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) ASIC is taken to have complied with its obligations to the

Minister under section 793E of the Act; and

(c) the Minister is taken to have been given the notice of the

change on the day on which written notice of the amendment

was lodged in accordance with subsection 774(1) of the old

Corporations Act.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 3 Status of directions and notices

Regulation 10.2.08

38 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 3—Status of directions and notices

10.2.08 Direction to securities exchange to comply with ongoing

requirements

(1) This regulation applies if the Minister published a notice under

subsection 769B(1) of the old Corporations Act before the FSR

commencement, directing a securities exchange to do specified

things.

(2) On and after the FSR commencement, the notice is taken to be a

direction to a market licensee under subsection 794A(1) of the Act.

10.2.09 Notice to securities exchange of need to prohibit trading

(1) This regulation applies if ASIC gave a notice to a securities

exchange under subsection 775(1) of the old Corporations Act

before the FSR commencement, stating the Commission’s opinion

that it is necessary to prohibit trading in particular securities.

(2) On and after the FSR commencement, the notice is taken to be

written advice given to a market licensee under subsection 794D(1)

of the Act.

(3) ASIC is taken to have complied with its obligation under

subsection 794D(1) of the Act to give a statement setting out

reasons for making the direction.

10.2.10 Notice to securities exchange prohibiting trading

(1) This regulation applies if ASIC gave a notice to a securities

exchange under subsection 775(2) of the old Corporations Act

before the FSR commencement, prohibiting trading in particular

securities.

(2) On and after the FSR commencement, the notice is taken to be a

direction to a market licensee under subsection 794D(2) of the Act.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Status of directions and notices Division 3

Regulation 10.2.11

Corporations Regulations 2001 39

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(3) ASIC is taken to have complied with its obligation under

subsection 794D(2) of the Act to give a statement setting out

reasons for making the direction.

10.2.11 Direction to futures exchange—orderly market

(1) This regulation applies if ASIC gave a notice to a futures exchange

under subsection 1138(1) of the old Corporations Act before the

FSR commencement.

(2) On and after the FSR commencement, the notice is taken to be

written advice given to a market licensee under subsection 794D(1)

of the Act.

(3) ASIC is taken to have complied with its obligations under

section 794D of the Act in relation to the period before giving the

written advice.

(4) ASIC is taken to have complied with its obligations under

subsection 794D(5) of the Act if it complies with those obligations

as soon as practicable after the FSR commencement.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 4 Assistance to ASIC

Regulation 10.2.12

40 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 4—Assistance to ASIC

10.2.12 Obligations of securities exchange: disciplinary action

(1) This regulation applies if:

(a) a securities exchange was required, before the FSR

commencement, to lodge written particulars under

subsection 776(2) of the old Corporations Act of disciplinary

action it had taken; and

(b) the securities exchange had not complied with the

requirement before the FSR commencement; and

(c) the period for compliance had not expired before the FSR

commencement.

(2) On and after the FSR commencement, the requirement is taken to

be a requirement under paragraph 792B(2)(b) of the Act.

(3) The market licensee to which subregulation (2) relates is taken to

have complied with its obligations under paragraph 792B(2)(b) of

the Act if it complies with those obligations as soon as practicable

after the FSR commencement.

10.2.13 Obligations of securities exchange: particulars of

contravention

(1) This regulation applies if:

(a) a securities exchange was required, before the FSR

commencement, to lodge a statement under

subsection 776(2A) of the old Corporations Act in relation to

a contravention of the securities exchange’s business rules or

listing rules; and

(b) the securities exchange had not complied with the

requirement before the FSR commencement; and

(c) the period for compliance had not expired before the FSR

commencement.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Assistance to ASIC Division 4

Regulation 10.2.14

Corporations Regulations 2001 41

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(2) On and after the FSR commencement, the requirement is taken to

be a requirement under paragraph 792B(2)(c) of the Act.

(3) The market licensee to which subregulation (2) relates is taken to

have complied with its obligations under paragraph 792B(2)(c) of

the Act if it complies with those obligations as soon as practicable

after the FSR commencement.

10.2.14 Obligations of securities exchange: information about listed

disclosing entity

(1) This regulation applies if:

(a) a securities exchange was required, before the FSR

commencement, to give ASIC a document under

subsection 776(2B) of the old Corporations Act containing

information about a listed disclosing entity; and

(b) the securities exchange had not complied with the

requirement before the FSR commencement; and

(c) the period for compliance had not expired before the FSR

commencement.

(2) On and after the FSR commencement, the requirement is taken to

be a requirement under subsection 792C(1) of the Act.

(3) The market licensee to which subregulation (2) relates is taken to

have complied with its obligations under subsection 792C(1) of the

Act if it complies with those obligations as soon as practicable

after the FSR commencement.

10.2.15 Obligations of securities clearing house: disciplinary action

(1) This regulation applies if:

(a) the securities clearing house was required under section 779E

of the old Corporations Act, before the FSR commencement,

to lodge written particulars relating to disciplinary action;

and

(b) the securities clearing house had not complied with the

requirement before the FSR commencement; and

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 4 Assistance to ASIC

Regulation 10.2.16

42 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(c) the period for compliance had not expired before the FSR

commencement.

(2) On and after the FSR commencement, the requirement is taken to

be a requirement under paragraph 821B(2)(b) of the Act.

10.2.16 Obligations of futures body: disciplinary action

(1) This regulation applies if:

(a) a futures body was required, before the FSR commencement,

to lodge written particulars under subsection 1139(2) of the

old Corporations Act of disciplinary action it had taken; and

(b) the futures body had not complied with the requirement

before the FSR commencement; and

(c) the period for compliance had not expired before the FSR

commencement.

(2) On and after the FSR commencement, the requirement is taken to

be a requirement under:

(a) if the futures body has become a market licensee after the

FSR commencement—paragraph 792B(2)(b) of the Act; or

(b) if the futures body has become a CS facility licensee after the

FSR commencement—paragraph 821B(2)(b) of the Act.

(3) The market licensee or CS facility licensee to which

subregulation (2) relates is taken to have complied with its

obligations under subsection 792C(1) of the Act if it complies with

those obligations as soon as practicable after the FSR

commencement.

10.2.17 Obligations of futures body: particulars of contravention

(1) This regulation applies if:

(a) a futures body was required, before the FSR commencement,

to lodge a statement under subsection 1139(2A) of the old

Corporations Act in relation to a contravention of the futures

exchange’s business rules or listing rules; and

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Assistance to ASIC Division 4

Regulation 10.2.18

Corporations Regulations 2001 43

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) the futures body had not complied with the requirement

before the FSR commencement; and

(c) the period for compliance had not expired before the FSR

commencement.

(2) On and after the FSR commencement, the requirement is taken to

be a requirement under paragraph 792B(2)(c) of the Act.

(3) The market licensee to which subregulation (2) relates is taken to

have complied with its obligations under paragraph 792B(2)(c) of

the Act if it complies with those obligations as soon as practicable

after the FSR commencement.

10.2.18 Obligations of clearing house for futures exchange:

information about listed disclosing entity

(1) This regulation applies if:

(a) a clearing house for a futures exchange was required, before

the FSR commencement, to give ASIC particulars of action

under subsection 1139(3) of the old Corporations Act; and

(b) the clearing house had not complied with the requirement

before the FSR commencement; and

(c) the period for compliance had not expired before the FSR

commencement.

(2) On and after the FSR commencement, subsection 1139(4) of the

old Corporations Act, as in force immediately before the FSR

commencement, continues to have effect in relation to the clearing

house in its capacity as a market licensee.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 5 Special reports

Regulation 10.2.19

44 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 5—Special reports

10.2.19 Special report by securities exchange about compliance with

ongoing requirements

(1) This regulation applies if:

(a) a securities exchange was required, before the FSR

commencement, to give ASIC a special report under

subsection 769D(1) of the old Corporations Act; and

(b) the securities exchange had not complied with the

requirement before the FSR commencement; and

(c) the period for compliance had not expired before the FSR

commencement.

(2) On and after the FSR commencement, the requirement is taken to

be a requirement under subsection 794B(1) of the Act.

10.2.20 Special report by securities exchange about compliance with

ongoing requirements: ASIC requirements

(1) This regulation applies if:

(a) a securities exchange was required, before the FSR

commencement, to give ASIC a special report under

subsection 769D(1) of the old Corporations Act; and

(b) ASIC had not complied with its obligations to the Minister

under section 769D of the old Corporations Act before the

FSR commencement; and

(c) the period for compliance had not expired before the FSR

commencement.

(2) On and after the FSR commencement, ASIC’s obligations to the

Minister are taken to be obligations under subsection 794B(1) of

the Act.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Transactions by holder of financial services licence or a representative of the holder of

such a licence Division 5A

Regulation 10.2.20A

Corporations Regulations 2001 45

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 5A—Transactions by holder of financial services

licence or a representative of the holder of such a

licence

10.2.20A References to financial service licensee

(1) For section 1444 of the Act, a reference in section 1043K of the

Act to a financial services licensee includes a reference to a

regulated principal mentioned in item 1, 3 or 8 of the table in

section 1430 of the Act.

(2) Subregulation (1) ceases to apply in relation to a regulated

principal at the end of the transition period in relation to the

regulated principal.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 5B Obligation to pay money into account

Regulation 10.2.20B

46 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 5B—Obligation to pay money into account

10.2.20B Financial products quoted on Australian Stock Exchange

Limited

(1) For section 1444 of the Act, this regulation applies in relation to a

person that is:

(a) a regulated principal mentioned in item 1 of the table in

section 1430 of the Act (including a person to whom Part 7.6

of the old Corporations Act applies); and

(b) a participant of Australian Stock Exchange Limited.

(2) In addition to section 866 of the old Corporations Act, the

regulated principal must:

(a) operate a special purpose interest-bearing trust account; and

(b) designate the account to be a Special Purpose Trust Account;

and

(c) ensure that the Special Purpose Trust Account is:

(i) with an Australian ADI; or

(ii) of a kind mentioned in subregulation 7.8.01(2).

(3) The regulated principal must withdraw from an account maintained

for section 866 of the old Corporations Act an amount equal to

two-thirds of:

(a) if the regulated principal maintains 2 or more accounts for

that section—the lowest aggregate of the balances in the

accounts during the 3 months ending on the quarter day last

past; or

(b) if the regulated principal maintains 1 account for that

section—the lowest balance in the account during the 3

months ending on the quarter day last past.

(4) Subject to subregulations (5) and (6), the regulated principal must:

(a) deposit the amount mentioned in subregulation (3) into the

regulated principal’s Special Purpose Trust Account; and

(b) keep the amount on deposit.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Obligation to pay money into account Division 5B

Regulation 10.2.20B

Corporations Regulations 2001 47

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(5) A deposit need not be lodged or kept for subregulation (4) if, apart

from this subregulation, the amount of the deposit would be less

than $3 000.

(6) If, because of subregulation (3), the amount of a deposit to be

lodged and kept in the regulated principal’s Special Purpose Trust

Account increases, the regulated principal must lodge the amount

of the increase within 5 business days after the relevant quarter day

that is the last day of the period by reference to which the amount

required to be lodged is calculated.

(7) An amount deposited in the Special Purpose Trust Account under

subregulation (4) is also taken to be monies held in an account

maintained by the regulated principal for section 866 of the old

Corporations Act.

(8) If money is held in an account under subregulation (4):

(a) the interest on the account is the income of SEGC; and

(b) the regulated principal must pay the interest to SEGC, less

any amount paid in relation to account establishment fees,

account keeping fees, government taxes or other duties.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 6 Self-listing

Regulation 10.2.21

48 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 6—Self-listing

10.2.21 Status of arrangements for self-listing

On and after the FSR commencement, arrangements entered into

by a securities exchange under subsection 772B(2) of the old

Corporations Act are taken to be arrangements entered into under

subsection 798C(2) of the Act.

10.2.22 Status of exemption relating to self-listing

(1) On and after the FSR commencement, an exemption given by

ASIC under paragraph 772B(6)(a) of the old Corporations Act

continues in force as if it were an exemption given under

paragraph 798D(1)(a) of the Act.

(2) On and after the FSR commencement, a declaration made by ASIC

under paragraph 772B(6)(b) of the old Corporations Act continues

in force as if it were a declaration made under

paragraph 798D(1)(b) of the Act.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Decisions about membership of futures exchange Division 7

Regulation 10.2.23

Corporations Regulations 2001 49

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 7—Decisions about membership of futures

exchange

10.2.23 Status of notice to applicant

(1) This regulation applies if:

(a) a futures exchange was required, before the FSR

commencement, to give an applicant for membership of the

futures exchange a notice under subsection 1135(1) of the old

Corporations Act; and

(b) the futures exchange had not complied with the requirement

before the FSR commencement; and

(c) the period for compliance had not expired before the FSR

commencement.

(2) On and after the FSR commencement, subsection 1135(1) of the

old Corporations Act, as in force immediately before the FSR

commencement, continues to have effect in relation to the futures

exchange in its capacity as a market licensee.

10.2.24 Status of notice to ASIC

(1) This regulation applies if:

(a) a futures exchange was required, before the FSR

commencement, to give ASIC a notice under

subsection 1135(1) of the old Corporations Act; and

(b) the futures exchange had not complied with the requirement

before the FSR commencement; and

(c) the period for compliance had not expired before the FSR

commencement.

(2) On and after the FSR commencement, subsection 1135(1) of the

old Corporations Act, as in force immediately before the FSR

commencement, continues to have effect in relation to the futures

exchange in its capacity as a market licensee.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 8 National Guarantee Fund

Regulation 10.2.25

50 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 8—National Guarantee Fund

10.2.25 Status of claim against the National Guarantee Fund

(1) This regulation applies if:

(a) a person made a claim in relation to a matter, before the FSR

commencement, under a provision of any of the following

Divisions of the old Corporations Act:

(i) Division 6 of Part 7.10 (dealing with contract

guarantees);

(ii) Division 6A of Part 7.10 (dealing with securities loans

guarantees);

(iii) Division 6B of Part 7.10 (dealing with net obligations);

(iv) Division 6C of Part 7.10 (dealing with transfer service

delivery guarantees);

(v) Division 7 of Part 7.10 (dealing with unauthorised

transfer);

(vi) Division 7A of Part 7.10 (dealing with contraventions of

SCH certificate cancellation provisions);

(vii) Division 8 of Part 7.10 (dealing with insolvent

members); and

(b) the claim had not been withdrawn, or finally determined in

accordance with the old Corporations Act, before the FSR

commencement.

(2) On and after the FSR commencement:

(a) Division 1, and Divisions 6 to 9, of Part 7.10 of the old

Corporations Act continue to have effect in relation to the

claim; and

(b) regulations made for Part 7.10 of the old Corporations Act, as

in force immediately before the FSR commencement,

continue to have effect in relation to the claim; and

(c) Part 7.5 of the Act has effect in relation to a matter to which

paragraphs (a) and (b) do not apply.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

National Guarantee Fund Division 8

Regulation 10.2.26

Corporations Regulations 2001 51

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.26 Entitlement to make claim against the National Guarantee

Fund

(1) This regulation applies if:

(a) a person could have made a claim in relation to a matter,

before the FSR commencement, under a provision of any of

the following Divisions of the old Corporations Act:

(i) Division 6 of Part 7.10 (dealing with contract

guarantees);

(ii) Division 6A of Part 7.10 (dealing with securities loans

guarantees);

(iii) Division 6B of Part 7.10 (dealing with net obligations);

(iv) Division 6C of Part 7.10 (dealing with transfer service

delivery guarantees);

(v) Division 7 of Part 7.10 (dealing with unauthorised

transfer);

(vi) Division 7A of Part 7.10 (dealing with contraventions of

SCH certificate cancellation provisions);

(vii) Division 8 of Part 7.10 (dealing with insolvent

members); and

(b) the person did not make the claim before the FSR

commencement.

(2) On and after the FSR commencement:

(a) Division 1, and Divisions 6 to 9, of Part 7.10 of the old

Corporations Act continue to have effect in relation to the

person; and

(b) regulations made for Part 7.10 of the old Corporations Act

continue to have effect in relation to the person; and

(c) Part 7.5 of the Act has effect in relation to a matter to which

paragraphs (a) and (b) do not apply.

(3) However, the person cannot make a claim under section 949 or

950, or Division 6A, 6B or 6C of Part 7.10, of the old Corporations

Act after 30 September 2005.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 8 National Guarantee Fund

Regulation 10.2.27

52 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.27 Status of future claim against the National Guarantee Fund

(1) This regulation applies if:

(a) a matter related to conduct that occurred before the FSR

commencement; and

(b) a person could, if Part 7.10 of the old Corporations Act had

not been repealed, have made a claim in relation to the matter

under any of the following Divisions of the old Corporations

Act on or after the FSR commencement:

(i) Division 6 of Part 7.10 (dealing with contract

guarantees);

(ii) Division 6A of Part 7.10 (dealing with securities loans

guarantees);

(iii) Division 6B of Part 7.10 (dealing with net obligations);

(iv) Division 6C of Part 7.10 (dealing with transfer service

delivery guarantees);

(v) Division 7 of Part 7.10 (dealing with unauthorised

transfer);

(vi) Division 7A of Part 7.10 (dealing with contraventions of

SCH certificate cancellation provisions);

(vii) Division 8 of Part 7.10 (dealing with insolvent

members).

(2) On and after the FSR commencement:

(a) Division 1, and Divisions 6 to 9, of Part 7.10 of the old

Corporations Act continue to have effect in relation to the

matter and the person; and

(b) regulations made for Part 7.10 of the old Corporations Act

continue to have effect in relation to the matter and the

person; and

(c) Part 7.5 of the Act has effect in relation to a matter to which

paragraphs (a) and (b) do not apply.

(3) However, the person cannot make a claim under section 949 or

950, or Division 6A, 6B or 6C of Part 7.10, of the old Corporations

Act after 30 September 2005.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

National Guarantee Fund Division 8

Regulation 10.2.27A

Corporations Regulations 2001 53

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.27A Expenditure of excess funds from National Guarantee

Fund

(1) For section 1444 of the Act, this regulation applies to a purpose in

relation to a payment to be made out of a development account if:

(a) the purpose was approved under subsection 945(3) of the old

Corporations Act; and

(b) the approval was in force immediately before the FSR

commencement.

(2) The purpose is taken to be an approved purpose for

subregulation 7.5.88(1).

(3) If the purpose approved under subsection 945(3) of the old

Corporations Act included conditions relating to the payment to

which the approval related, the conditions are taken to be

conditions determined under subregulation 7.5.88(3).

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 9 Claims against fidelity funds

Regulation 10.2.28

54 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 9—Claims against fidelity funds

10.2.28 Status of claim against fidelity fund

(1) This regulation applies if:

(a) a person made a claim in relation to a matter, before the FSR

commencement, under Part 7.9 or Part 8.6 of the old

Corporations Act; and

(b) the claim had not been withdrawn, or finally determined in

accordance with the old Corporations Act, before the end of

the transition period within the meaning of

subsection 1414(2) of the Act.

(2) After the end of the transition period:

(a) Part 7.9 or Part 8.6 of the old Corporations Act (as

appropriate), as in force immediately before the FSR

commencement, continues to have effect in relation to the

claim; and

(b) regulations made for Part 7.9 or Part 8.6 of the old

Corporations Act (as appropriate), as in force immediately

before the FSR commencement, continue to have effect in

relation to the claim.

10.2.29 Entitlement to make claim against fidelity fund

(1) This regulation applies if:

(a) a person could have made a claim in relation to a matter,

before the FSR commencement, under Part 7.9 or Part 8.6 of

the old Corporations Act; and

(b) the person did not make the claim before the end of the

transition period within the meaning of subsection 1414(2) of

the Act.

(2) After the end of the transition period:

(a) Part 7.9 or Part 8.6 of the old Corporations Act (as

appropriate), as in force immediately before the FSR

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Claims against fidelity funds Division 9

Regulation 10.2.29A

Corporations Regulations 2001 55

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

commencement, continues to have effect in relation to the

claim; and

(b) regulations made for Part 7.9 or Part 8.6 of the old

Corporations Act (as appropriate), as in force immediately

before the FSR commencement, continue to have effect in

relation to the claim.

10.2.29A Status of incomplete claim against fidelity fund

(1) This regulation applies if:

(a) a person made a claim in relation to a matter, after the FSR

commencement, under Part 7.9 or Part 8.6 of the old

Corporations Act; and

(b) the claim had not been withdrawn, or finally determined in

accordance with the old Corporations Act, before the end of

the transition period within the meaning of

subsection 1414(2) of the Act.

(2) After the end of the transition period:

(a) Part 7.9 or Part 8.6 of the old Corporations Act (as

appropriate), as in force immediately before the FSR

commencement, continues to have effect in relation to the

claim; and

(b) regulations made for Part 7.9 or Part 8.6 of the old

Corporations Act (as appropriate), as in force immediately

before the FSR commencement, continue to have effect in

relation to the claim.

10.2.30 Status of future claim against fidelity fund

(1) This regulation applies if:

(a) a matter related to conduct that occurred before the FSR

commencement; and

(b) a person could, if Part 7.9 or 8.6 of the old Corporations Act

had not been repealed, have made a claim in relation to the

matter under Part 7.9 or Part 8.6 of the old Corporations Act

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 9 Claims against fidelity funds

Regulation 10.2.30

56 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

after the end of the transition period within the meaning of

subsection 1414(2) of the Act.

(2) After the end of the transition period:

(a) Part 7.9 or Part 8.6 of the old Corporations Act (as

appropriate), as in force immediately before the FSR

commencement, continues to have effect in relation to the

claim; and

(b) regulations made for Part 7.9 or Part 8.6 of the old

Corporations Act (as appropriate), as in force immediately

before the FSR commencement, continue to have effect in

relation to the claim.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Status of netting markets Division 10

Regulation 10.2.31

Corporations Regulations 2001 57

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 10—Status of netting markets

10.2.31 Netting markets

(1) This regulation applies to:

(a) an approved special stock market that was, immediately

before the FSR commencement, a netting market within the

meaning of the Payment Systems and Netting Act 1998; and

(b) an exempt stock market that was, immediately before the

FSR commencement, a netting market within the meaning of

the Payment Systems and Netting Act 1998; and

(c) an exempt futures market that was, immediately before the

FSR commencement, a netting market within the meaning of

the Payment Systems and Netting Act 1998.

(2) On and after the FSR commencement, the market is taken to be a

netting market for the purposes of that Act.

(3) Subregulation (2) ceases to apply to the market if the market has

not become:

(a) the person conducting an Australian financial services

licensee; or

(b) an Australian market licensee;

by the end of the transition period.

(4) Subregulations (2) and (3) do not prevent a market mentioned in

subregulation (1) from applying for netting market approval during

the transition period in relation to the market.

Note: The transition period is explained in sections 1418 and 1421 of the

Act.

10.2.32 Netting market approval granted before the FSR

commencement

On and after the FSR commencement, a netting market approval

granted:

(a) under the Payment Systems and Netting Act 1998; and

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 10 Status of netting markets

Regulation 10.2.32

58 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) in relation to a market other than a market mentioned in

subregulation 10.2.31(1) before the FSR commencement;

is taken to continue in force.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Status of listed securities Division 11

Regulation 10.2.33

Corporations Regulations 2001 59

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 11—Status of listed securities

10.2.33 Securities of exempt stock markets

(1) This regulation applies to a listed security, within the meaning of

the SIS Act, that was, immediately before the FSR commencement,

a share, unit, bond or debenture, right or other security, listed for

quotation in the official list of an exempt stock market.

(2) On and after the FSR commencement, the share, unit, bond or

debenture, right or other security is taken to be a listed security for

the purposes of the SIS Act.

(3) Subregulation (2) ceases to apply if:

(a) the person conducting the exempt stock market to which the

share, unit, bond or debenture, right or other security relates

becomes:

(i) an Australian financial services licensee; or

(ii) an Australian market licensee; or

(b) the exempt stock market to which the share, unit, bond or

debenture, right or other security relates ceases to operate.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 12 Miscellaneous

Regulation 10.2.34

60 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 12—Miscellaneous

10.2.34 Preservation of nomination of body corporate as SEGC

On and after the FSR commencement, the nomination of the SEGC

that continued to have effect in accordance with section 1390 of

the old Corporations Act continues to have effect.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Regulated principals Division 13

Regulation 10.2.35

Corporations Regulations 2001 61

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 13—Regulated principals

10.2.35 Definitions

In this Division:

amended Corporations Act means the Act as in force after the FSR

commencement.

associate, in relation to a principal, means:

(a) if the principal is a body corporate:

(i) a director or secretary of the principal; and

(ii) a related body corporate; and

(iii) a responsible officer of the principal; and

(b) if the principal is a natural person:

(i) a person with whom the principal carries on a financial

services business in partnership; and

(ii) a director or proposed director of a body corporate:

(A) of which the principal is also a director or

proposed director; and

(B) that carries on a financial services business; and

(c) if the principal is a trustee of a trust to which

subsection 761FA(1) of the amended Corporations Act

applies—another trustee of that trust with whom the principal

carries on a financial services business.

financial services activities means:

(a) any conduct or activities that constitute:

(i) carrying on a financial services business; or

(ii) operating a financial market; or

(iii) operating a clearing and settlement facility; and

(b) any conduct or activities:

(i) that were engaged in before the FSR commencement;

and

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 13 Regulated principals

Regulation 10.2.35A

62 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(ii) to which paragraph (a) would apply if they were

engaged in after the FSR commencement; and

(c) any conduct or activities:

(i) that were engaged in:

(A) after the FSR commencement; and

(B) before the relevant provisions of the amended

Corporations Act applied to the conduct or any

of the activities; and

(ii) to which paragraph (a) would apply if they were

engaged in after the relevant provisions of the amended

Corporations Act applied to the conduct or activities.

regulator means any of the following bodies:

(a) ASIC;

(b) a body that had any of the functions of ASIC before ASIC

was created;

(c) APRA;

(d) a body that had any of the functions of APRA before APRA

was created;

(e) the Australian Competition and Consumer Commission;

(f) a body that had any of the functions of the Australian

Competition and Consumer Commission before the

Australian Competition and Consumer Commission was

created.

10.2.35A Streamlined licensing procedure for certain regulated

principals

For subparagraph 1433(1)(b)(i) of the Act, each of the following is

a regulated principal to whom section 1433 of the Act applies:

(a) a regulated principal mentioned in item 14 of the table in

subregulation 10.2.38(2);

(b) a regulated principal mentioned in item 15 of the table in

subregulation 10.2.38(2).

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Regulated principals Division 13

Regulation 10.2.36

Corporations Regulations 2001 63

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.36 Persons who are not covered by section 1433 of the Act

For subsection 1433(3) of the Act, a person who is a member of a

class of persons identified in an item in Schedule 10D is not

covered by section 1433 of the Act:

(a) if a period is mentioned in the item—during that period; or

(b) if there is no period mentioned in the item—while the person

remains a member of that class of persons.

10.2.37 Variation of conditions on financial services licence

(1) If:

(a) a person lodges an application for a financial services

licence; and

(b) subsection 1433(2) of the Act applies in relation to the

application;

the person may, at any time before ASIC grants or refuses to grant

the financial services licence, lodge with ASIC in the prescribed

form an application under paragraph 914A(2)(b) of the Act to vary

the conditions on the financial services licence so that the financial

services, or class of financial services, that the financial services

licence will authorise the person to provide is increased (despite

the fact that the financial services licence has not yet been granted).

(2) If:

(a) a person lodges an application for a financial services

licence; and

(b) subsection 1433(2) of the Act applies in relation to the

application; and

(c) the person has also lodged with ASIC the application under

paragraph 914A(2)(b) of the Act mentioned in

subregulation (1); and

(d) ASIC proposes to grant the financial services licence and

vary the conditions in accordance with the applications;

ASIC may, instead of issuing the licence and subsequently varying

the conditions on the licence, grant the financial services licence

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 13 Regulated principals

Regulation 10.2.38

64 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

subject to conditions that include the conditions that would

otherwise be mentioned in the variation.

(3) If ASIC acts under subregulation (2), ASIC is not required to

notify the licensee separately of the variation to the conditions in

accordance with subsection 914A(1) of the Act.

10.2.38 Persons taken to be regulated principals: giving of incidental

advice and previously exempt persons

(1) For item 9 of the table in section 1430 of the Act, a person is a

regulated principal if, immediately before the FSR commencement,

the person is a person described in column 2 of one of the items in

the following table.

(2) The regulated activities of that person are as specified in column 3

of that item, and the relevant old legislation is as specified in

column 4 of that item.

Regulated principals and regulated activities

Item These persons are regulated

principals

These are the regulated

principal’s regulated

activities

This is the

relevant old

legislation (if

any)

1 A person who first conducts

an activity, to which

subsection 77(5) of the old

Corporations Act would have

applied if that subsection had

not been repealed, after the

FSR commencement.

The activities to which

subsection 77(5) of the

old Corporations Act

would have applied if

that subsection had not

been repealed.

Subsection 77(5)

of the old

Corporations Act,

and any

associated

provisions.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Regulated principals Division 13

Regulation 10.2.38

Corporations Regulations 2001 65

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Regulated principals and regulated activities

Item These persons are regulated

principals

These are the regulated

principal’s regulated

activities

This is the

relevant old

legislation (if

any)

2 A person who conducts an

exempt stock market within

the meaning of the old

Corporations Act that, if

carried on after the FSR

commencement, would be

required by the amended

Corporations Act (apart from

Subdivision D of Division 1 of

Part 10.2) to be covered by an

Australian financial services

licence.

The activities that the

declaration (as in force

immediately before the

FSR commencement)

under section 771 of the

old Corporations Act

authorised the person to

carry on.

Sections 767 and

771 of the old

Corporations Act,

and any

associated

provisions.

3 A person who conducts an

exempt futures market within

the meaning of the old

Corporations Act that, if

carried on after the FSR

commencement, would be

required by the amended

Corporations Act (apart from

Subdivision D of Division 1 of

Part 10.2) to be covered by an

Australian financial services

licence.

The activities that the

declaration (as in force

immediately before the

FSR commencement)

under section 1127 of the

old Corporations Act

authorised the person to

carry on.

Sections 1123

and 1127 of the

old Corporations

Act, and any

associated

provisions.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 13 Regulated principals

Regulation 10.2.38

66 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Regulated principals and regulated activities

Item These persons are regulated

principals

These are the regulated

principal’s regulated

activities

This is the

relevant old

legislation (if

any)

4 A person who carries on an

activity, not mentioned in

item 2 or 3, that was the

subject of an exemption under

the old Corporations Act, or

any other relevant old

legislation prior to the FSR

commencement, that, if

carried on after the FSR

commencement, would be

required by the amended

Corporations Act (apart from

Subdivision D of Division 1 of

Part 10.2) to be covered by an

Australian financial services

licence.

The activities that were

covered by the

exemption.

The provision

that created the

exemption, and

any associated

provisions.

5 A holder of a futures brokers

licence within the meaning of

the old Corporations Act.

The activities that the

licence (as in force

immediately before the

FSR commencement)

authorised the person to

carry on.

Parts 8.3, 8.4

(other than

section 1210) and

8.5 of the old

Corporations Act,

sections 1266 and

1267 of the old

Corporations Act,

and any

associated

provisions.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Regulated principals Division 13

Regulation 10.2.38

Corporations Regulations 2001 67

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Regulated principals and regulated activities

Item These persons are regulated

principals

These are the regulated

principal’s regulated

activities

This is the

relevant old

legislation (if

any)

6 A holder of a futures advisers

licence within the meaning of

the old Corporations Act.

The activities that the

licence (as in force

immediately before the

FSR commencement)

authorised the person to

carry on.

Parts 8.3 and 8.4

(other than

section 1210) of

the old

Corporations Act,

section 1267 of

the old

Corporations Act,

and any

associated

provisions.

7 A person whose licence is

suspended under

subsection 827(1) of the old

Corporations Act (whether the

suspension occurred before,

on or after the FSR

commencement)

(a) While the suspension

is in force—no

activities

(b) If the suspension

ceases to be in force

on or before

10 March 2004, and

from the time the

suspension ceases to

be in force—the

activities that the

licence (as in force

immediately before it

was suspended)

authorised the person

to carry on

All relevant old

legislation in

relation to the

kind of licence

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 13 Regulated principals

Regulation 10.2.38

68 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Regulated principals and regulated activities

Item These persons are regulated

principals

These are the regulated

principal’s regulated

activities

This is the

relevant old

legislation (if

any)

8 A person whose licence is

suspended under

subsection 1192(1) of the old

Corporations Act (whether the

suspension occurred before,

on or after 11 March 2002)

(a) While the suspension

is in force—no

activities

(b) If the suspension

ceases to be in force

on or before

10 March 2004, and

from the time the

suspension ceases to

be in force—the

activities that the

licence (as in force

immediately before it

was suspended)

authorised the person

to carry on

All relevant old

legislation in

relation to the

kind of licence

9 A person whose registration is

suspended under section 25 of

the Insurance (Agents and

Brokers) Act 1984

(a) While the suspension

is in force—no

activities

(b) If the suspension

ceases to be in force

on or before

10 March 2004, and

from the time the

suspension ceases to

be in force—the

activities that the

licence (as in force

immediately before it

was suspended)

authorised the person

to carry on

All of the

provisions of the

Insurance

(Agents and

Brokers) Act

1984 as in force

immediately

before the FSR

commencement,

and any

associated

provisions

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Regulated principals Division 13

Regulation 10.2.38

Corporations Regulations 2001 69

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Regulated principals and regulated activities

Item These persons are regulated

principals

These are the regulated

principal’s regulated

activities

This is the

relevant old

legislation (if

any)

10 A person whose registration is

suspended under section 25 of

the Insurance (Agents and

Brokers) Act 1984 who is

covered by a specification in

writing by ASIC under

subsection 25(3) of that Act

(a) While the

specification is in

force—such of the

person’s activities as

ASIC specifies in

writing under

subsection 25(3) of

the Insurance (Agents

and Brokers) Act

1984

(b) If the suspension

ceases to be in force

on or before

10 March 2004, and

from the time the

suspension ceases to

be in force—the

activities that the

registration

(immediately before

it was suspended)

authorised the person

to carry on

All of the

provisions of the

Insurance

(Agents and

Brokers) Act

1984 as in force

immediately

before the FSR

commencement,

and any

associated

provisions

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 13 Regulated principals

Regulation 10.2.38

70 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Regulated principals and regulated activities

Item These persons are regulated

principals

These are the regulated

principal’s regulated

activities

This is the

relevant old

legislation (if

any)

11 A person whose registration is

suspended under section 31H

of the Insurance (Agents and

Brokers) Act 1984

(a) While the suspension

is in force—no

activities

(b) If the suspension

ceases to be in force

on or before

10 March 2004, and

from the time the

suspension ceases to

be in force—the

activities that the

registration

(immediately before

it was suspended)

authorised the person

to carry on

All of the

provisions of the

Insurance

(Agents and

Brokers) Act

1984 as in force

immediately

before the FSR

commencement,

and any

associated

provisions

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Regulated principals Division 13

Regulation 10.2.38

Corporations Regulations 2001 71

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Regulated principals and regulated activities

Item These persons are regulated

principals

These are the regulated

principal’s regulated

activities

This is the

relevant old

legislation (if

any)

12 A person whose registration is

suspended under section 31H

of the Insurance (Agents and

Brokers) Act 1984 who is

covered by a specification in

writing by ASIC under

subsection 31H(3) of that Act

(a) While the

specification is in

force—such of the

person’s activities as

ASIC specifies in

writing under

subsection 31H(3) of

the Insurance (Agents

and Brokers) Act

1984

(b) If the suspension

ceases to be in force

on or before

10 March 2004, from

the time the

suspension ceases to

be in force—the

activities that the

registration

(immediately before

it was suspended)

authorised the person

to carry on

All of the

provisions of the

Insurance

(Agents and

Brokers) Act

1984 as in force

immediately

before the FSR

commencement,

and any

associated

provisions

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 13 Regulated principals

Regulation 10.2.38

72 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Regulated principals and regulated activities

Item These persons are regulated

principals

These are the regulated

principal’s regulated

activities

This is the

relevant old

legislation (if

any)

13 A person who was a registered

insurance broker within the

meaning of the Insurance

(Agents and Brokers) Act 1984

as in force immediately before

the FSR commencement, if:

(a) the person’s registration

under that Act expired

because of the operation of

subsection 21(3) of that

Act; and

(b) either:

(i) it is less than 8

weeks after the

registration expired;

or

(ii) the person applied

for renewal of

registration within 8

weeks after the

registration expired

The person’s business as

an insurance broker,

within the meaning of

the Insurance (Agents

and Brokers) Act 1984 as

in force immediately

before the FSR

commencement, carried

on from the date that the

registration ceased to

have effect

All the provisions

of the Insurance

(Agents and

Brokers) Act

1984 as in force

immediately

before the FSR

commencement,

and any

associated

provisions

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Regulated principals Division 13

Regulation 10.2.38

Corporations Regulations 2001 73

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Regulated principals and regulated activities

Item These persons are regulated

principals

These are the regulated

principal’s regulated

activities

This is the

relevant old

legislation (if

any)

14 A person who:

(a) conducts activities that, if

carried on after the FSR

commencement, would be

required by the amended

Corporations Act (apart

from Subdivision D of

Division 1 of Part 10.2) to

be covered by an

Australian financial

services licence; and

(b) is an Australian ADI, a life

company under the Life

Insurance Act 1995, a

general insurer under the

Insurance Act 1973 or an

approved trustee under the

Superannuation Industry

(Supervision) Act 1993

The class of activities

lawfully carried on by

the person immediately

before the FSR

commencement that, if

carried on after the FSR

commencement, would

be required by the

amended Corporations

Act (apart from

Subdivision D of

Division 1 of Part 10.2)

to be covered by an

Australian financial

services licence

For a body that

was an insurer

within the

meaning of the

Insurance

(Agents and

Brokers) Act

1984 as in force

immediately

before the FSR

commencement

—all the

provisions of that

Act as then in

force, and any

associated

provisions

In any other

case—subject to

any regulations

made for the

purposes of this

item, there is no

relevant old

legislation

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 13 Regulated principals

Regulation 10.2.39

74 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Regulated principals and regulated activities

Item These persons are regulated

principals

These are the regulated

principal’s regulated

activities

This is the

relevant old

legislation (if

any)

15 A person described in column

2 of items 1 to 5 of the table in

subsection 1430(1) of the Act,

who carries on other activities:

(a) that are not regulated

activities for the purpose

of items 1 to 5 of the table;

and

(b) that, if carried on after the

FSR commencement,

would (apart from

Subdivision D of

Division 1 of Part 10.2 of

the Act) be required by the

amended Corporations Act

to be covered by an

Australian financial

services licence

The class of activities

lawfully carried on by

the person immediately

before the FSR

commencement that

were not authorised by

the pre-FSR licence or

registration but would

(apart from Subdivision

D of Division 1 of

Part 10.2 of the Act) be

required by the amended

Corporations Act to be

covered by an Australian

financial services licence

There is no

relevant old

legislation

10.2.39 Reference to offer covered by Australian financial services

licence: section 911A of the Act

(1) For section 1444 of the Act, this regulation applies in relation to:

(a) a regulated principal; and

(b) a representative of a regulated principal within the meaning

of subsection 1436(1) of the Act.

(2) A reference in paragraph 911A(2)(b) of the Act to a financial

services licensee includes a regulated principal.

(3) A reference in paragraph 911A(2)(b) of the Act to an authorised

representative includes a representative of a regulated principal.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Regulated principals Division 13

Regulation 10.2.40

Corporations Regulations 2001 75

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(4) A reference in paragraph 911A(2)(b) of the Act to an offer covered

by a financial services licensee’s Australian financial services

licence includes an offer within the regulated activities of the

regulated principal.

(5) Subregulations (2), (3) and (4) cease to apply in relation to the

regulated principal and the representative at the end of the

transition period in relation to the regulated principal.

10.2.40 Reference to financial services licensee: section 911A of the

Act

(1) This regulation applies in relation to the following provisions of

the Act:

(a) subparagraph 911A(2)(f)(viii);

(b) subparagraph 911A(2)(f)(ix);

(c) paragraph 911A(3)(a);

(d) paragraph 911A(3)(c).

(2) A reference in those provisions to a financial services licensee

includes a regulated principal.

(3) Subregulation (2) ceases to apply in relation to a regulated

principal at the end of the transition period in relation to the

regulated principal.

10.2.40A Need for an Australian financial services licence

(1) For section 1444 of the Act, paragraphs 911A(2)(ea), (eb) and (ec)

of the Act do not apply in relation to a regulated principal and its

regulated activities.

(2) For section 1444 of the Act, subparagraphs 7.6.01(1)(e)(iii) and

(iv) and subparagraph 7.6.01(1)(o)(iv) do not apply in relation to a

regulated principal and its regulated activities.

(4) This regulation ceases to apply in relation to a regulated principal

and its regulated activities at the end of the period of 2 years

starting on the FSR commencement.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 13 Regulated principals

Regulation 10.2.41

76 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.41 Reference to second principal: section 911B of the Act

(1) For section 1444 of the Act, subparagraph 911B(1)(b)(iv) of the

Act does not apply if the second principal is a regulated principal.

(2) Subregulation (1) ceases to apply in relation to a regulated

principal at the end of the transition period in relation to the

regulated principal.

10.2.42 Reference to financial services licensee: section 916D of the

Act

(1) For section 1444 of the Act, section 916D of the Act is taken to

prohibit a regulated principal from being the authorised

representative of a financial services licensee if the authorisation

would authorise the regulated principal to provide financial

services that are within the regulated principal’s regulated

activities.

(2) Subregulation (1) ceases to apply in relation to the regulated

principal at the end of the transition period in relation to the

regulated principal.

10.2.43 Status of insurance agent: section 1436A of the Act

For section 1436A of the Act, and to avoid doubt, if an insurer is:

(a) a financial services licensee; and

(b) a principal mentioned in paragraph 1436A(2)(d) in relation to

an insurance agent mentioned in paragraph 1436A(2)(a);

the insurance agent is taken not to be a representative of the insurer

under section 910A of the Act.

10.2.44A Obligation to cite licence number in documents

(1) This regulation applies if:

(a) a person who has not been granted a financial services

licence prepares any document in connection with the

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Regulated principals Division 13

Regulation 10.2.46

Corporations Regulations 2001 77

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

provision of financial services or the business of providing

financial services; and

(b) the document does not include a licence number for the

person; and

(c) the person is granted a licence after preparing the document.

(2) For section 1444 of the Act, section 912F of the Act does not apply

to the document.

(3) If the document is a periodic statement under section 1017D of the

Act, subregulation (2) ceases to apply at the end of 3 years after the

FSR commencement.

(4) If the document is not a periodic statement under section 1017D of

the Act, subregulation (2) ceases to apply at the end of 2 years after

the FSR commencement.

10.2.46 When Australian financial services licence may be granted

(1) For section 1444 of the Act, on and after the FSR commencement:

(a) section 913B of the Act is taken to authorise ASIC to specify,

in an Australian financial services licence, a date (later than

the date on which the licence is granted) from which the

licence takes effect; and

(b) the financial services licence is taken for all purposes not to

have been granted until the specified date.

(2) Paragraph (1)(a) ceases to apply 2 years after the FSR

commencement.

Note: Generally, providers of financial services (other than new entrants to

the industry) will have 2 years from the FSR commencement to obtain

a licence under the new regime. During this transition period, the

existing legislative regime (if any) will be preserved for, and will

continue to apply to, those providers.

The arrangements for the transition period are set out in Subdivision D

of Division 1 of Part 10.2 of the Corporations Act.

Therefore, there will be an individual date at which the new legislative

regime will begin to apply to those providers. The date will be some

time between the FSR commencement and the end of the transition

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 13 Regulated principals

Regulation 10.2.46A

78 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

period (2 years after the FSR commencement), and may be the date on

which the provider is granted an Australian financial services licence.

It may be appropriate, in some cases, for the date of effect of the

Australian financial services licence to be later than the date on which

the licence is physically granted.

This arrangement ceases to apply 2 years after the end of the FSR

commencement. However, the date of effect of a licence will not be

affected by the end of the arrangement.

10.2.46A When Australian financial services licence may be varied

(1) For section 1444 of the Act, on and after the FSR commencement:

(a) subsection 914A(1) of the Act is taken to authorise ASIC to

specify a date (later than the date on which conditions are

imposed on an Australian financial services licence) from

which the imposition of the conditions takes effect; and

(b) the conditions are taken for all purposes not to have been

imposed until the specified date.

(2) For section 1444 of the Act, on and after the FSR commencement:

(a) subsection 914A(1) of the Act is taken to authorise ASIC to

specify a date (later than the date on which additional

conditions are imposed on an Australian financial services

licence) from which the imposition of the additional

conditions takes effect; and

(b) the additional conditions are taken for all purposes not to

have been issued until the specified date.

(3) For section 1444 of the Act, on and after the FSR commencement:

(a) subsection 914A(1) of the Act is taken to authorise ASIC to

specify a date (later than the date on which conditions

imposed on an Australian financial services licence are

varied or revoked) from which the variation or revocation

takes effect; and

(b) the conditions are taken for all purposes not to have been

varied or revoked until the specified date.

(4) For section 1444 of the Act, on and after the FSR commencement:

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Regulated principals Division 13

Regulation 10.2.47

Corporations Regulations 2001 79

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(a) subsection 915A(1) of the Act is taken to authorise ASIC to

specify a date (later than the date on which an Australian

financial services licence is varied) from which the variation

takes effect; and

(b) the financial services licence is taken for all purposes not to

have been varied until the specified date.

(5) Paragraphs (1)(a), (2)(a), (3)(a) and (4)(a) cease to apply 2 years

after the FSR commencement.

10.2.47 Dispute resolution requirements: no external dispute

resolution scheme

For section 1444 of the Act, paragraph 912A(2)(b) of the Act does

not apply in relation to a financial services licensee at any time

within 2 years after the FSR commencement unless, at that time:

(a) there is an external dispute resolution scheme in existence

that satisfies subparagraphs 912A(2)(b)(i) and (ii) of the Act;

and

(b) the external dispute resolution scheme has been in existence

for a period of at least 3 months.

10.2.47A Modification of pre-FSR authority

(1) For section 1444 of the Act, this regulation applies if a person:

(a) is a regulated principal in relation to 2 or more regulated

activities; and

(b) holds an authority under the relevant old legislation in

relation to those regulated activities; and

(c) either:

(i) becomes a financial services licensee in relation to 1 or

more of those regulated activities; or

(ii) is exempt from the requirement to hold a financial

services licence in relation to 1 or more of those

regulated activities.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 13 Regulated principals

Regulation 10.2.47A

80 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(2) ASIC may vary the authority to take account of the fact that the

person has become a financial services licensee, or is exempt from

the requirement to hold a financial services licence.

(3) ASIC must not vary the authority unless ASIC has given the

person an opportunity:

(a) to appear at a hearing before ASIC that takes place in private;

and

(b) to make submissions and give evidence to ASIC in relation to

the matter.

(4) ASIC must give written notice of the variation to the person.

(5) The variation takes effect when the written notice of the variation

is given to the person.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Financial services disclosure Division 14

Regulation 10.2.48

Corporations Regulations 2001 81

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 14—Financial services disclosure

10.2.48 Obligation to give Financial Services Guide for service

arranged before application of Part 7.7 of the Act

For section 1444 of the Act, sections 941A and 941B of the Act are

taken not to require a person to give a client a Financial Services

Guide in accordance with Division 2 of Part 7.7 of the Act in

relation to a financial service (the new financial service) if, before

the person became subject to Part 7.7 of the Act in relation to the

provision of the new financial service:

(a) the person was a regulated principal, or a representative of a

regulated principal within the meaning of subsection 1436(1)

of the Act, whose regulated activities included the provision

of financial services of the same kind as the new financial

service; and

(b) the person entered into an agreement with the client, to

provide the new financial service; and

(c) the client took all of the steps necessary for the person to be

able to provide the new financial service.

Note: When Part 7.7 of the Act begins to apply to a person, the person will

be under an obligation to provide a Financial Services Guide to a retail

client to which it provides financial services. The Financial Services

Guide should be given before the financial service is provided (see

sections 941A, 941B and 941D of the Act).

However, this could create difficulties if the person, or an authorised

representative, has an existing client, and has entered into an

arrangement with the client before Part 7.7 started to apply. The

obligation to give a Financial Services Guide would arise when

Part 7.7 begins to apply, but, under the arrangement, the financial

service might have to be provided very shortly afterwards. This might

make the giving of the Financial Services Guide in accordance with

section 941D difficult.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 14 Financial services disclosure

Regulation 10.2.48A

82 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.48A Obligation to give a Financial Services Guide for a

custodial and depository service

(1) For section 1444 of the Act, sections 941A and 941B of the Act are

taken not to require a person to give a Financial Services Guide to

a client, in accordance with Division 2 of Part 7.7 of the Act, in

relation to a financial service (the new financial service), if:

(a) the new financial service constitutes:

(i) the provision of a custodial or depository service under

section 766E of the Act; or

(ii) dealing in a financial product that is held on trust for or

on behalf of the client as a necessary part of the

custodial or depository service; or

(iii) issuing, to the client, a financial product that is a

beneficial interest in a financial product held on trust for

or on behalf of the client as a necessary part of the

custodial or depository service; and

(b) the person entered into the arrangement under which the

custodial or depository service is provided, before the FSR

commencement; and

(c) the arrangement continued unaltered after the person became

subject to Part 7.7 of the Act.

(2) For paragraph (1)(c), an arrangement is taken to continue unaltered

if:

(a) the person holds, under the arrangement, financial products

that are different financial products from those held under the

arrangement before the person became subject to Part 7.7 of

the Act; and

(b) none of the different financial products is held on instruction

from the client.

(3) Subparagraph (1)(a)(ii) does not apply to dealing in a financial

product if the dealing consists of the issue of a financial product to

a person other than the client to whom the custodial or depository

service is provided.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Financial services disclosure Division 14

Regulation 10.2.49

Corporations Regulations 2001 83

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.49 Obligation to give Financial Services Guide in relation to

existing clients

(1) For section 1444 of the Act, section 941D of the Act is taken not to

require a person to give a client a Financial Services Guide in

relation to a financial service (the new financial service) within the

period specified in that section if, in the period of 6 months ending

on the day immediately before Part 7.7 of the Act first applies to

the person in relation to the provision of financial services of the

same kind as the new financial service, the person had provided a

financial service to the client of the same kind as the new financial

service.

(2) For subregulation (1), section 941D of the Act is also taken to

require the person to give the client the Financial Services Guide:

(a) as soon as is reasonably practicable; and

(b) in any event, within the period of 14 days starting on the day

on which the person would have been required by

section 941D of the Act to provide a Financial Services

Guide if subregulation (1) did not apply.

(3) This regulation ceases to apply in relation to the person at the end

of 14 days after the day on which Part 7.7 of the Act first applies to

the person in relation to the provision of financial services of the

same kind as the new financial service.

10.2.50 Content of Financial Services Guide for an authorised

representative that is a regulated principal or a

representative of a regulated principal

(1) This regulation applies if a person:

(a) is a regulated principal, or a representative of a regulated

principal within the meaning of subsection 1436(1) of the

Act; and

(b) is also in the transition period in the capacity of:

(i) a regulated principal; or

(ii) a representative of a regulated principal; and

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 14 Financial services disclosure

Regulation 10.2.50

84 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(c) is also a financial services licensee or an authorised

representative of a financial services licensee.

(2) Paragraphs 942B(2)(c) and 942C(2)(d) of the Act are taken to

require the person:

(a) to provide a statement, in addition to a Financial Services

Guide, to the effect that the person is able to provide

financial services as:

(i) a regulated principal; or

(ii) a representative of a regulated principal; and

(b) to include in the statement:

(i) a brief description of the kinds of financial services

provided in that capacity; and

(ii) the name of each regulated principal (if any) on whose

behalf the financial services are provided.

(3) For subregulation (2):

(a) section 940C of the Act is taken to apply in relation to the

statement; and

(b) the following matters are also taken to apply in relation to the

person:

(i) any regulations or other instruments in force for

section 940C;

(ii) any interpretation provisions that apply for

section 940C;

(iii) any provisions relating to liability (civil or criminal) that

apply for section 940C (whether or not they also apply

or applied for other purposes);

(iv) any provisions that limit, or that otherwise affect, the

operation of section 940C (whether or not they also

limit or limited, or affect or affected, the operation of

other provisions); and

(c) for Part 7.7 of the Act, the statement:

(i) is taken not to be a part of the Financial Services Guide;

and

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Financial services disclosure Division 14

Regulation 10.2.50A

Corporations Regulations 2001 85

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(ii) is taken not to be a statement that the person is required

to include in a Financial Services Guide.

(4) The person must not fail to give the statement in accordance with

this regulation.

Penalty: 50 penalty units.

10.2.50A Treatment of arrangements under which a person can

instruct another person to acquire a financial product

(1) For section 1444 of the Act, this regulation applies in relation to a

custodial arrangement (within the meaning of section 1012IA of

the Act) in which the client is the holder of a superannuation

product issued to the client by the provider.

(2) Section 1012IA of the Act does not apply to a regulated acquisition

(within the meaning of that section) that occurs under the custodial

arrangement.

(3) Subregulation (2) ceases to apply at the end of 2 years after the

FSR commencement.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 15 Other provisions relating to conduct etc

Regulation 10.2.51

86 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 15—Other provisions relating to conduct etc

10.2.51 Sale offers that need disclosure

For section 1444 of the Act:

(a) section 707 of the old Corporations Act applies in relation to

managed investment products:

(i) issued before the FSR commencement; and

(ii) sold during the transitional period in relation to the

products; and

(b) section 707 of the Act applies in relation to managed

investment products:

(i) issued on or after the FSR commencement; and

(ii) sold during the transitional period in relation to the

products; and

(c) section 1012C of the Act does not apply in relation to a

financial product that is issued before the end of the

transition period in relation to the financial product, other

than:

(i) a security that is not also a warrant; and

(ii) a managed investment product that is not also a warrant.

10.2.52 Offers that do not need disclosure: small scale offerings

(1) For section 1444 of the Act, this regulation applies in relation to

managed investment products:

(a) issued or sold before the end of the transition period in

relation to the managed investment products; and

(b) for which:

(i) a disclosure document under Chapter 6D of the old

Corporations Act was not required because of the

operation of section 708 of the old Corporations Act

(other than subsection 708(1)); or

(ii) a disclosure document was lodged with ASIC under

Chapter 6D of the old Corporations Act.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Other provisions relating to conduct etc Division 15

Regulation 10.2.52A

Corporations Regulations 2001 87

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(2) A reference in subsection 1012E(8) of the Act to issues and sales

that should be disregarded includes issues or sales of the managed

investment products.

10.2.52A Offers that do not need disclosure

(1) For section 1444 of the Act, this regulation applies in relation to an

offer of a financial product if:

(a) the financial product is described in subsection 1012E(1) of

the Act; and

(b) the financial product was offered before Division 2 of

Part 7.9 of the Act applied to the product; and

(c) a disclosure document was not required under Chapter 6D of

the old Corporations Act, in the course of the offer of the

financial product; and

(d) the disclosure document was not required in accordance with

a provision of section 708 of the old Corporations Act (other

than subsection 708(1)).

(2) The offer is taken to comply with the condition set out in

paragraph 1012E(9)(c) of the Act.

10.2.53 Money other than loans: financial services licensee who

formerly held dealer’s licence

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee who is a regulated principal mentioned

in item 1 of the table in section 1430 of the Act, and whose

financial services licence covers regulated activities for a regulated

principal of that kind in relation to money:

(a) received by the person before the end of the transition period

in relation to the person in the capacity of a regulated

principal of that kind; and

(b) to which subsection 867(1) of the old Corporations Act

applied.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 15 Other provisions relating to conduct etc

Regulation 10.2.54

88 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(2) Sections 866 to 871 of the old Corporations Act, and any

associated provisions, continue to apply to the regulated principal,

after the end of the transition period in relation to:

(a) the person in the capacity of a regulated principal of that

kind; and

(b) the money;

as if the regulated principal were a licensee within the meaning of

Part 7.6 of the old Corporations Act.

(3) Subdivision A of Division 2 of Part 7.8 of the Act, and any

associated provisions, apply in relation to the regulated principal as

if the money were money to which that Subdivision applied.

(4) A regulated principal must choose whether to deal with the money

in accordance with the arrangements mentioned in

subregulation (2) or the arrangements mentioned in

subregulation (3).

(5) For this regulation, compliance with the arrangements chosen by a

regulated principal is also taken to be compliance with the

arrangements that the regulated principal did not choose.

10.2.54 Money other than loans: financial services licensee who

formerly held futures broker’s licence

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee who is a regulated principal mentioned

in item 3 of the table in section 1430 of the Act, and whose

financial services licence covers regulated activities for a regulated

principal of that kind, in relation to:

(a) money received by the person before the end of the transition

period in relation to the person in the capacity of a regulated

principal of that kind and to which section 1209 of the old

Corporations Act applied; and

(b) money received by the person after the end of the transition

period in relation to the person in the capacity of a regulated

principal of that kind as a result of:

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Other provisions relating to conduct etc Division 15

Regulation 10.2.55

Corporations Regulations 2001 89

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(i) the payment of interest, dividends or other income from

the investment of money mentioned in paragraph (1)(a);

or

(ii) the realisation of an investment of money mentioned in

paragraph (1)(a); and

(c) money received by the person under subsection 1209(5A) of

the old Corporations Act after the end of the transition period

in relation to the person in the capacity of a regulated

principal of that kind.

(2) Section 1209 of the old Corporations Act, and any associated

provisions, continue to apply in relation to the regulated principal

after the end of the transition period in relation to:

(a) the person in the capacity of a regulated principal of that

kind; and

(b) the money;

as if the regulated principal were a futures broker within the

meaning of the old Corporations Act.

(3) Subdivision A of Division 2 of Part 7.8 of the Act, and any

associated provisions, apply in relation to the regulated principal as

if the money were money to which that Subdivision applied.

(4) A regulated principal must choose whether to deal with the money

in accordance with the arrangements mentioned in

subregulation (2) or the arrangements mentioned in

subregulation (3).

(5) For this regulation, compliance with the arrangements chosen by a

regulated principal is also taken to be compliance with the

arrangements that the regulated principal did not choose.

10.2.55 Money other than loans: financial services licensee who was

formerly a registered insurance broker

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee who is a regulated principal mentioned

in item 5 of the table in section 1430 of the Act, and whose

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 15 Other provisions relating to conduct etc

Regulation 10.2.55

90 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

financial services licence covers regulated activities for a regulated

principal of that kind, in relation to:

(a) money:

(i) received by the person before the end of the transition

period in relation to the person in their capacity as a

regulated principal of that kind; and

(ii) to which section 26 of the Insurance (Agents and

Brokers) Act 1984 applied; and

(b) money received by the person after the end of the transition

period in relation to the person in the capacity of a regulated

principal of that kind as a result of:

(i) the payment of interest, dividends or other income from

the investment of money mentioned in paragraph (1)(a);

or

(ii) the realisation of an investment of money mentioned in

paragraph (1)(a).

(2) Section 26 of the Insurance (Agents and Brokers) Act 1984, and

any associated provisions, continues to apply in relation to the

regulated principal after the end of the transition period in relation

to:

(a) the person in the capacity of a regulated principal of that

kind; and

(b) the money;

as if the regulated principal were a registered insurance broker

within the meaning of the Insurance (Agents and Brokers) Act

1984.

(3) Subdivision A of Division 2 of Part 7.8 of the Act, and any

associated provisions, apply in relation to the regulated principal as

if the money were money to which that Subdivision applied.

(4) A regulated principal must choose whether to deal with the money

in accordance with the arrangements mentioned in

subregulation (2) or the arrangements mentioned in

subregulation (3).

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Other provisions relating to conduct etc Division 15

Regulation 10.2.56

Corporations Regulations 2001 91

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(5) For this regulation, compliance with the arrangements chosen by a

regulated principal is also taken to be compliance with the

arrangements that the regulated principal did not choose.

10.2.56 Money other than loans: financial services licensee who

ceases to be licensed

(1) For section 1444 of the Act, this regulation applies in relation to

money held by a financial services licensee in an account

maintained under any of the following provisions:

(a) section 866 of the old Corporations Act;

(b) section 1209 of the old Corporations Act;

(c) section 26 of the Insurance (Agents and Brokers) Act 1984.

(2) If any of paragraphs 981F(a) to (d) of the Act applies to the

financial services licensee, any money held by the financial

services licensee in an account mentioned in subregulation (1) is to

be dealt with as if it were held by the licensee in an account

maintained for section 981B of the Act.

10.2.57 Loan money: financial services licensee who formerly held

dealer’s licence

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee who is a regulated principal mentioned

in item 1 of the table in section 1430 of the Act, and whose

financial services licence covers regulated activities for a regulated

principal of that kind, in relation to money:

(a) received by the person before the end of the transition period

in relation to the person in the capacity of a regulated

principal of this kind; and

(b) to which section 872 of the old Corporations Act applied.

(2) Section 872 of the old Corporations Act, and any associated

provisions, continue to apply in relation to the regulated principal

after the end of the transition period in relation to:

(a) the person in the capacity of a regulated principal of that

kind; and

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 15 Other provisions relating to conduct etc

Regulation 10.2.58

92 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) the money;

as if the person were a dealer within the meaning of the old

Corporations Act.

10.2.58 Other property of clients: financial services licensee who

formerly held dealer’s licence

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee who is a regulated principal mentioned

in item 1 of the table in section 1430 of the Act, and whose

financial services licence covers regulated activities for a regulated

principal of this kind, in relation to scrip:

(a) received by the person before the end of the transition period

in relation to the person in the capacity of a regulated

principal of that kind; and

(b) to which section 873 of the old Corporations Act applied.

(2) Section 873 of the old Corporations Act, and any associated

provisions, continue to apply in relation to the regulated principal

after the end of the transition period in relation to:

(a) the person in the capacity of a regulated principal of that

kind; and

(b) the scrip;

as if the person was still the holder of a dealers licence within the

meaning of the old Corporations Act.

10.2.59 Other property of clients: financial services licensee who

formerly held futures broker’s licence

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee who is a regulated principal mentioned

in item 3 of the table in section 1430 of the Act, and whose licence

covers regulated activities for a regulated principal of that kind, in

relation to property:

(a) received by the person before the end of the transition period

in relation to the person in the capacity of a regulated

principal of that kind; and

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Other provisions relating to conduct etc Division 15

Regulation 10.2.60

Corporations Regulations 2001 93

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) to which section 1209 or 1214 of the old Corporations Act

applied.

(2) Sections 1209 and 1214 of the old Corporations Act, and any

associated provisions, continue to apply in relation to the regulated

principal after the end of the transition period in relation to:

(a) the person in the capacity of a regulated principal of that

kind; and

(b) the property;

as if the licensee were a futures broker within the meaning of the

old Corporations Act.

10.2.60 Special provisions relating to insurance: financial services

licensee who was formerly a registered insurance broker

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee who is a regulated principal mentioned

in item 5 of the table in section 1430 of the Act, and whose

financial services licence covers regulated activities for a regulated

principal of that kind, in relation to:

(a) money:

(i) received by the person before the end of the transition

period in relation to the person in the capacity of a

regulated principal of that kind; and

(ii) to which section 27 of the Insurance (Agents and

Brokers) Act 1984 applied; and

(b) contracts of insurance arranged or effected by the person

(either directly or through another person) before the end of

the transition period in relation to the person in the capacity

of a regulated principal of that kind; and

(c) proposed contracts of insurance of the kind mentioned in

paragraph (b).

(2) Section 27 (other than subsections 27(3) and (5)) of the Insurance

(Agents and Brokers) Act 1984, and any associated provisions,

continue to apply to the regulated principal after the end of the

transition period in relation to:

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 15 Other provisions relating to conduct etc

Regulation 10.2.61

94 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(a) the person in the capacity of a regulated principal of that

kind; and

(b) the money;

as if the licensee were a registered insurance broker within the

meaning of the Insurance (Agents and Brokers) Act 1984.

(3) Subsection 27(3) of the Insurance (Agents and Brokers) Act 1984,

and any associated provisions, continue to apply to the regulated

principal after the end of the transition period in relation to the

person in the capacity of a regulated principal of that kind, in

relation to contracts of insurance mentioned in paragraph (1)(b).

(4) Subsection 27(5) of the Insurance (Agents and Brokers) Act 1984,

and any associated provisions, continue to apply to the regulated

principal after the end of the transition period in relation to the

person in the capacity of a regulated principal of that kind, in

relation to contracts of insurance, or proposed contracts of

insurance, mentioned in paragraphs (1)(b) and (c) for which:

(a) the risk or part of the risk to which the contract or proposed

contract relates is accepted by or on behalf of an insurer; and

(b) the person has not been informed of, and has not otherwise

ascertained, the amount of a premium or an instalment of a

premium to be paid in connection with the contract or

proposed contract;

as if the person was still a registered insurance broker within the

meaning of the Insurance (Agents and Brokers) Act 1984.

10.2.61 Obligation to report: financial services licensee who

formerly held a futures broker’s licence

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee whose financial services licence covers

regulated activities for a regulated principal of the kind mentioned

in item 3 of the table in section 1430 of the Act, in relation to:

(a) money that is held by the licensee in an account maintained

under section 1209 of the old Corporations Act; and

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Other provisions relating to conduct etc Division 15

Regulation 10.2.62

Corporations Regulations 2001 95

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) property that is held by the licensee under section 1209 or

1214 of the old Corporations Act.

(2) Section 1207 of the old Corporations Act, and any associated

provisions, continue to apply in relation to the regulated principal

after the end of the transition period in relation to:

(a) the person in the capacity of a regulated principal of that

kind; and

(b) the money;

as if the person were a futures broker.

10.2.62 Reporting in relation to dealings in derivatives: financial

services licensee who formerly held a dealer’s licence

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee who is a regulated principal mentioned

in item 3 of the table in section 1430 of the Act, and whose

financial services licence covers regulated activities for a regulated

principal of that kind, in relation to:

(a) a futures contract within the meaning of section 72 of the old

Corporations Act that was acquired by the licensee on behalf

of a client before the end of the transition period in relation to

the person in the capacity of a regulated principal of that

kind; and

(b) authority to operate a discretionary account within the

meaning of section 61 of the old Corporations Act that was

given to the licensee before the end of the transition period in

relation to the person in the capacity of a regulated principal

of that kind.

(2) Section 1207 of the old Corporations Act, and any associated

provisions, continue to apply in relation to the regulated principal

after the end of the transition period in relation to:

(a) the person in the capacity of a regulated principal of that

kind; and

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 15 Other provisions relating to conduct etc

Regulation 10.2.63

96 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) futures contracts mentioned in paragraph (1)(a) that have not

been disposed of by the end of a particular month; and

(c) discretionary accounts mentioned in paragraph (1)(b) for

which the authority remained in force during part of a

particular month;

as if the person were a futures broker.

10.2.63 Financial statements of financial services licensee: general

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee who is not a regulated principal

mentioned in any the following items of the table in section 1430

of the Act:

(a) item 1;

(b) item 3;

(c) item 5;

(d) item 7.

(2) Subdivision C of Division 6 of Part 7.8 of the Act applies in

relation to the financial services licensee as if the first day of the

first financial year in relation to the licensee, in its capacity as

licensee, commenced on:

(a) if the person prepares financial statements for the entire

financial year in which the person became a financial

services licensee—the first day of that financial year; or

(b) if paragraph (a) does not apply—the day on which the person

became a financial services licensee.

10.2.64 Financial statements of financial services licensees who were

certain regulated principals

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee who is a regulated principal mentioned

in any of the following items of the table in section 1430 of the

Act:

(a) item 1;

(b) item 3;

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Other provisions relating to conduct etc Division 15

Regulation 10.2.64

Corporations Regulations 2001 97

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(c) item 5;

(d) item 7.

(2) Subdivision C of Division 6 of Part 7.8 of the Act applies in

relation to the financial services licensee as if the financial services

licensee had been a financial services licensee on and from the first

day of the financial year in which the person became a financial

services licensee.

(3) If the financial services licensee was, immediately before

becoming a financial services licensee, a regulated principal

mentioned in item 1 of the table in section 1430 of the Act:

(a) section 860 of the old Corporations Act, and any associated

provisions, continue to apply in relation to the most recent

financial year that ended before the financial year in which

the licensee became a financial services licensee, as if the

licensee were a person who held a securities dealers licence

within the meaning of the old Corporations Act; and

(b) section 860 of the old Corporations Act does not apply in

relation to the licensee in relation to the financial year in

which the licensee became a financial services licensee.

(4) If the financial services licensee was, immediately before

becoming a financial services licensee, a regulated principal

mentioned in item 3 of the table in section 1430 of the Act:

(a) section 1218 of the old Corporations Act, and any associated

provisions, continue to apply in relation to the licensee in

relation to the most recent financial year that ended before

the financial year in which the licensee became a financial

services licensee as if the licensee were a futures broker

within the meaning of the old Corporations Act; and

(b) section 1218 of the old Corporations Act does not apply in

relation to the licensee in relation to the financial year in

which the licensee became a financial services licensee.

(5) If the financial services licensee was, immediately before

becoming a financial services licensee, a regulated principal

mentioned in item 5 of the table in section 1430 of the Act:

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 15 Other provisions relating to conduct etc

Regulation 10.2.65

98 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(a) section 25A of the Insurance (Agents and Brokers) Act 1984,

and any associated provisions, continue to apply in relation to

the licensee in relation to the most recent accounting period

(within the meaning of that Act) that ended before the

accounting period in which the licensee became a financial

services licensee, as if the licensee were a registered

insurance broker; and

(b) section 25A of the Insurance (Agents and Brokers) Act 1984

does not apply in relation to the licensee in relation to the

accounting period in which the licensee became a financial

services licensee.

(6) If the financial services licensee was, immediately before

becoming a financial services licensee, a regulated principal

mentioned in item 7 of the table in section 1430 of the Act:

(a) section 31J of the Insurance (Agents and Brokers) Act 1984,

and any associated provisions, continue to apply in relation to

the licensee in relation to the most recent accounting period

(within the meaning of that Act) that ended before the

accounting period in which the licensee became a financial

services licensee as if the licensee were a registered foreign

insurance agent; and

(b) section 31J of the Insurance (Agents and Brokers) Act 1984

does not apply in relation to the licensee in relation to the

accounting period in which the licensee became a financial

services licensee.

10.2.65 Auditors: certain financial services licensee who formerly

held dealer’s licence

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee who:

(a) is a regulated principal mentioned in item 1 of the table in

section 1430 of the Act, and whose financial services licence

covers regulated activities for a regulated principal of that

kind; and

(b) is not a body corporate (other than a proprietary company) to

which section 327 of the old Corporations Act applies.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Other provisions relating to conduct etc Division 15

Regulation 10.2.65

Corporations Regulations 2001 99

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(2) If:

(a) there was no vacancy in the office of auditor of the regulated

principal at the end of the transition period in relation to the

person in the capacity of a regulated principal of that kind;

and

(b) an auditor of the regulated principal would be eligible to

continue to act as auditor of the financial services licensee;

the auditor of the regulated principal is taken to have been

appointed under section 990B of the Act as auditor of the licensee

when the regulated principal became a financial services licensee

in relation to the regulated activities of a regulated principal of that

kind.

(3) If:

(a) there was no vacancy in the office of auditor of the regulated

principal at the end of the transition period in relation to the

person in the capacity of a regulated principal of that kind;

and

(b) the auditor of the regulated principal would not be eligible to

continue to act as auditor of the financial services licensee;

the auditor of the regulated principal is taken to have ceased to

hold office at the time when the regulated principal became a

financial services licensee in relation to the regulated activities of a

regulated principal of that kind.

(4) If:

(a) there was no vacancy in the office of auditor of the regulated

principal at the end of the transition period in relation to the

person in the capacity of a regulated principal of that kind;

and

(b) the auditor of the regulated principal would be eligible to

continue to act as auditor of the financial services licensee;

and

(c) ASIC had previously consented to the removal or resignation

of the auditor under section 858 of the old Corporations Act

on a specified date after the regulated principal became a

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 15 Other provisions relating to conduct etc

Regulation 10.2.66

100 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

financial services licensee in relation to the regulated

activities of a regulated principal of that kind;

the auditor of the regulated principal is taken to have been

appointed under section 990B of the Act when the regulated

principal became a financial services licensee in relation to the

regulated activities of a regulated principal of that kind, and ASIC

is taken to have specified the date mentioned in paragraph (c)

under section 990H of the Act.

(5) If there was a vacancy in the office of the auditor of the regulated

principal mentioned in item 1 of the table in section 1430 of the

Act when the regulated principal became a financial services

licensee in relation to the regulated activities of a regulated

principal of that kind, the licensee must appoint an auditor within

14 days after the day on which the vacancy occurred in accordance

with subsections 990B(4) and (5) of the Act.

(6) Subregulation (5) does not apply to a financial services licensee in

relation to which an auditor has already been appointed under

section 990B of the Act.

10.2.66 Auditors: certain financial services licensees who held a

futures broker’s licence

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee who:

(a) is a regulated principal mentioned in item 3 of the table in

section 1430 of the Act; and

(b) whose financial services licence covers regulated activities

for a regulated principal of that kind; and

(c) is not a body corporate (other than a proprietary company) in

relation to which section 327 of the old Corporations Act

applies.

(2) If:

(a) there was no vacancy in the office of auditor of the regulated

principal at the end of the transition period in relation to the

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Other provisions relating to conduct etc Division 15

Regulation 10.2.66

Corporations Regulations 2001 101

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

person in the capacity of a regulated principal of that kind;

and

(b) an auditor of the regulated principal would be eligible to

continue to act as auditor of the financial services licensee;

the auditor of the regulated principal is taken to have been

appointed under section 990B of the Act as auditor of the licensee

when the regulated principal became a financial services licensee

in relation to the regulated activities of a regulated principal of that

kind.

(3) If:

(a) there was no vacancy in the office of auditor of the regulated

principal at the end of the transition period in relation to the

person in the capacity of a regulated principal of that kind;

and

(b) the auditor of the regulated principal would not be eligible to

continue to act as auditor of the financial services licensee;

the auditor of the regulated principal is taken to have ceased to

hold office at the time when the regulated principal became a

financial services licensee in relation to the regulated activities of a

regulated principal of that kind.

(4) If:

(a) there was no vacancy in the office of auditor of the regulated

principal at the end of the transition period in relation to the

person in the capacity of a regulated principal of that kind;

and

(b) the auditor of the regulated principal would be eligible to

continue to act as auditor of the financial services licensee;

and

(c) ASIC had previously consented to the removal or resignation

of the auditor under section 1216 of the old Corporations Act

on a specified date after the regulated principal became a

financial services licensee in relation to the regulated

activities of a regulated principal of that kind;

the auditor of the regulated principal is taken to have been

appointed under section 990B of the Act when the regulated

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 15 Other provisions relating to conduct etc

Regulation 10.2.67

102 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

principal became a financial services licensee in relation to the

regulated activities of a regulated principal of that kind, and ASIC

is taken to have specified the date mentioned in paragraph (c)

under section 990H of the Act.

(5) If there was a vacancy in the office of the auditor of a regulated

principal mentioned in item 3 of the table in section 1430 of the

Act when the regulated principal became a financial services

licensee in relation to the regulated activities of a regulated

principal of that kind, the licensee must appoint an auditor within

14 days after the day on which the vacancy occurred in accordance

with subsections 990B(4) and (5) of the Act.

(6) Subregulation (5) does not apply to a financial services licensee in

relation to which an auditor has already been appointed under

section 990B of the Act.

10.2.67 Auditor’s report in certain matters: financial services

licensee who formerly held a dealer’s licence

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee:

(a) who is a regulated principal mentioned in item 1 of the table

in section 1430 of the Act; and

(b) whose financial services licence covers regulated activities

for a regulated principal of that kind.

(2) Section 990K of the Act applies in relation to an auditor of a

financial services licensee mentioned in subregulation (1) as if

subsection 990K(2) required the auditor to give a report on any

matter that, in the opinion of the auditor:

(a) adversely affected the ability of the licensee to meet its

obligations as a securities dealer before the time that it

became a financial services licensee in relation to the

regulated activities mentioned in item 1 of the table in

section 1430 of the Act; or

(b) constitutes, or may constitute, a contravention of the

condition of the dealers licence held by the licensee before

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Other provisions relating to conduct etc Division 15

Regulation 10.2.68

Corporations Regulations 2001 103

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

the time that it became a financial services licensee in

relation to the regulated activities mentioned in item 1 of the

table in section 1430 of the Act; or

(c) constitutes, or may constitute, a contravention of section 856,

866, 867, 868, 869, 870, 871, 872 or 873, or Part 7.7 of the

old Corporations Act.

10.2.68 Auditor’s report on certain matters: financial services

licensee who formerly held a futures broker’s licence

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee:

(a) who is a regulated principal mentioned in item 3 of the table

in section 1430 of the Act; and

(b) whose financial services licence covers regulated activities

for a regulated principal of that kind.

(2) Section 990K of the Act applies in relation to an auditor of a

financial services licensee mentioned in subregulation (1) as if

subsection 990K(2) required the auditor to give a report on any

matter that, in the opinion of the auditor:

(a) adversely affected the ability of the licensee to meet its

obligations as a futures broker before the time that it became

a financial services licensee in relation to the regulated

activities mentioned in item 3 of the table in section 1430 of

the Act; or

(b) constitutes, or may constitute, a contravention of the

condition of the futures brokers licence held by the licensee

before the time that it became a financial services licensee in

relation to the regulated activities mentioned in item 3 of the

table in section 1430 of the Act; or

(c) constitutes, or may constitute, a contravention of

section 1209, 1213 or 1214 of the old Corporations Act.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 15 Other provisions relating to conduct etc

Regulation 10.2.69

104 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.69 Auditor’s report on certain matters: financial services

licensee who was formerly a registered insurance broker

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee:

(a) who is a regulated principal mentioned in item 5 of the table

in section 1430 of the Act; and

(b) whose financial services licence covers regulated activities

for a regulated principal of that kind.

(2) Section 990K of the Act applies in relation to an auditor of the

financial services licensee as if subsection 990K(2) required the

auditor to give a report on any matter that, in the opinion of the

auditor, constitutes, or may constitute, a contravention of

section 25C, 26 or 27 of the Insurance (Agents and Brokers) Act

1984.

10.2.70 Priority to clients’ orders: financial services licensee who

held a dealers licence

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee:

(a) who is a regulated principal mentioned in item 1 of the table

in section 1430 of the Act; and

(b) whose financial services licence covers regulated activities

for a regulated principal of that kind;

in relation to instructions to buy or sell securities (as defined for

the purposes of Part 7.4 of Chapter 7 of the old Corporations Act)

that were received by the licensee from a client who was not an

associate of the licensee before the end of the transition period in

relation to the person in the capacity of a regulated principal of that

kind.

(2) Section 844 of the old Corporations Act, and any associated

provisions, continue to apply in relation to the regulated principal

after the end of the transition period in relation to the person

entering into a transaction in securities of the same class as those to

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Other provisions relating to conduct etc Division 15

Regulation 10.2.71

Corporations Regulations 2001 105

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

which the instructions relates as if the person were a dealer within

the meaning of the old Corporations Act.

(3) This regulation applies until the regulated principal has complied

with the instructions.

10.2.71 Sequencing of instructions to deal through licensed markets:

financial services licensee who formerly held a futures

brokers licence

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee:

(a) who is a regulated principal mentioned in item 3 of the table

in section 1430 of the Act; and

(b) whose financial services licence covers regulated activities

for a regulated principal of that kind;

in relation to instructions to deal in a class of futures contracts

(within the meaning of section 72 of the old Corporations Act) that

were received by the licensee before the licensee became a

financial services licensee.

(2) Section 1266 of the old Corporations Act (other than

subsections 1266(7) and (8)), and any associated provisions,

continue to apply in relation to the regulated principal after the end

of the transition period in relation to the person entering into a

transaction in derivatives of the same class as those to which the

instructions relates as if the person were a futures broker within the

meaning of the old Corporations Act.

(3) This regulation applies until the regulated principal has complied

with the instructions.

10.2.72 Records relating to instructions to deal through licensed

markets: financial services licensee who held a futures

brokers licence

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee:

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 15 Other provisions relating to conduct etc

Regulation 10.2.73

106 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(a) who is a regulated principal mentioned in item 3 of the table

in section 1430 of the Act; and

(b) whose financial services licence covers regulated activities

for a regulated principal of that kind;

in relation to instructions to deal in futures contracts (within the

meaning of section 72 of the old Corporations Act) that were

received by the licensee before the end of the transition period in

relation to the person in the capacity of a regulated principal of that

kind.

(2) Subsections 1266(7) and (8) of the old Corporations Act, and any

associated provisions, continue to apply in relation to the regulated

principal after the end of the transition period in relation to the

person in the capacity of a regulated principal of that kind as if the

person were a futures broker within the meaning of the old

Corporations Act.

10.2.73 Dealing with non-licensees: financial services licensee who

held a dealers licence

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee:

(a) who is a regulated principal mentioned in item 1 of the table

in section 1430 of the Act; and

(b) whose financial services licence covers regulated activities

for a regulated principal of that kind, in relation to a

transaction of sale or purchase of securities (as defined for

the purposes of Part 7.4 of the old Corporations Act) with a

non-dealer (within the meaning of the old Corporations Act)

that was entered into by the licensee, on the licensee’s own

account, before the end of the transition period (within the

meaning of subsection 1431(1) of the Act) that applied to the

person in the capacity of a regulated principal of that kind.

(2) Section 843 of the old Corporations Act, and any associated

provisions, continue to apply in relation to the regulated principal

after the end of the transition period in relation to the person in the

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Other provisions relating to conduct etc Division 15

Regulation 10.2.73A

Corporations Regulations 2001 107

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

capacity of a regulated principal of that kind as if the person were a

dealer within the meaning of the old Corporations Act.

10.2.73A Advertising for financial products

(1) For section 1444 of the Act, this regulation applies in relation to:

(a) a financial product; or

(b) a class of financial products that includes the financial

product;

for which a notice has been lodged with ASIC in accordance with

paragraph 1438(3)(b) of the Act.

(2) At any time in the period of 3 months ending immediately before

the date specified in the notice in accordance with

paragraph 1438(3)(b) of the Act, the issuer of the financial product

may decide to comply with Division 4 of Part 7.9 of the Act in

relation to the financial product.

(3) If the product issuer makes the decision mentioned in

subregulation (2):

(a) Division 4 of Part 7.9 of the Act applies in relation to the

financial product until the date specified in the notice; and

(b) section 734 of the old Corporations Act does not apply in

relation to the financial product.

Note: Under subsection 1438(5) of the Act, it is possible for the date

specified in accordance with paragraph 1438(3)(b) of the Act to be

changed.

(4) If the notice is lodged with ASIC less than 3 months before the

date specified in the notice in accordance with

paragraph 1438(3)(b) of the Act, subregulation (2) applies only

during the period:

(a) starting when the notice is lodged; and

(b) ending immediately before the date specified in the notice.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 15 Other provisions relating to conduct etc

Regulation 10.2.73B

108 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.73B Freezing accounts

(1) For section 1444 of the Act, this regulation applies if a person:

(a) holds or held a licence under Chapter 7 or 8 of the old

Corporations Act in relation to an activity; and

(b) the licence is revoked or suspended at any time before or

after the FSR commencement.

(2) Subsection 983A(3) of the Act applies to the person as if the

person were a person who holds, or has at any time held, an

Australian financial services licence that has been revoked or

suspended.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Product disclosure provisions for existing products during transition period Division 16

Regulation 10.2.74

Corporations Regulations 2001 109

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 16—Product disclosure provisions for existing

products during transition period

10.2.74 Financial products in the same class

(1) For subsection 1410(2) of the Act, this regulation identifies what

constitutes a class of financial products for subsection 1438(1) of

the Act.

(2) Subject to subregulation (2A), a managed investment product is in

the same class as another financial product only if:

(a) the other financial product is a managed investment product;

and

(b) both products are interests in registered schemes that have

the same responsible entity; and

(c) at the FSR commencement, the responsible entity’s licence to

operate registered schemes would have authorised the

operation of both registered schemes.

(2A) A financial product that is an interest in a registered scheme is in

the same class as another financial product if the other financial

product is an interest in the same registered scheme.

(3) A derivative is in the same class as another financial product only

if:

(a) the other financial product is a derivative; and

(b) either:

(i) each of the derivatives was entered into or acquired on a

financial market; or

(ii) none of the derivatives was entered into or acquired on a

financial market.

(4) A life risk insurance product is in the same class as another

financial product only if the other financial product is a life risk

insurance product.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 16 Product disclosure provisions for existing products during transition period

Regulation 10.2.74

110 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(5) An investment life insurance product is in the same class as

another financial product only if the other financial product is an

investment life insurance product.

(6) An insurance product (other than a life risk insurance product or an

investment life product) is in the same class as another financial

product only if:

(a) the other financial product is an insurance product other than

a life risk insurance product or an investment life product;

and

(b) both products:

(i) provide the same kind of cover; or

(ii) provide cover in relation to the same kind of asset (for

example, a motor vehicle).

(7) A superannuation interest is in the same class as another financial

product only if the other financial product is a superannuation

interest.

Note: Superannuation interest is defined in subsection 10(1) of the SIS Act.

(8) An RSA product is in the same class as another financial product

only if the other financial product is an RSA product.

(9) A deposit product is in the same class as another financial product

only if the other financial product is a deposit product.

(9A) A facility for making non-cash payments that is related to a deposit

product is in the same class as another financial product only if the

other financial product is a facility for making non-cash payments

that is related to a deposit product.

Note: Non-cash payments are explained in section 763D of the Act.

(9B) In this regulation:

deposit product means a deposit-taking facility made available by

an ADI (within the meaning of the Banking Act 1959) in the course

of its banking business (within the meaning of that Act), other than

an RSA.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Product disclosure provisions for existing products during transition period Division 16

Regulation 10.2.75

Corporations Regulations 2001 111

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(10) A financial product mentioned in paragraph 764A(1)(k) of the Act

is in the same class as another financial product only if the other

financial product is a financial product mentioned in

paragraph 764A(1)(k) of the Act.

(11) A warrant is in the same class as another financial product only if

the other financial product is a warrant.

10.2.75 References to financial services licensee

(1) For section 1444 of the Act, a reference in Part 7.9 of the Act to a

financial services licensee includes a regulated principal.

(2) Subregulation (1) also applies to section 761E of the Act.

(3) A reference in paragraph 761E(6)(d) of the Act to an authorised

representative includes a representative of a regulated principal.

(4) A reference in paragraph (d) of the definition of regulated person

in section 1011B of the Act to an authorised representative

includes a representative of a regulated principal.

(5) A reference in paragraph 1015C(3)(b) of the Act to an authorised

representative includes a representative of a regulated principal.

(6) A reference in paragraph 1017A(1)(c) of the Act to an authorised

representative includes a representative of a regulated principal.

(7) Subregulations (1) to (6) cease to apply in relation to the regulated

principal and the authorised representative at the end of the

transition period in relation to the regulated principal.

10.2.76 References to retail client

(1) For section 1444 of the Act, this regulation applies if a person

acquired a financial product before the FSR commencement.

(2) Subject to subregulation (3), the person is taken to have acquired

the financial product as a retail client.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 16 Product disclosure provisions for existing products during transition period

Regulation 10.2.77

112 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(3) The person is taken to have acquired the product as a wholesale

client if:

(a) the person would not have acquired the product as a retail

client if the product had been acquired at the FSR

commencement; or

(b) the person would not have acquired the product as a retail

client if the Act had applied at the time when the product was

acquired.

10.2.77 References to issue of product

For section 1444 of the Act, a reference in subsection 1438(1) of

the Act to financial products in a class of products that are first

issued by a person after the FSR commencement does not include

financial products in a class of products if the person who is, or

will be, the product issuer first made an offer to issue a financial

product in that class of products before the FSR commencement.

10.2.78 References to Product Disclosure Statement: offer

previously accepted

(1) For section 1444 of the Act, this regulation applies:

(a) if a person:

(i) made an offer to the issuer or seller of a financial

product, before Division 2 of Part 7.9 of the Act began

to apply to the financial product, that involves the

person, or another person, acquiring the financial

product; or

(ii) accepted an offer by the issuer or seller of a financial

product, before Division 2 of Part 7.9 of the Act began

to apply to the financial product, to issue the financial

product to the person or the other person; and

(b) if the acquisition is not completed before Division 2 of

Part 7.9 of the Act began to apply to the financial product.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Product disclosure provisions for existing products during transition period Division 16

Regulation 10.2.79

Corporations Regulations 2001 113

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(2) The legislation mentioned in section 1440 of the Act in relation to

the kind of financial product continues to apply in relation to the

financial product to the extent necessary to allow the financial

product to be acquired.

(3) Division 2 of Part 7.9 of the Act does not apply in relation to the

financial product to the extent necessary to allow the financial

product to be acquired.

10.2.79 References to Product Disclosure Statement: managed

investment products

For section 1444 of the Act, a reference in the following provisions

of the Act to a Product Disclosure Statement includes a disclosure

document under Chapter 6D of the old Corporations Act:

(a) paragraph 1012C(6)(b);

(b) paragraph 1012C(8)(c);

(c) subparagraph 1012D(2)(b)(i).

10.2.80 Lodgment of Product Disclosure Statement after lodgment

of notice

For section 1444 of the Act, if a person lodges with ASIC a notice

under paragraph 1438(3)(b) of the Act:

(a) section 1015B of the Act is taken to authorise the person to

lodge a Product Disclosure Statement before the date of

effect specified in the notice; and

(b) the period mentioned in section 1016B of the Act is taken to

start in relation to the person when the person lodges the

Product Disclosure Statement.

10.2.81 Ongoing disclosure

For section 1444 of the Act, if:

(a) the issuer of a financial product would have had an obligation

to notify the holder of a financial product of a change or

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 16 Product disclosure provisions for existing products during transition period

Regulation 10.2.82

114 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

event mentioned in subsection 1017B(1A) of the Act if

Part 7.9 of the Act had applied at all times to the product; and

(b) the issuer would have been exempt from the obligation

because regulation 7.9.16G would have applied to the issuer

in relation to the product if Part 7.9 of the Act had applied at

all times to the product;

regulation 7.9.16G applies to the issuer in relation to the product

during the transition period for the product.

10.2.82 Money received for financial product before the product is

issued: general

(1) For section 1444 of the Act, this regulation applies if:

(a) money is paid to a person before the FSR commencement to

acquire a financial product (whether the money is paid by the

person who is to acquire the financial product or by another

person); and

(b) the person holds the money immediately after the FSR

commencement.

(2) The following provisions of the relevant old legislation continue to

apply in relation to the person and the money:

(a) section 722 of the old Corporations Act, and any associated

provisions;

(b) Division 5 of Part 19 of the SIS Act, and any associated

provisions;

(c) Division 6 of Part 5 of the RSA Act, and any associated

provisions;

(d) section 37 of the Insurance (Agents and Brokers) Act 1984

(other than subsection 37(2)), and any associated provisions.

(3) Section 1017E of the Act does not apply in relation to the person

and the money.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Product disclosure provisions for existing products during transition period Division 16

Regulation 10.2.83

Corporations Regulations 2001 115

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.83 Money received for financial product before the product is

issued: requirement before application of subsection 37(2)

of Insurance (Agents and Brokers) Act 1984

Section 37 of the Insurance (Agents and Brokers) Act 1984 (other

than subsection 37(2)) does not apply in relation to money to

which section 1017E of the Act applies unless one of the events

mentioned in subsection 1017E(3) of the Act occurs.

10.2.84 Confirmation of transactions

(1) For section 1444 of the Act, this regulation applies in relation to a

financial product to which:

(a) section 1017F of the Act applies; and

(b) subsection 37(2) of the Insurance (Agents and Brokers) Act

1984 would, but for subregulation (2), apply after the FSR

commencement.

(2) Subsection 37(2) of the Insurance (Agents and Brokers) Act 1984

does not apply in relation to the financial product.

10.2.85 Dispute resolution requirements: financial products

(1) For section 1444 of the Act, this regulation applies in relation to

financial products (the relevant financial products) other than

financial products that are, or have been, available for acquisition

at a time at which Division 2 of Part 7.9 of the Act applies to the

financial products.

(2) A reference in section 1017G of the Act to financial products that

are, or have been, available for acquisition does not include the

relevant financial products.

10.2.86 Dispute resolution requirements: regulated principals

(1) For section 1444 of the Act, if:

(a) a regulated principal in relation to a financial product would,

but for this regulation, be required by subsection 1017G(1) of

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 16 Product disclosure provisions for existing products during transition period

Regulation 10.2.87

116 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

the Act to have a dispute resolution system for the financial

product; and

(b) the issue or sale of the financial product as mentioned in

paragraph 1017G(1)(b) of the Act is within the regulated

activities of the regulated principal;

section 1017G of the Act does not apply to the regulated principal

in relation to the financial product.

(2) Subregulation (1) ceases to apply in relation to the regulated

principal at the end of the transition period in relation to the

regulated principal.

10.2.87 Dispute resolution requirements: no external dispute

resolution scheme

For section 1444 of the Act, paragraph 1017G(2)(b) of the Act

does not apply in relation to a particular activity of, or a particular

financial product offered by, an issuer or a regulated person at any

time within 2 years after the FSR commencement unless, at that

time:

(a) there is an external dispute resolution scheme in existence

that satisfies subparagraphs 1017G(2)(b)(i) and (ii) of the

Act; and

(aa) the external dispute resolution scheme applies to that activity

or financial product; and

(b) the external dispute resolution scheme has been in existence

for a period of at least 3 months.

10.2.87A Meaning of financial product advice: exempt document or

statement

(1) For subsection 1409(1) of the Act, this regulation applies to a

document or statement about a financial product during the

transition period that ceases on the earlier of:

(a) the date that Part 7.9 of the Act applies to the regulated

person; and

(b) 2 years after the FSR commencement.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Product disclosure provisions for existing products during transition period Division 16

Regulation 10.2.87A

Corporations Regulations 2001 117

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(2) The following documents and statements are prescribed under

paragraph (b) of the definition of exempt document or statement in

subsection 766B(9) of the Act:

(a) in relation to an interest in a managed investment scheme to

which Division 2 of Part 7.9 of the Act does not apply—a

disclosure document lodged under Chapter 6D of the Act;

(b) in relation to a derivative to which Division 2 of Part 7.9 of

the Act does not apply—information mentioned in

section 1210 of the old Corporations Act;

(c) in relation to a superannuation product to which Division 2 of

Part 7.9 of the Act does not apply—information mentioned in

section 153 or 159 of the SIS Act or Part 2 of the SIS

Regulations as in force immediately before the FSR

commencement;

(d) in relation to an RSA product to which Division 2 of Part 7.9

of the Act does not apply—information mentioned in

section 56 of the RSA Act, as in force immediately before the

FSR commencement;

(e) in relation to an investment life insurance product or a life

risk insurance product—a document or statement that

contains information given in accordance with Circular G.I.1,

issued by the Insurance and Superannuation Commission in

February 1996.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 17 Arrangements relating to enforcement of matters by ASIC

Regulation 10.2.88

118 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 17—Arrangements relating to enforcement of

matters by ASIC

10.2.88 Definition

In this Division:

amended Corporations Act means the Act as in force after the FSR

commencement.

10.2.89 Financial services law

For section 761A of the Act, a provision of the relevant old

legislation is not a financial services law unless the operation of the

provision is expressly preserved or applied (with or without

modification) in relation to the matter by a provision of these

Regulations (other than this regulation).

10.2.90 ASIC may have regard to prior conduct and events

(1) For a provision of Part 7.6 of the Act mentioned in

subregulation (2), ASIC is not precluded from having regard to any

of the following matters in exercising its powers and performing its

functions under the provision:

(a) a matter that arose at any time before the FSR

commencement;

(b) a matter that arose during the transition period;

(c) a matter that arose before a person becomes subject to the

amended Corporations Act in relation to:

(i) all of the person’s business; or

(ii) a particular part of the person’s business.

(2) The provisions are:

(a) paragraph 913B(1)(b); and

(b) paragraph 913B(1)(c); and

(c) subsection 913B(2); and

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Arrangements relating to enforcement of matters by ASIC Division 17

Regulation 10.2.91

Corporations Regulations 2001 119

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(d) subsection 913B(3); and

(e) paragraph 915C(1)(a); and

(f) paragraph 915C(1)(aa); and

(g) paragraph 915C(1)(b); and

(h) paragraph 920A(1)(b); and

(i) paragraph 920A(1)(ba); and

(j) paragraph 920A(1)(e); and

(k) paragraph 920A(1)(f); and

(l) regulations made for paragraph 913B(1)(d); and

(m) subsection 912C(1); and

(n) subsection 914A(1); and

(o) paragraphs 915B(1)(a), (b), (c) and (d); and

(p) paragraphs 915B(2)(a), (b) and (c); and

(q) paragraphs 915B(3)(a), (b), (c) and (d); and

(r) paragraphs 915B(4)(a), (b) and (c); and

(s) paragraph 915C(1)(d); and

(t) paragraphs 915C(2)(a) and (b); and

(u) subsection 916G(1); and

(v) paragraph 920A(1)(bb); and

(w) paragraph 920A(1)(c); and

(x) subsection 920D(1).

10.2.91 Power to act in relation to relevant old legislation

(1) This regulation applies if an instrument or another matter continues

in force, after the FSR commencement, in accordance with the

relevant old legislation that relates to the instrument or matter.

Examples:

1 A licence.

2 A licence condition.

3 A suspension of a registration.

Note: The relevant old legislation includes the old Corporations Act,

associated provisions and, in some cases, other legislation such as the

Insurance (Agents and Brokers) Act 1984.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 17 Arrangements relating to enforcement of matters by ASIC

Regulation 10.2.91

120 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(2) To avoid doubt:

(a) ASIC may exercise any of the powers, and perform any of

the functions, that ASIC had immediately before the FSR

commencement in relation to:

(i) a person to whom the instrument or matter applies; and

(ii) a representative of a person mentioned in

subparagraph (i); and

(iii) any other person (including a person described in a

capacity that came into existence, or in relation to an

event that occurred, after the FSR commencement); and

(b) paragraph (a) includes the power:

(i) to issue an instrument; and

(ii) to execute an instrument.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Specific kinds of documents in existence before FSR commencement Division 18

Regulation 10.2.92

Corporations Regulations 2001 121

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 18—Specific kinds of documents in existence

before FSR commencement

10.2.92 Banning orders made before FSR commencement

(1) On and after the FSR commencement, a banning order made

before the FSR commencement under Division 5 of Part 7.3, or

Division 5 of Part 8.3, of the old Corporations Act (the relevant

Division):

(a) continues in force to the extent practicable to allow it to

apply to conduct or another matter:

(i) as it is described on and after the FSR commencement;

or

(ii) as it is regulated on and after the FSR commencement;

and

(b) is taken to be a banning order made under:

(i) the relevant Division of the old Corporations Act; and

(ii) section 920A of the Act.

(2) On and after the FSR commencement, the relevant Division of the

old Corporations Act, and associated provisions, continue to apply

to the extent necessary to allow the banning order to continue in

force.

(3) For subregulation (2), nothing in the relevant old legislation

(including the Australian Securities and Investments Commission

Act 2001) prevents ASIC from:

(a) drafting or amending the terms of a banning order; or

(b) taking any other action permitted by Division 8 of Part 7.6 of

the Act;

for the purpose of ensuring that the banning order has the same

effect under the amended Corporations Act as it had under the old

Corporations Act, or an effect equivalent to the effect it had under

the old Corporations Act.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 18 Specific kinds of documents in existence before FSR commencement

Regulation 10.2.93

122 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.93 Banning orders made under relevant old legislation after

FSR commencement

(1) On and after the FSR commencement, Division 5 of Part 7.3, or

Division 5 of Part 8.3, of the old Corporations Act (the relevant

Division), and associated provisions, continue to apply to the

extent necessary to allow a banning order to be made or enforced

against a person in relation to:

(a) conduct or another matter that occurred before the FSR

commencement; or

(b) conduct or another matter that:

(i) occurred after the FSR commencement; and

(ii) is regulated in accordance with section 1432 or 1436A

of the Act.

(2) A banning order made in relation to conduct or another matter

mentioned in subregulation (1) is taken to be a banning order made

under:

(a) the relevant Division of the old Corporations Act; and

(b) section 920A of the Act.

(3) Subregulation (1) does not prevent ASIC from making a banning

order under section 920A of the Act in relation to the same conduct

or matter in relation to which a banning order is made under the

relevant Division of the old Corporations Act.

(4) For subregulation (3), nothing in the Act, or the relevant old

legislation (including the Australian Securities and Investments

Commission Act 2001), prevents ASIC from:

(a) drafting or amending the terms of a banning order; or

(b) taking any other action that was permitted by the relevant

Division of the old Corporations Act before the FSR

commencement;

for the purpose of ensuring that the banning order has the same

effect under the amended Corporations Act as it had under the old

Corporations Act, or an effect equivalent to the effect it had under

the old Corporations Act.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Specific kinds of documents in existence before FSR commencement Division 18

Regulation 10.2.94

Corporations Regulations 2001 123

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.94 Banning orders made under the Act after FSR

commencement

(1) On and after the FSR commencement, Division 8 of Part 7.6 of the

Act is taken to authorise the making of a banning order in relation

to conduct or another matter that is or may be regulated under the

relevant old legislation.

(2) Subregulation (1) applies only to the extent that the relevant old

legislation would have permitted the making of an order in similar

terms in relation to the conduct or other matter.

(3) A banning order made in relation to conduct or another matter

mentioned in subregulation (1) is taken to be a banning order made

under:

(a) Division 5 of Part 7.3, or Division 5 of Part 8.3, of the old

Corporations Act (the relevant Division); and

(b) section 920A of the Act.

(4) Subregulation (1) does not prevent ASIC from making a banning

order under the relevant Division of the old Corporations Act in

relation to the same conduct or matter in relation to which a

banning order is made under Division 8 of Part 7.6 of the Act.

(5) For subregulation (4), nothing in the Act, or the relevant old

legislation (including the Australian Securities and Investments

Commission Act 2001), prevents ASIC from:

(a) drafting or amending the terms of a banning order; or

(b) taking any other action permitted by Division 8 of Part 7.6 of

the Act;

for the purpose of ensuring that the banning order has the same

effect under the amended Corporations Act as it had under the old

Corporations Act, or an effect equivalent to the effect it had under

the old Corporations Act.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 18 Specific kinds of documents in existence before FSR commencement

Regulation 10.2.94A

124 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.94A Prohibitions under paragraphs 827(1)(d) and 1192(1)(d) of

the old Corporations Act made before FSR

commencement

(1) For section 1444 of the Act, on and after the FSR commencement,

a prohibition under paragraph 827(1)(d) or 1192(1)(d) of the old

Corporations Act made before the FSR commencement:

(a) continues in force to the extent practicable to allow it to

apply to conduct or another matter:

(i) as it is described on and after the FSR commencement;

or

(ii) as it is regulated on and after the FSR commencement;

and

(b) is taken to be a prohibition made under paragraph 827(1)(d)

or 1192(1)(d) of the old Corporations Act.

(2) On and after the FSR commencement, paragraph 827(1)(d) or

1192(1)(d) of the old Corporations Act, and associated provisions,

continue to apply to the extent necessary to allow the prohibition to

continue in force.

(3) For subregulation (2), nothing in the relevant old legislation

(including the Australian Securities and Investments Commission

Act 2001) prevents ASIC from drafting or amending the terms of a

prohibition for the purpose of ensuring that the prohibition has the

same effect under the amended Corporations Act as it had under

the old Corporations Act, or an effect equivalent to the effect it had

under the old Corporations Act.

10.2.94B Prohibitions under paragraphs 827(1)(d) and 1192(1)(d) of

the old Corporations Act made after FSR commencement

(1) For section 1444 of the Act, on and after the FSR commencement,

paragraphs 827(1)(d) and 1192(1)(d) of the old Corporations Act,

and associated provisions, continue to apply to the extent necessary

to allow a prohibition to be made or enforced against a person in

relation to:

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Specific kinds of documents in existence before FSR commencement Division 18

Regulation 10.2.95

Corporations Regulations 2001 125

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(a) conduct or another matter that occurred before the FSR

commencement; or

(b) conduct or another matter that:

(i) occurred after the FSR commencement; and

(ii) is regulated in accordance with section 1432 or 1436A

of the Act.

(2) A prohibition made in relation to conduct or another matter

mentioned in subregulation (1) is taken to be a prohibition made

under paragraph 827(1)(d) or 1192(1)(d) of the old Corporations

Act.

(3) For subregulation (2), nothing in the relevant old legislation

(including the Australian Securities and Investments Commission

Act 2001) prevents ASIC from drafting or amending the terms of a

prohibition for the purpose of ensuring that the prohibition has the

same effect under the amended Corporations Act as it had under

the old Corporations Act, or an effect equivalent to the effect it had

under the old Corporations Act.

10.2.95 Undertakings

(1) This regulation applies if:

(a) an undertaking was in force under section 93AA or 93A of

the Australian Securities and Investments Commission Act

2001 immediately before the FSR commencement; and

(b) the conduct or matter to which the undertaking relates:

(i) is not described in the same terms in the amended

Corporations Act; or

(ii) is regulated in a different way under the amended

Corporations Act.

(2) On and after the FSR commencement, the undertaking continues in

force, to the extent practicable to allow it to apply in relation to the

conduct or matter:

(a) as it is described on and after the FSR commencement; and

(b) as it is regulated on and after the FSR commencement.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 18 Specific kinds of documents in existence before FSR commencement

Regulation 10.2.96

126 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(3) For subregulation (2), nothing in the relevant old legislation

(including the Australian Securities and Investments Commission

Act 2001) prevents ASIC from:

(a) drafting or amending the terms of an undertaking; or

(b) issuing a notice to a person; or

(c) taking any other action permitted by section 93AA or 93A of

that Act;

for the purpose of ensuring that the undertaking has the same effect

under the amended Corporations Act as it had under the old

Corporations Act, or an effect equivalent to the effect it had under

the old Corporations Act.

10.2.96 Registers in existence before FSR commencement

(1) Subject to subregulation (3), this regulation applies if:

(a) a register was in existence, or was required to be in existence,

under the relevant old legislation:

(i) before the FSR commencement; or

(ii) after the FSR commencement, but before the amended

Corporations Act began to apply to a person’s activities;

and

(b) the register:

(i) is required to be maintained, after the FSR

commencement, by a law other than this regulation; or

(ii) would have been required to be maintained, after the

FSR commencement, by a provision of the relevant old

legislation if the provision had continued in operation

after the FSR commencement.

(2) To avoid doubt:

(a) the person responsible for maintaining the register may

exercise any of the powers, and perform any of the functions,

that the person had immediately before the FSR

commencement in relation to:

(i) a person whose details appear in the register; and

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Specific kinds of documents in existence before FSR commencement Division 18

Regulation 10.2.97

Corporations Regulations 2001 127

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(ii) any other person to whom the register relates (including

a person described in a capacity that came into existence

after the FSR commencement); and

(b) paragraph (a) includes the power:

(i) to amend the register; and

(ii) to include new information in the register; and

(c) this regulation does not impose any obligation on the person

to exercise any of the powers or perform any of the functions.

(3) The person must maintain the register for the same period of time,

and in the same manner, that would have been required if the

relevant old legislation had continued in force.

10.2.97 Registers created after FSR commencement

(1) This regulation applies to a register that:

(a) ASIC is required to create after the FSR commencement

under paragraph 922A(2)(b) or (c) of the Act; and

(b) relates to a matter for which:

(i) ASIC had responsibility before the FSR commencement

(including a matter that was described in a different way

before the FSR commencement); and

(ii) a register (an old register) was in existence under the

relevant old law before the FSR commencement.

(2) ASIC must include in the new register as much of the information

in the old register as ASIC considers appropriate.

10.2.98 Registers, documents and things kept before FSR

commencement

(1) For section 1444 of the Act, this regulation applies if:

(a) a person was required, under a provision of the relevant old

legislation, to keep a register, document or other thing for a

specified period; and

(b) the period had not ended before the FSR commencement.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 18 Specific kinds of documents in existence before FSR commencement

Regulation 10.2.98A

128 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(2) On and after the FSR commencement, the provision and the period

are taken to continue in force to the extent necessary to require the

person to keep the register, document or thing for the specified

period.

10.2.98A Licenses, registration, etc in force before FSR

commencement

(1) For section 1444 of the Act, this regulation applies if:

(a) a person held a licence (the old licence) under the old

Corporations Act immediately before the FSR

commencement in relation to an activity; and

(b) the person holds a financial services licence that applies to

the same activity; and

(c) ASIC identifies a matter that occurred, before the person held

a financial services licence in relation to the activity, in

relation to which ASIC would have had the power under the

old Corporations Act:

(i) to suspend or cancel the old licence; or

(ii) to impose conditions on the old licence; or

(iii) to vary or revoke a condition to which the old licence

was subject.

(2) On and after the FSR commencement, ASIC’s power under the Act

to suspend or cancel the financial services licence mentioned in

paragraph (1)(b) is taken to include the power to suspend or cancel

the financial services licence:

(a) in order to achieve an outcome that ASIC could have

achieved by the exercise of the power mentioned in

paragraph (1)(c); and

(b) in any way that was authorised under the old Act.

(3) On and after the FSR commencement, ASIC’s power under the Act

to impose conditions on the financial services licence mentioned in

paragraph (1)(b) is taken to include the power to impose

conditions:

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Specific kinds of documents in existence before FSR commencement Division 18

Regulation 10.2.98A

Corporations Regulations 2001 129

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(a) in order to achieve an outcome that ASIC could have

achieved by the exercise of the power mentioned in

paragraph (1)(c); and

(b) in any way that was authorised under the old Act.

(4) On and after the FSR commencement, ASIC’s power under the Act

to vary or revoke a condition to which the financial services

licence mentioned in paragraph (1)(b) is taken to include the power

to vary or revoke a condition:

(a) in order to achieve an outcome that ASIC could have

achieved by the exercise of the power mentioned in

paragraph (1)(c); and

(b) in any way that was authorised under the old Act.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 19 Extension of limitation periods

Regulation 10.2.99

130 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 19—Extension of limitation periods

10.2.99 Application of items 111 and 121 of the Financial Services

Reform (Consequential Provisions) Act 2001 to

amendments of the Australian Securities and Investments

Commission Act 2001

(1) This regulation applies in relation to:

(a) the amendment of subsection 12GF(2) of the Australian

Securities and Investments Commission Act 2001 made by

item 111 of Schedule 1 to the Financial Services Reform

(Consequential Provisions) Act 2001; and

(b) the amendment of subsection 12GM(5) of the Australian

Securities and Investments Commission Act 2001 made by

item 121 of Schedule 1 to the Financial Services Reform

(Consequential Provisions) Act 2001.

(2) The amendment applies in relation to conduct engaged in on or

after the commencement of that item.

(3) The amendment also applies in relation to conduct engaged in

before the commencement of that item, but only if the period that:

(a) relates to the conduct; or

(b) applied under subsection 12GF(2) or 12GM(5) before the

commencement of that item;

had not ended when that item commenced.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Rules for dealing with liability during transition period Division 20

Regulation 10.2.100

Corporations Regulations 2001 131

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 20—Rules for dealing with liability during

transition period

10.2.100 Application of Division 20

(1) This Division sets out rules for determining the liability of a

responsible person under:

(a) the relevant old legislation; or

(b) the amended Corporations Act;

in relation to conduct engaged in, during the transition period, by a

representative in respect of more than 1 principal.

Note: The Corporations Act 2001 has been amended by the Financial

Services Reform (Consequential Provisions) Act 2001. The

Consequential Provisions Act includes a two-year transition period

during which certain conduct, described in Part 10.2 of the

Corporations Act, will be regulated under either the legal regime in

force before the amendments or under the new version of the

Corporations Act.

If a person continues a business during the transition period, and is to

be regulated under the legal regime in force before the amendments,

the person will be subject to the relevant law that regulated (or would

have regulated) their conduct before the amendments. This is referred

to in section 1430 of the Corporations Act as the ‘relevant old

legislation’.

Therefore, after the commencement of the amendments, a person may

be a principal under either or both legal regime. This Division deals

with the liability of either kind of principal in relation to a client and

the conduct of a representative of that principal.

(2) Nothing in this Division is intended to apply a provision of the

relevant old legislation to a person that is not a regulated principal.

10.2.101 Definitions for Division 20

In this Division:

FSR principal means a person to whom an Australian financial

services licence has been granted.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 20 Rules for dealing with liability during transition period

Regulation 10.2.102

132 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

non-FSR principal means any person who provides financial

services as a principal, and who is not an FSR principal during the

transitional period, including the following persons:

(a) an insurer to which paragraph 1436A(2)(d) of the Act applies

(in relation to activities and insurance agents to which

section 1436A of the Act applies);

(b) a regulated principal (in relation to regulated activities to

which section 1431 of the Act applies).

principal means an FSR principal or a non-FSR principal.

representative means a person who:

(a) provides financial services on behalf of a principal; or

(b) otherwise acts on behalf of a principal;

under the relevant old legislation, the amended Corporations Act or

under any other authority.

responsible person means any person who is liable, as a principal

or a representative, for conduct in relation to the provision of a

financial service under any law.

transition period means:

(a) the period of 2 years after the FSR commencement; or

(b) if the person is subject to an exemption under section 1437 of

the Act in respect of an activity, the period starting at the

FSR commencement and ending on the earlier of:

(i) the person becoming regulated under the amended

Corporations Act in respect of the activity; and

(ii) the end of the period of the exemption in respect of the

activity.

10.2.102 Liability of responsible person: general rules

(1) If, at the time the conduct is engaged in, the person who has

engaged in the conduct is not the representative of an FSR

principal, the liability (if any) for the conduct is to be determined

in accordance with:

(a) the relevant old legislation; or

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Rules for dealing with liability during transition period Division 20

Regulation 10.2.102

Corporations Regulations 2001 133

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) any requirement or law, other than the relevant old

legislation, that applies to the conduct; or

(c) any provisions of the amended Corporations Act that apply to

the conduct.

Note: A number of representatives in the financial services industry

currently act:

(a) on behalf of more than one principal; or

(b) as a principal in some circumstances but as a representative in others; or

(c) in both capacities.

On this basis, it is possible that different liability regimes

simultaneously apply to the representative, depending on the kind of

conduct. These regimes include:

(a) the Corporations Act as in force before the FSR commencement; and

(b) the Corporations Act as in force after the FSR commencement; and

(c) the Australian Securities and Investments Commission Act 2001; and

(d) the Insurance (Agents and Brokers) Act 1984; and

(e) the common law.

(2) If, at the time the conduct is engaged in, each principal in respect

of which the representative acts is an FSR principal, the liability of

each person is to be determined in accordance with the amended

Corporations Act as in force from time to time after the FSR

commencement.

Note: The main liability provisions of the Act are in Division 6 of Part 7.6.

(3) Subregulations (4) and (5) apply if, at the time the conduct is

engaged in by a person:

(a) the person is a representative in respect of more than 1

principal, and

(b) at least 1 of those principals is an FSR principal; and

(c) at least 1 of those principals is a non-FSR principal.

(4) If, as a result of the conduct of the representative, 1 or more of the

principals issues, transfers, varies, or disposes of a financial

product:

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 20 Rules for dealing with liability during transition period

Regulation 10.2.103

134 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(a) each of those principals is jointly and severally liable for the

conduct of the representative; and

(b) the nature of the liability is to be determined in accordance

with the relevant law that applies to the conduct under the

relevant legal regime under which the particular principal is

operating.

(5) If subregulation (4) does not apply:

(a) the liability for the conduct is to be determined in accordance

with the relevant law that applies to the conduct; and

(b) section 917B and subsection 917C(4) of the Act apply in

relation to the liability of an FSR principal only if the

conduct is in a class of financial services that the FSR

principal has authorised the representative to provide.

10.2.103 Conduct by a person who operates as representative and

principal

(1) Despite anything else in this Division, or in regulation 10.2.42, if:

(a) the conduct of a representative causes a liability, loss,

damage or a similar consequence to arise; and

(b) at the time the conduct is engaged in, the representative is

also a principal that is authorised or permitted under any law

to provide financial services in the class of financial services

to which the conduct relates;

the representative is liable (whether as a principal or as a

representative) to the extent that the law under which the

representative provides the relevant financial services makes the

representative liable.

(2) Despite regulation 10.2.42, if:

(a) the conduct of a representative causes a liability, loss,

damage or a similar consequence to arise; and

(b) the representative is also a principal that is authorised or

permitted to provide financial services in the same class of

financial services as the financial service to which the

conduct relates; and

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Rules for dealing with liability during transition period Division 20

Regulation 10.2.104

Corporations Regulations 2001 135

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(c) at the time the conduct occurred, the representative’s

principal or principals:

(i) had authorised the representative to provide the same

class of financial services; and

(ii) are liable in respect of the conduct;

the representative, and the principal or principals, are jointly and

severally liable in accordance with the law under which they are

liable, to the extent that the same or similar liability exists.

Note: Under regulation 10.2.42, there are some restrictions on a person who

acts both as an authorised representative and as a regulated principal

in respect of the same activities.

For example, if a principal is liable to a person in respect of an amount

of money ($X), and the representative is also liable in respect of an

amount of money ($X + $Y) in respect of the same conduct, both of

them will be jointly and severally liable for $X, but the representative

will be liable to pay $Y.

10.2.104 Operation of regulations 10.2.102 and 10.2.103

(1) Subject to subregulations (2) and (3), and without limiting any

right or liability of a person (the client), if the effect of

regulations 10.2.102 and 10.2.103 is that different rights or

remedies are available to different clients in relation to conduct

during the transition period:

(a) to the extent that the rights or remedies available to a client

against a responsible person are identical, or substantially

identical, to some or all of the rights or remedies available

against another responsible person for the same or related

conduct, each responsible person is taken to be jointly and

severally liable as between the responsible person and the

client in respect of the client’s exercise of the right, or in

respect of the provision of the remedy, to the extent that the

law makes them liable; and

(b) to the extent that the rights or remedies available to a client

against different responsible persons in respect of conduct are

not identical or substantially identical, a client who may

exercise a right or obtain a remedy against a responsible

person is entitled to exercise the right or obtain the remedy:

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 20 Rules for dealing with liability during transition period

Regulation 10.2.104

136 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(i) under each law applicable at the time the conduct is

engaged in; and

(ii) against each responsible person against whom the right

may be exercised or the remedy obtained.

Example: If, as a result of the same conduct, Person A is liable to a client in

respect of an amount of money ($X), and Person B is also liable in

respect of an amount of money ($X + $Y), both of them will be jointly

and severally liable for $X, but only Person B will be liable to pay $Y.

(2) Subregulation (1) does not have the effect that:

(a) a particular person is liable more than once in relation to the

conduct in respect of the same or a similar remedy; or

(b) a person is entitled to recover more than the amount of any

loss or damage that the person has suffered in relation to the

conduct.

(3) Nothing in this Division is intended to reduce or otherwise affect

the liability of any person in relation to the person’s own conduct,

whether or not:

(a) the person is a principal or a representative; and

(b) the person is authorised to do a particular thing under any

licence, registration, authorisation or other authority.

(4) Nothing in this Division is intended to reduce or otherwise affect

the liability of a principal that acts under a provision of the relevant

old legislation.

(5) Nothing in this Division is intended to reduce or otherwise affect

the liability of a person for:

(a) any offence imposed by any law; or

(b) any other criminal or civil penalty imposed under any law.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Title and transfer Division 21

Regulation 10.2.105

Corporations Regulations 2001 137

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 21—Title and transfer

10.2.105 Loss or destruction of certificates

(1) This regulation applies if:

(a) an application was made to a company, under section 1089 of

the old Corporations Act, for the issue of a duplicate

certificate or document of title regarding shares, debentures

or interests in a managed investment scheme; and

(b) the company did not issue a duplicate certificate or other

document of title to the shares, debentures or interests before

the FSR commencement.

(2) Section 1089 of the old Corporations Act, and any associated

provisions, continue to apply to the extent necessary to allow the

company to deal with the application.

Note: Subsections 1089(1) and (3) of the old Corporations Act included

important requirements relating to the application, including time

limits for compliance with the application.

10.2.106 Instrument of transfer

(1) This regulation applies if:

(a) the personal representative of a dead holder for section 1091

of the old Corporations Act completed all the steps necessary

to require a company:

(i) to register a transfer; and

(ii) to pay to the personal representative any dividends or

money accrued in respect of the share, debenture or

interest being transferred up to the time of execution of

the transfer; and

(b) the company:

(i) did not register the transfer before the FSR

commencement; or

(ii) did not make some or all of the payment before the FSR

commencement.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 21 Title and transfer

Regulation 10.2.107

138 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(2) Section 1091 of the old Corporations Act, and any associated

provisions, continue to apply to the extent necessary to allow the

company to register the transfer and make the payment.

10.2.107 Trustee etc may be registered as owner of shares

(1) This regulation applies if:

(a) a person began to hold shares in a proprietary company as

trustee for, or otherwise on behalf of or on account of, a body

corporate before the FSR commencement; and

(b) the person did not serve on the proprietary company the

notice required under subsection 1091C(11) of the old

Corporations Act before the FSR commencement; and

(c) the 1 month period mentioned in that subsection had not

expired before the FSR commencement.

(2) Section 1091C of the old Corporations Act, and any associated

provisions, continue to apply to the extent necessary to allow for:

(a) the person to serve the notice within the 1 month period; and

(b) the consequences of not serving the notice within the period.

10.2.108 Registration of transfer at request of transferor

(1) This regulation applies if:

(a) the transferor of a share in, debenture of, or interest made

available by, a company requested the company, under

subsection 1092(2) of the old Corporations Act, to carry out

the obligations under that subsection; and

(b) the company did not complete all of its obligations under that

subsection within the stated period.

(2) Section 1092 of the old Corporations Act, and any associated

provisions, continue to apply to the extent necessary to allow for:

(a) the completion of the company’s obligations within the stated

period; and

(b) the consequences of not completing the obligations within

the stated period.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Title and transfer Division 21

Regulation 10.2.109

Corporations Regulations 2001 139

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.109 Notice of refusal to register transfer

(1) This regulation applies if:

(a) a company refused, under section 1093 of the old

Corporations Act, to register:

(i) a transfer of shares in the company; or

(ii) a transfer of debentures of the company; or

(iii) a transfer of interests made available by the company;

and

(b) the company did not send the transferee the notice required

under that section before the FSR commencement; and

(c) the 2 month period mentioned in that section had not expired

before the FSR commencement.

(2) Section 1093 of the old Corporations Act, and any associated

provisions, continue to apply to the extent necessary to allow for:

(a) the completion of the company’s obligations within the 2

month period; and

(b) the consequences of not completing the obligations within

the 2 month period.

10.2.110 Duties of company with respect to issue of certificates:

allotment of shares or debentures or making interests

available

(1) This regulation applies if:

(a) a company:

(i) allotted shares in, issued debentures of, or made

available interests in the company before the FSR

commencement; and

(ii) did not complete all of its obligations under

paragraph 1096(1)(a) or (b) of the old Corporations Act

(whether or not those obligations were affected by

paragraph 1096(1A)(b) of the old Corporations Act)

within the 2 month period required by

subsection 1096(1) of that Act; and

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 21 Title and transfer

Regulation 10.2.111

140 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) paragraph 1096(1A)(a) of the old Corporations Act did not

apply in relation to the company during the 2 month period.

Note: Subsection 1096(1A) of the old Corporations Act referred to the

possibility that the SCH business rules may include a provision to the

effect that:

(a) no document is required to be completed and delivered in relation to the allotment, issue or making available of a share, debenture or interest in specified circumstances; or

(b) the only document to be completed and delivered is such document as the rules require.

(2) Section 1096 of the old Corporations Act, and any associated

provisions, continue to apply to the extent necessary to allow for:

(a) the completion of the company’s obligations within the 2

month period; and

(b) a relevant person mentioned in paragraph 1096(1)(b) of the

old Corporations Act to give instructions mentioned in that

paragraph after the FSR commencement; and

(c) the operation of the arrangements mentioned in

subsections 1096(3) and (4) of the old Corporations Act after

the FSR commencement; and

(d) the consequences of not completing the obligations within

the 2 month period.

10.2.111 Duties of company with respect to issue of certificates:

transfer of shares, debentures or interests

(1) This regulation applies if:

(a) any of the following was lodged with a company:

(i) a transfer of shares in the company (other than a transfer

that the company was entitled to refuse to register and

did not register);

(ii) a transfer of debentures of the company (other than a

transfer that the company was entitled to refuse to

register and did not register);

(iii) a transfer of interests made available by the company

(other than a transfer that the company was entitled to

refuse to register and did not register); and

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Title and transfer Division 21

Regulation 10.2.112

Corporations Regulations 2001 141

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) the company was required to complete, and have ready for

delivery, all appropriate certificates, debentures or other

documents in accordance with subsection 1096(2) of the old

Corporations Act; and

(c) the company did not complete all of its obligations under

paragraph 1096(2)(a) or (b) of the old Corporations Act

(whether or not those obligations were affected by

subsection 1096(2A) of the old Corporations Act) within the

1 month period required by subsection 1096(2) of that Act.

Note: Subsection 1096(2A) of the old Corporations Act provided that the

only document required by subsection 1096(2) of the old Corporations

Act to be completed and delivered by a company in relation to an

SCH-regulated transfer is such document (if any) as the SCH business

rules require to be so completed and delivered.

(2) Section 1096 of the old Corporations Act, and any associated

provisions, continue to apply to the extent necessary to allow for:

(a) the completion of the company’s obligations within the 1

month period; and

(b) a transferee mentioned in paragraph 1096(2)(b) of the old

Corporations Act to give instructions mentioned in that

paragraph after the FSR commencement; and

(c) the operation of the arrangements mentioned in

subsections 1096(3) and (4) of the old Corporations Act after

the FSR commencement; and

(d) the consequences of not completing the obligations within

the 1 month period.

10.2.112 Notices relating to non-beneficial and beneficial ownership

of shares

(1) This regulation applies if:

(a) a notice regarding non-beneficial or beneficial ownership of

shares was required to be given under subsection 1096A(1),

(3), (4), (5) or (6) of the old Corporations Act; and

(b) the notice was not given before the FSR commencement.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 21 Title and transfer

Regulation 10.2.113

142 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(2) Section 1096A of the old Corporations Act, and any associated

provisions, continue to apply to the extent necessary to allow for:

(a) the consequences of not giving the notice; and

(b) the completion of the obligation to give the notice within the

period (if any) stated in the relevant subsection; and

(c) the operation of the arrangements mentioned in

subsection 1096A(7) of the old Corporations Act after the

FSR commencement; and

(d) the operation of the arrangements mentioned in

subsection 1096A(9) of the old Corporations Act after the

FSR commencement, to the extent that the arrangements

relate to section 1096A of the old Corporations Act.

Note: The arrangements in subsection 1096A(9) of the old Corporations Act

also related to section 216B of the old Corporations Act, which no

longer exists.

10.2.113 What is a sufficient transfer of marketable securities or

marketable rights: general

(1) This regulation applies if the arrangements for the due completion

of a document, to make the document:

(a) a sufficient transfer of marketable securities under

subsection 1101(1) of the old Corporations Act; or

(b) a sufficient transfer of marketable rights under

subsection 1101(2) of the old Corporations Act;

were not completed before the FSR commencement.

(2) Section 1101 of the old Corporations Act, and any associated

provisions, continue to apply to the extent necessary to allow for

the document to be duly completed, and treated as a sufficient

transfer, in accordance with the relevant arrangements.

(3) If the document is duly completed in accordance with the relevant

arrangements, the document is also taken to be a sufficient transfer

for the purposes of the Act as in force after the FSR

commencement.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Title and transfer Division 21

Regulation 10.2.114

Corporations Regulations 2001 143

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.114 Sufficient transfer by authorised trustee corporation

(1) This regulation applies if the arrangements for the completion of a

document, to make the document:

(a) a sufficient transfer of marketable securities by an authorised

trustee corporation under subsection 1102(1) of the old

Corporations Act; or

(b) a sufficient transfer of marketable rights by an authorised

trustee corporation under subsection 1102(2) of the old

Corporations Act;

were not completed before the FSR commencement.

(2) Section 1102 of the old Corporations Act, and any associated

provisions, continue to apply to the extent necessary to allow for

the document to be duly completed, and treated as a sufficient

transfer by an authorised trustee corporation, in accordance with

the relevant arrangements.

(3) If the document is duly completed in accordance with the relevant

arrangements, the document is also taken to be a sufficient transfer

by an authorised trustee corporation for the purposes of the Act as

in force after the FSR commencement.

10.2.115 Determination of who holds quoted securities for the

purposes of a meeting: determination made before FSR

commencement

(1) This regulation applies if:

(a) the convenor of a meeting made a determination under

subsection 1109N(2) of the old Corporations Act; and

(b) either:

(i) notice of the meeting was not sent before the FSR

commencement; or

(ii) the meeting was not held before the FSR

commencement.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 21 Title and transfer

Regulation 10.2.115

144 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(2) Section 1109N of the old Corporations Act, and any associated

provisions, continue to apply to the extent necessary to allow for:

(a) the giving of notice of the meeting; or

(b) the holding of the meeting.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Transitional matters under relevant old legislation: Financial Transaction Reports Act

1988 Division 22

Regulation 10.2.116

Corporations Regulations 2001 145

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 22—Transitional matters under relevant old

legislation: Financial Transaction Reports Act

1988

10.2.116 Cash dealer

(1) For section 1444 of the Act, the definition of cash dealer in

subsection 3(1) of the Financial Transaction Reports Act 1988 is

taken to include a reference to a regulated principal mentioned in

item 1 or 3 of the table in section 1430 of the Act.

(2) Subregulation (1) ceases to apply in relation to the regulated

principal at the end of the transition period in relation to the

regulated principal.

10.2.117 Exempt cash transaction

(1) For section 1444 of the Act, a reference in paragraph 9(4)(a) of the

Financial Transaction Reports Act 1988 to a financial services

licensee includes a regulated principal mentioned in item 3 of the

table in section 1430 of the Act.

(2) Subregulation (1) ceases to apply in relation to the regulated

principal at the end of the transition period in relation to the

regulated principal.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 23 Transitional matters under relevant old legislation: Income Tax

Assessment Act 1936

Regulation 10.2.118

146 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 23—Transitional matters under relevant old

legislation: Income Tax Assessment Act 1936

10.2.118 Offshore banking units

(1) For section 1444 of the Act, a reference in

subparagraph 128AE(2)(e)(iii) of the Income Tax Assessment Act

1936 to a financial services licensee includes a regulated principal

mentioned in item 1 or 3 of the table in section 1430 of the Act.

(2) Subregulation (1) ceases to apply in relation to the regulated

principal at the end of the transition period in relation to the

regulated principal.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Transitional matters under relevant old legislation: Insurance Act 1973 Division 24

Regulation 10.2.119

Corporations Regulations 2001 147

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 24—Transitional matters under relevant old

legislation: Insurance Act 1973

10.2.119 Insurers carrying on class of insurance business

(1) For section 1444 of the Act, section 113 of the Insurance Act 1973,

as in force immediately before the FSR commencement, and any

associated provisions, continue to have effect in relation to a

regulated principal:

(a) mentioned in item 6 of the table in section 1430 of the Act;

and

(b) who carries on a class of insurance business that was

prescribed for section 113 of the Insurance Act 1973

immediately before the FSR commencement;

to the extent necessary to require the person to comply with that

section in relation to the class of insurance business.

(2) Subregulation (1) ceases to apply in relation to the regulated

principal at the end of the transition period in relation to the

regulated principal.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 24A Transitional matters under relevant old legislation: Insurance (Agents

and Brokers) Act 1984

Regulation 10.2.119A

148 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 24A—Transitional matters under relevant old

legislation: Insurance (Agents and Brokers) Act

1984

10.2.119A Debts of broker in relation to premiums etc

(1) For section 1444 of the Act, a reference in paragraph 27(1)(a) of

the Insurance (Agents and Brokers) Act 1984 to another registered

insurance broker includes a financial services licensee.

(2) For section 1444 of the Act, a reference in paragraph 27(4)(a) of

the Insurance (Agents and Brokers) Act 1984 to another registered

insurance broker includes a financial services licensee.

(3) For section 1444 of the Act, a reference in paragraph 27(5)(b) of

the Insurance (Agents and Brokers) Act 1984 to another registered

insurance broker includes a financial services licensee.

10.2.119B Disqualifications made before FSR commencement

(1) For section 1444 of the Act, on and after the FSR commencement,

a disqualification under subsection 25(5) or 31H(5) of the

Insurance (Agents and Brokers) Act 1984 made before the FSR

commencement:

(a) continues in force to the extent practicable to allow it to

apply to conduct or another matter:

(i) as it is described on and after the FSR commencement;

or

(ii) as it is regulated on and after the FSR commencement;

and

(b) is taken to be a disqualification made under subsection 25(5)

or 31H(5) of the Insurance (Agents and Brokers) Act 1984.

(2) For section 1444 of the Act, on and after the FSR commencement,

subsections 25(5) and 31H(5) of the Insurance (Agents and

Brokers) Act 1984, and associated provisions, continue to apply to

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Transitional matters under relevant old legislation: Insurance (Agents and Brokers) Act

1984 Division 24A

Regulation 10.2.119C

Corporations Regulations 2001 149

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

the extent necessary to allow the disqualification to continue in

force.

(3) For subregulation (2), nothing in the relevant old legislation

(including the Australian Securities and Investments Commission

Act 2001) prevents ASIC from drafting or amending the terms of a

prohibition for the purpose of ensuring that the prohibition has the

same effect under the Act as it had under the relevant old

legislation, or an effect equivalent to the effect it had under the

relevant old legislation.

10.2.119C Disqualifications made after FSR commencement

(1) For section 1444 of the Act, on and after the FSR commencement,

subsections 25(5) and 31H(5) of the Insurance (Agents and

Brokers) Act 1984, and associated provisions, continue to apply to

the extent necessary to allow a disqualification to be made or

enforced against a person in relation to:

(a) conduct or another matter that occurred before the FSR

commencement; or

(b) conduct or another matter that:

(i) occurred after the FSR commencement; and

(ii) is regulated in accordance with section 1432 or 1436A

of the Act.

(2) A disqualification made in relation to conduct or another matter

mentioned in subregulation (1) is taken to be a disqualification

made under subsection 25(5) or 31H(5) of the Insurance (Agents

and Brokers) Act 1984.

(3) For subregulation (2), nothing in the relevant old legislation

(including the Australian Securities and Investments Commission

Act 2001) prevents ASIC from drafting or amending the terms of a

prohibition for the purpose of ensuring that the prohibition has the

same effect under the amended Corporations Act as it had under

the old legislation, or an effect equivalent to the effect it had under

the old legislation.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 25 Transitional matters under relevant old legislation: Marine Insurance Act

1909

Regulation 10.2.120

150 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 25—Transitional matters under relevant old

legislation: Marine Insurance Act 1909

10.2.120 Marine policy effected through broker

For section 1444 of the Act, sections 59 and 60 of the Marine

Insurance Act 1909, and any associated provisions, continue to

have effect in relation to a marine policy effected on behalf of the

assured by a broker before the FSR commencement.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Transitional matters under relevant old legislation: Retirement Savings Accounts

Regulations 1997 Division 25A

Regulation 10.2.120A

Corporations Regulations 2001 151

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 25A—Transitional matters under relevant old

legislation: Retirement Savings Accounts

Regulations 1997

10.2.120A Continuation of RSA Regulations during transition

period

(1) For section 1444 of the Act, this regulation applies in relation to a

financial product:

(a) to which the RSA Act applied immediately before the FSR

commencement; and

(b) for which a transition period exists.

(2) The following provisions of the RSA Regulations, as in force

immediately before the FSR commencement, continue to apply in

relation to the financial product:

(a) Division 2.1;

(b) regulation 2.09;

(c) Divisions 2.3, 2.4, 2.5, 2.7 and 2.8;

(d) regulation 3.07;

(e) regulation 3.09 (other than paragraphs 3.09(a) and (c));

(f) regulation 4.32;

(g) regulation 4.33;

(h) regulation 6.12.

(3) Subregulation (2) ceases to apply in relation to the financial

product at the end of the transition period for the financial product.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 25B Transitional matters under relevant old legislation: Superannuation

Industry (Supervision) Regulations 1994

Regulation 10.2.120B

152 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 25B—Transitional matters under relevant old

legislation: Superannuation Industry

(Supervision) Regulations 1994

10.2.120B Continuation of SIS Regulations during transition period

(1) For section 1444 of the Act, this regulation applies in relation to a

financial product:

(a) to which the SIS Act applied immediately before the FSR

commencement; and

(b) for which a transition period exists.

(2) The following provisions of the SIS Regulations, as in force

immediately before the FSR commencement, continue to apply in

relation to the financial product:

(a) Divisions 2.1 and 2.3;

(b) Subdivisions 2.4.1 and 2.4.2;

(c) Divisions 2.5, 2.7 and 2.7A;

(d) Subdivisions 2.8.1, 2.8.3, 2.8.4 and 2.8.5;

(da) regulation 3.10;

(e) regulation 4.01;

(f) regulation 5.12;

(g) regulation 5.15 (other than paragraphs 5.15(a) and (c));

(h) regulations 5.17 and 5.22;

(i) regulation 6.17;

(j) regulation 6.28;

(k) regulation 6.29;

(l) subregulation 13.07(2).

(3) Subregulation (2) ceases to apply in relation to the financial

product at the end of the transition period for the financial product.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Transitional matters under relevant old legislation: Superannuation (Resolution of

Complaints) Act 1993 Division 26

Regulation 10.2.121

Corporations Regulations 2001 153

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 26—Transitional matters under relevant old

legislation: Superannuation (Resolution of

Complaints) Act 1993

10.2.121 Life insurance broker

(1) For section 1444 of the Act, a reference in the definition of life

insurance broker in subsection 3(2) of the Superannuation

(Resolution of Complaints) Act 1993 to a financial services

licensee includes a regulated principal:

(a) mentioned in item 5 of the table in section 1430 of the Act;

and

(b) who is registered under Part III of the Insurance (Agents and

Brokers) Act 1984 in respect of life insurance.

(2) Subregulation (1) ceases to apply in relation to the regulated

principal at the end of the transition period in relation to the

regulated principal.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 27 Transitional matters under the Act (other than Chapter 7)

Regulation 10.2.122

154 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 27—Transitional matters under the Act (other

than Chapter 7)

10.2.122 Solvency and insolvency

For section 1444 of the Act, a reference in the Act to solvency or

insolvency is to be read as if subsections 95A(1) and (2) of the old

Corporations Act had not been repealed on the FSR

commencement.

10.2.123 Managed investment products held by 100 or more persons

For section 1444 of the Act, a reference in section 111AFA of the

Act to people holding managed investment products in a class of

managed investment products includes a person who holds the

managed investment product as a result of an offer, relating to

securities, that gave rise to an obligation to lodge a disclosure

document with ASIC in relation to the securities under Chapter 6D

of the old Corporations Act.

10.2.124 When a managed investment scheme must be registered

For section 1444 of the Act, subsection 601ED(2) of the Act

applies in relation to a managed investment scheme as if issues of

interests that:

(a) were made before the issue of the interest was covered by

Division 2 of Part 7.9 of the Act; and

(b) were:

(i) issues made after 12 March 2000 that would not have

needed disclosure to investors under Part 6D.2 of the

old Corporations Act if the scheme were registered; or

(ii) issues mentioned in section 1477 of the Corporations

Law as in force on 14 July 2001 and as continued by

section 1408 of the Act;

were issues in relation to which a Product Disclosure Statement is

not required to be given under Division 2 of Part 7.9.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Transitional matters under the Act (other than Chapter 7) Division 27

Regulation 10.2.125

Corporations Regulations 2001 155

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.125 Responsible entity to be a public company and hold an

Australian financial services licence

(1) For section 1444 of the Act, this regulation applies in relation to a

public company that is a regulated principal mentioned in item 1 of

the table in section 1430 of the Act.

(2) A reference in section 601FA of the Act to a public company that

holds an Australian financial services licence includes the

regulated principal.

(3) Subregulation (2) ceases to apply in relation to the regulated

principal at the end of the transition period in relation to the

regulated principal.

10.2.126 Duties of officers of responsible entity

(1) For section 1444 of the Act, this regulation applies in relation to a

responsible entity that is a regulated principal mentioned in item 1

of the table in section 1430 of the Act.

(2) A reference in subparagraph 601FD(1)(f)(ii) of the Act to a

responsible entity’s Australian financial services licence includes

the dealers licence of the regulated principal.

(3) Subregulation (2) ceases to apply in relation to the regulated

principal at the end of the transition period in relation to the

regulated principal.

10.2.127 Voidable contracts

(1) For section 1444 of the Act, this regulation applies in relation to a

contract if:

(a) Chapter 6D of the old Corporations Act applies in relation to

an interest in a registered scheme after the FSR

commencement; and

(b) a person (the offeror), in contravention of Chapter 6D of the

old Corporations Act, offers the interest in the registered

scheme for subscription, or issues an invitation to subscribe

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 27 Transitional matters under the Act (other than Chapter 7)

Regulation 10.2.128

156 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

for the interest in the registered scheme during the transition

period in relation to the registered scheme; and

(c) the contract is entered into by a person (other than the

offeror) to subscribe for the interest as a result of the person

accepting the offer, or of the acceptance of an offer made by

the person in response to the invitation.

(2) A reference in section 601MB of the Act to a contract includes the

contract mentioned in subregulation (1).

(3) Subregulation (2) ceases to apply in relation to the contract at the

end of the transition period in relation to the managed investment

product to which the contract mentioned in subregulation (1)

relates.

10.2.128 Situations not giving rise to relevant interests

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 1 of the table in section 1430

of the Act.

(2) A reference in subsection 609(3) of the Act to a financial services

licensee includes the regulated principal.

(3) A reference in subsection 609(3) of the Act to a financial services

business includes the securities business of the regulated principal

as defined in section 93 of the old Corporations Act.

(4) Subregulations (2) and (3) cease to apply in relation to the

regulated person at the end of the transition period in relation to the

regulated principal.

10.2.129 Bidder’s statement content

(1) For section 1444 of the Act, this regulation applies if:

(a) after the FSR commencement, a bidder offers managed

investment products as consideration under a takeover bid;

and

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Transitional matters under the Act (other than Chapter 7) Division 27

Regulation 10.2.130

Corporations Regulations 2001 157

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) Division 2 of Part 7.9 of the Act does not apply to the

managed investment products when the bidder lodges with

ASIC the bidder’s statement under section 636 of the Act.

(2) Paragraph 636(1)(g) of the Act applies to the bidder’s statement as

if the managed investment products were securities other than

managed investment products.

(3) Paragraph 636(1)(ga) of the Act does not apply to the bidder’s

statement.

10.2.130 Continuous disclosure: other disclosing entities

For section 1444 of the Act, a reference in

subparagraph 675(2)(c)(ii) of the Act to a Product Disclosure

Statement, or a Supplementary Product Disclosure Statement, a

copy of which has been lodged with ASIC includes:

(a) a disclosure document lodged with ASIC under Chapter 6D

of the old Corporations Act; and

(b) a supplementary disclosure document, or a replacement

disclosure document, lodged with ASIC under that Chapter.

10.2.131 Sale offers that need disclosure: securities issued before

FSR commencement

(1) For section 1444 of the Act, this regulation applies if:

(a) securities (other than managed investment products) are sold

on or after the FSR commencement; and

(b) the securities were issued before the FSR commencement.

(2) Section 707 of the old Corporations Act, and any associated

provisions, continue to apply in relation to the securities.

(3) Section 707 of the Act does not apply in relation to the securities.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 27 Transitional matters under the Act (other than Chapter 7)

Regulation 10.2.132

158 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.132 Offers that do not need disclosure: offer to sophisticated

investor through licensed dealer

(1) This regulation applies in relation to a regulated principal

mentioned in item 1 of the table in section 1430 of the Act.

(2) A reference in subsection 708(10) of the Act to a financial services

licensee includes the regulated principal.

(3) Subregulation (2) ceases to apply in relation to the regulated

principal at the end of the transition period in relation to the

regulated principal.

10.2.133 Prospectus content: general disclosure test

(1) This regulation applies in relation to a regulated principal

mentioned in item 1 of the table in section 1430 of the Act if the

regulated principal is named in a prospectus as being involved in

any way in the issue or sale of the securities to which the

prospectus applies.

(2) A reference in paragraph 710(3)(e) of the Act to a person named in

a prospectus as a financial services licensee includes the regulated

principal.

(3) Subregulation (2) ceases to apply in relation to the regulated

principal at the end of the transition period in relation to the

regulated principal.

10.2.134 Prospectus content—specific disclosures

(1) This regulation applies in relation to a regulated principal

mentioned in item 1 of the table in section 1430 of the Act if the

regulated principal is named in a prospectus as being involved in

any way in the issue or sale of the securities to which the

prospectus applies.

(2) A reference in paragraph 711(4)(e) of the Act to a person named in

a prospectus as a financial services licensee includes the regulated

principal.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Transitional matters under the Act (other than Chapter 7) Division 27

Regulation 10.2.135

Corporations Regulations 2001 159

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(3) Subregulation (2) ceases to apply in relation to the regulated

principal at the end of the transition period in relation to the

regulated principal.

10.2.135 Registers

For section 1444 of the Act, a reference in

subparagraph 1274(2)(a)(ia) of the Act to a document lodged under

a provision of Chapter 7 of the Act (other than section 675 or

subsection 792C(1)) includes a document lodged with ASIC under

a provision of Chapter 7 (other than subsection 776(2B),

section 1001B or Part 7.13) or Chapter 8 of the old Corporations

Act (whether the document was lodged before or after the FSR

commencement).

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 27A Transitional matters under other legislation

Regulation 10.2.135A

160 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 27A—Transitional matters under other legislation

10.2.135A References to authorised foreign exchange dealers

(1) For section 1444 of the Act, this regulation applies to a reference,

in a law of the Commonwealth (within the meaning of Division 2

of Part 10.2 of the Act), to:

(a) an authorised foreign exchange dealer; or

(b) a person authorised to carry on business as a dealer in foreign

exchange.

(2) On and after the FSR commencement, the reference is taken to

include a holder of an Australian financial services licence that

authorises the holder to buy and sell foreign currency.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Retail clients and wholesale clients Division 28

Regulation 10.2.136

Corporations Regulations 2001 161

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 28—Retail clients and wholesale clients

10.2.136 Securities before the FSR commencement

(1) For section 1444 of the Act, this regulation applies in relation to a

person:

(a) who:

(i) held pre-FSR securities at the FSR commencement; or

(ii) acquired the pre-FSR securities at any time after the

FSR commencement under the relevant old legislation;

and

(b) in relation to whom disclosure was not required under

section 708 of the old Corporations Act in respect of the

particular offer of the pre-FSR securities.

(2) The person is taken to be a wholesale client in relation to the

pre-FSR securities as between the person and the issuer for the

period:

(a) starting on the earlier of:

(i) the FSR commencement; and

(ii) the day on which the pre-FSR securities were acquired;

and

(b) during which the holder holds the pre-FSR securities.

(3) Subregulation (2) applies whether or not the holder would, but for

that subregulation, have become a retail client in relation to the

pre-FSR securities at some time after the FSR commencement.

Note: This regulation is meant to ensure that a person for whom disclosure

was not required under Chapter 6D of the old Corporations Act

(whether the Chapter applies before or after the FSR commencement,

or after FSR commencement in accordance with a relevant old law) is

taken to be a wholesale client in relation to those securities as between

the person and the product issuer.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 28 Retail clients and wholesale clients

Regulation 10.2.137

162 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.137 Incomplete financial services

(1) For section 1444 of the Act, this regulation applies in relation to a

person who:

(a) was provided with an incomplete financial service in relation

to pre-FSR securities before the FSR commencement; and

(b) was not a retail investor in relation to the incomplete

financial service.

(2) The old Corporations Act, and any associated provisions, continue

to apply in relation to the incomplete financial service to the extent

necessary to allow the financial service to be completed under the

old Corporations Act.

(3) The amended Corporations Act does not apply in relation to the

incomplete financial service to the extent necessary to allow the

financial service to be completed under the old Corporations Act.

(4) In this regulation:

incomplete financial service means a service:

(a) that is, or would be, a financial service under the Act,

whether it was provided before or after the FSR

commencement; and

(b) either:

(i) that commenced before the amended Corporations Act

applied to the provider in relation to the service; or

(ii) in relation to which instructions had been received by

the provider of the service from the client, or a person

acting on the client’s behalf, before the amended

Corporations Act applied to the provider in relation to

the service; and

(c) in relation to which:

(i) the provider of the service did not need to obtain from

the client any further instructions or information in

order to be authorised or able to complete the provision

of the service; or

(ii) the majority of activities that needed to be carried out:

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Retail clients and wholesale clients Division 28

Regulation 10.2.138

Corporations Regulations 2001 163

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(A) by the provider; or

(B) by a person acting on the instructions of the

provider; or

(C) on behalf of the provider;

occurred before the amended Corporations Act applied

to the provider in relation to the financial service; and

(d) completed within 4 weeks after the amended Corporations

Act applies to that provider in relation to the service.

retail investor means a retail investor under

subregulation 7.3.02B(10) of these Regulations, as in force

immediately before the FSR commencement.

10.2.138 Professional investors

(1) For section 1444 of the Act, this regulation applies in relation to:

(a) a regulated principal mentioned in item 1, 2, 3 or 4 of the

table in section 1430 of the Act; or

(b) a person who:

(i) at the FSR commencement, is an exempt dealer who

acts as a principal; and

(ii) is a regulated principal mentioned in item 4 of the table

in regulation 10.2.38; or

(c) a person who:

(i) at the FSR commencement, is an exempt investment

adviser who acts as a principal; and

(ii) is a regulated principal mentioned in item 4 of the table

in regulation 10.2.38.

(2) The person is taken to be a professional investor for section 9 and

paragraph 761G(7)(d) of the Act.

(3) Subject to subregulation (4), this regulation ceases to apply in

relation to the person on the earlier of:

(a) the end of the transition period in relation to the person under

subsection 1431(1) of the Act; and

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 28 Retail clients and wholesale clients

Regulation 10.2.138

164 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) the day on which the person ceases to have the status that

made the person a regulated person.

(4) If:

(a) the person is subject to an exemption or modification under

section 1437 of the Act; and

(b) the exemption or modification has the effect of extending the

transition period in relation to the person (generally or in

respect of certain activities);

the person ceases to be a person mentioned in subregulation (1) at

the end of the period of the extension.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Effect on definitions in old Corporations Act of transition to licensed markets and

licensed CS facilities Division 29

Regulation 10.2.139

Corporations Regulations 2001 165

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 29—Effect on definitions in old Corporations Act

of transition to licensed markets and licensed CS

facilities

10.2.139 Approved foreign bank

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in the definition of approved foreign bank in section 9

of the old Corporations Act to a member of a futures organisation

includes a participant of a licensed market for derivatives.

(3) A reference in the definition of approved foreign bank in section 9

of the old Corporations Act to an approval given by a futures

organisation in accordance with its business rules (within the

meaning of Chapter 8 of the old Corporations Act) includes an

approval given by the operator of a licensed market for derivatives

(within the meaning of section 761A of the amended Corporations

Act).

10.2.140 Eligible exchange-traded options

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in the definition of eligible exchange-traded option in

section 9 of the old Corporations Act to a futures market of a

futures exchange includes a licensed market for derivatives.

10.2.141 Futures law

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 29 Effect on definitions in old Corporations Act of transition to licensed

markets and licensed CS facilities

Regulation 10.2.142

166 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(2) A reference in the definition of futures law in section 9 of the old

Corporations Act to Chapter 8 of the old Corporations Act includes

Chapter 7 of the amended Corporations Act.

10.2.142 Member organisation

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in paragraph (a) of the definition of member

organisation in section 9 of the old Corporations Act to a

securities exchange or a stock exchange includes a licensed market

for securities.

(3) A reference in paragraph (a) of the definition of member

organisation in section 9 of the old Corporations Act to the

business rules of a securities exchange or a stock exchange

includes the operating rules of a licensed market for securities.

(4) A reference in paragraph (b) of the definition of member

organisation in section 9 of the old Corporations Act to a futures

organisation includes a licensed market for derivatives.

(5) A reference in paragraph (b) of the definition of member

organisation in section 9 of the old Corporations Act to a member

of a futures organisation includes a participant of a licensed market

for derivatives.

(6) A reference in subparagraph (b)(ii) of the definition of member

organisation in section 9 of the old Corporations Act to a

partnership that a futures organisation recognises as a member

organisation includes a partnership that a market licensee

recognises as a member organisation.

10.2.143 Non-broker

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Effect on definitions in old Corporations Act of transition to licensed markets and

licensed CS facilities Division 29

Regulation 10.2.144

Corporations Regulations 2001 167

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(2) A reference in the definition of non-broker in section 9 of the old

Corporations Act to a futures broker or one of 2 or more persons

who together constitute a futures broker includes:

(a) a financial services licensee; and

(b) one of 2 or more persons who together constitute a financial

services licensee.

10.2.144 Non-dealer

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in the definition of non-dealer in section 9 of the old

Corporations Act to a dealer or one of 2 or more persons who

together constitute a dealer includes:

(a) a financial services licensee; and

(b) one of 2 or more persons who together constitute a financial

services licensee.

10.2.145 Securities law

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in the definition of securities law in section 9 of the

old Corporations Act to Chapter 7 of the old Corporations Act

includes Chapter 7 of the amended Corporations Act.

10.2.146 Marketable parcel

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in the definition of marketable parcel in section 761 of

the old Corporations Act to a stock market of a securities exchange

includes a licensed market for securities.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 29 Effect on definitions in old Corporations Act of transition to licensed

markets and licensed CS facilities

Regulation 10.2.146

168 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(3) A reference in the definition of marketable parcel in section 761 of

the old Corporations Act to the relevant business rules of a stock

market of a securities exchange includes the relevant operating

rules of a licensed market for securities.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Effect on certain conduct of transition to licensed markets and licensed CS facilities

Division 30

Regulation 10.2.147

Corporations Regulations 2001 169

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 30—Effect on certain conduct of transition to

licensed markets and licensed CS facilities

10.2.147 Own account dealings and transactions: futures contracts

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in subsection 29(2) of the old Corporations Act to a

member of a futures exchange includes a participant of a licensed

market for derivatives.

10.2.148 Conditions of dealers licence

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 1 or 2 of the table in

section 1430 of the Act.

(2) A reference in subsection 786(8) of the old Corporations Act to a

member of a securities exchange includes a participant of a

licensed market for securities.

(3) A reference in subsection 786(8) of the old Corporations Act to a

securities exchange includes a market licensee.

(4) A reference in subsection 786(8) of the old Corporations Act to a

member firm includes a participating firm.

10.2.149 Persons who are not clients

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 1 or 2 of the table in

section 1430 of the Act.

(2) A reference in section 794 of the old Corporations Act to a dealer

or an investment adviser includes:

(a) a financial services licensee; and

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 30 Effect on certain conduct of transition to licensed markets and licensed CS

facilities

Regulation 10.2.150

170 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) one of 2 or more persons who together constitute a financial

services licensee.

10.2.150 Dealings and transactions on a dealer’s own account

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 1 of the table in section 1430

of the Act.

(2) A reference in subsection 843(5) of the old Corporations Act to a

dealer who is a member of a securities exchange includes a

participant of a licensed market for securities.

10.2.151 Dealer to give priority to clients’ orders

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 1 of the table in section 1430

of the Act.

(2) A reference in subsection 844(2) of the old Corporations Act to a

stock market of a securities exchange includes a licensed market

for securities.

10.2.152 Dealers’ financial records

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 1 of the table in section 1430

of the Act.

(2) A reference in paragraph 856(10)(c) of the old Corporations Act to

a dealer includes a financial services licensee.

10.2.153 Auditor to report to ASIC on certain matters

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 1 of the table in section 1430

of the Act.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Effect on certain conduct of transition to licensed markets and licensed CS facilities

Division 30

Regulation 10.2.154

Corporations Regulations 2001 171

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(2) A reference in subsection 861(1) of the old Corporations Act to a

securities exchange of which a holder is a member includes a

licensed market for securities of which the regulated principal is a

participant.

10.2.154 Qualified privilege for auditor

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 1 of the table in section 1430

of the Act.

(2) A reference in paragraph 863(1)(b) of the old Corporations Act to a

securities exchange includes the operator of a licensed market for

securities.

10.2.155 Court may freeze certain bank accounts of dealers and

former dealers

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 1 of the table in section 1430

of the Act.

(2) A reference in paragraph 874(1)(b) of the old Corporations Act to

the business rules of a securities exchange of which a person is or

has been a member includes the operating rules of a licensed

market for securities of which the regulated principal is or has been

a participant.

10.2.156 Interpretation—registers

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 1 of the table in section 1430

of the Act.

(2) A reference in the definition of financial journalist in

subsection 879(1) of the old Corporations Act to a licensee

includes a financial services licensee.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 30 Effect on certain conduct of transition to licensed markets and licensed CS

facilities

Regulation 10.2.157

172 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(3) A reference in paragraph (b) of the definition of securities in

subsection 879(1) of the old Corporations Act to a securities

exchange includes a licensed market for securities.

(4) A reference in paragraph 879(2)(a) of the old Corporations Act to a

securities exchange includes an operator of a licensed market for

securities.

(5) A reference in paragraph 879(2)(a) of the old Corporations Act to a

member of a securities exchange that is recognised by that

securities as specialising in transactions relating to odd lots of

securities exchange includes a participant of a licensed market that

is recognised by the market licensee in relation to that licensed

market as specialising in transactions relating to odd lots of

securities.

(6) A reference in subsection 879(2) of the old Corporations Act to a

member’s relevant interests in any securities includes the interests

in securities of a participant mentioned in subregulation (5).

10.2.157 Conditions of futures broker’s licence: membership of

futures organisation

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 3 of the table in section 1430

of the Act.

(2) A reference in paragraph 1148(1)(a) of the old Corporations Act to

being a member of a futures organisation includes being a

participant of a licensed market for derivatives.

(3) A reference in subparagraph 1148(1)(b)(i) of the old Corporations

Act to being a member of no futures organisation includes being a

participant of no licensed market for derivatives.

(4) A reference in subparagraph 1148(1)(b)(ii) of the old Corporations

Act to a licensee’s being a member of a futures organisation, but

for the suspension of the licensee’s membership of the futures

organisation, includes the regulated principal’s being a participant

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Effect on certain conduct of transition to licensed markets and licensed CS facilities

Division 30

Regulation 10.2.158

Corporations Regulations 2001 173

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

of a licensed market for derivatives, but for the suspension of the

regulated principal’s participation in the licensed market.

(5) A reference in subsection 1148(2) of the old Corporations Act to a

licensee’s membership of a futures organisation includes the

regulated principal’s participation in a licensed market for

derivatives.

10.2.158 Futures organisation to be informed about conditions of

futures brokers licence

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 3 of the table in section 1430

of the Act.

(2) A reference in paragraph 1152(1)(a) of the old Corporations Act to

a futures organisation of which a licensee is a member includes the

operator of a licensed market for derivatives of which the regulated

principal is a participant.

(3) A reference in paragraph 1152(1)(b) of the old Corporations Act to

a corporation that is a clearing house for a futures exchange of

which a licensee is a member includes the operator of a licensed

CS facility that provides its services for the clearing and settlement

of transactions effected through a licensed market for derivatives

of which the regulated principal is a participant.

10.2.159 Licensee to notify breach of licence condition

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 3 or 4 of the table in

section 1430 of the Act.

(2) A reference in paragraph 1153(1)(b) of the old Corporations Act to

a futures organisation of which a licensee is a member includes the

operator of a licensed market for derivatives of which the regulated

principal is a participant.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 30 Effect on certain conduct of transition to licensed markets and licensed CS

facilities

Regulation 10.2.160

174 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.160 Register of Futures Licensees

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 3 or 4 of the table in

section 1430 of the Act.

(2) A reference in paragraph 1155(3)(e) of the old Corporations Act to

a futures organisation of which a licensee is a member includes the

operator of a licensed market for derivatives of which the regulated

principal is a participant.

10.2.161 Excluded clients

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 3 or 4 of the table in

section 1430 of the Act.

(2) A reference in section 1159 of the old Corporations Act to a futures

broker or a futures adviser includes:

(a) a financial services licensee; and

(b) one of 2 or more persons who together constitute a financial

services licensee.

10.2.162 Segregation of client money and property

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 3 of the table in section 1430

of the Act.

(2) A reference in subparagraph 1209(5)(d)(iv) of the old Corporations

Act to a clearing house for a futures exchange includes a CS

facility that provides its services for the clearing and settlement of

transactions effected through a licensed market for derivatives.

(3) A reference in subsection 1209(5A) of the old Corporations Act to:

(a) another broker; or

(b) a receiving broker;

includes a financial services licensee.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Effect on certain conduct of transition to licensed markets and licensed CS facilities

Division 30

Regulation 10.2.163

Corporations Regulations 2001 175

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(4) A reference in subsection 1209(5B) of the old Corporations Act to

the brokers concerned includes a financial services licensee.

10.2.163 Accounts to be kept by futures brokers

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 3 of the table in section 1430

of the Act.

(2) A reference in subparagraph 1213(2)(b)(vii) of the old

Corporations Act to the business rules of a futures exchange

includes the operating rules of a licensed market for derivatives.

(3) A reference in subparagraph 1213(2)(b)(vii) of the old

Corporations Act to the futures market of a futures exchange

includes a licensed market for derivatives.

(4) A reference in paragraph 1213(4)(d) of the old Corporations Act to

another futures broker includes a financial services licensee.

(5) A reference in subsection 1213(5) of the old Corporations Act to a

futures exchange includes an operator of a licensed market for

derivatives.

(6) A reference in subsection 1213(5) of the old Corporations Act to a

member includes a participant of a licensed market for derivatives.

(7) A reference in subsection 1213(5) of the old Corporations Act to

recording a matter pursuant to subsection 1270(3) of the old

Corporations Act includes recording a matter for section 1101C of

the amended Corporations Act.

10.2.164 Property in custody of futures broker

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 3 of the table in section 1430

of the Act.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 30 Effect on certain conduct of transition to licensed markets and licensed CS

facilities

Regulation 10.2.165

176 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(2) A reference in paragraph 1214(1)(e) of the old Corporations Act to

the business rules of a futures exchange that maintained or

provided a futures market includes the operating rules of a licensed

market for derivatives.

10.2.165 Auditor to report to ASIC in certain cases

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 3 of the table in section 1430

of the Act.

(2) A reference in subsection 1220(1) of the old Corporations Act to a

futures exchange of which a broker is a member includes:

(a) the operator of a licensed market for derivatives; and

(b) the operator of a licensed CS facility that provides its

services for the clearing and settlement of transactions

effected through that licensed market.

(3) A reference in paragraph 1220(1)(b) of the old Corporations Act to

a futures exchange of which a broker is a member includes:

(a) the operator of a licensed market for derivatives; and

(b) the operator of a licensed CS facility that provides its

services for the clearing and settlement of transactions

effected through that licensed market.

10.2.166 Defamation

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 3 of the table in section 1430

of the Act.

(2) A reference in paragraph 1222(1)(b) of the old Corporations Act to

a futures exchange, a clearing house for a futures exchange, or a

futures association includes:

(a) the operator of a licensed market for derivatives; and

(b) the operator of a licensed CS facility that provides its

services for the clearing and settlement of transactions

effected through a licensed market for derivatives.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Effect on certain conduct of transition to licensed markets and licensed CS facilities

Division 30

Regulation 10.2.167

Corporations Regulations 2001 177

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.167 Power of Court to restrain dealings with futures broker’s

bank accounts

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 3 of the table in section 1430

of the Act.

(2) A reference in section 1224 of the old Corporations Act to a

member of a futures organisation includes a participant of a

licensed market for derivatives.

(3) A reference in subsection 1224(2) of the old Corporations Act to a

futures organisation includes a market licensee.

10.2.168 Power of Court to restrain dealings with futures broker’s

bank accounts

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 3 of the table in section 1430

of the Act.

(2) A reference in section 1226 of the old Corporations Act to a futures

organisation includes the operator of a licensed market for

derivatives.

10.2.169 Sequence of transmission and execution of orders

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 3 of the table in section 1430

of the Act.

(2) A reference in subsection 1266(1) of the old Corporations Act to a

futures market includes a licensed market for derivatives.

(3) A reference in paragraph 1266(4)(c) of the old Corporations Act to

the business rules of a futures organisation of which a futures

broker is a member includes the operating rules of a licensed

market for derivatives of which the broker is a participant.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 30 Effect on certain conduct of transition to licensed markets and licensed CS

facilities

Regulation 10.2.170

178 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(4) A reference in subsection 1266(5) of the old Corporations Act to a

member of a futures exchange includes a participant of a licensed

market for derivatives.

(5) A reference in subsection 1266(5) of the old Corporations Act to a

trading floor of a futures exchange includes a trading floor of a

licensed market for derivatives.

(6) A reference in subsection 1266(6) of the old Corporations Act to

the business rules of a futures organisation of which a broker is a

member includes the operating rules of a licensed market of which

the broker is a participant.

10.2.170 Dealings by employees of futures brokers and futures

advisers

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 3 or 4 of the table in

section 1430 of the Act.

(2) A reference in subsection 1267(7), (9) or (10) of the old

Corporations Act to a futures exchange includes a licensed market

for derivatives.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Effect on fundraising of transition to licensed markets and licensed CS facilities

Division 31

Regulation 10.2.171

Corporations Regulations 2001 179

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 31—Effect on fundraising of transition to licensed

markets and licensed CS facilities

10.2.171 Sale offers that need disclosure

(1) For section 1444 of the Act, this regulation applies in relation to a

managed investment product.

(2) A reference in subparagraph 707(2)(b)(ii) of the old Corporations

Act to a stock market of a securities exchange includes a relevant

financial market.

(3) A reference in subparagraph 707(5)(a)(ii) of the old Corporations

Act to a stock market of a securities exchange includes a relevant

financial market on which the securities mentioned in that

subparagraph were quoted.

10.2.172 Prospectus content—specific disclosures

(1) For section 1444 of the Act, this regulation applies in relation to a

managed investment product.

(2) A reference in subsection 711(5) of the old Corporations Act to a

stock market of a securities exchange includes a financial market

(whether in Australia or elsewhere).

(3) A reference in subsection 711(5) of the old Corporations Act to a

stock market includes a financial market (whether in Australia or

elsewhere).

(4) A reference in subsection 711(5) of the old Corporations Act to a

securities exchange includes the operator of a financial market

(whether in Australia or elsewhere).

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 31 Effect on fundraising of transition to licensed markets and licensed CS

facilities

Regulation 10.2.173

180 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.173 Issuing or transferring the securities under a disclosure

document

(1) For section 1444 of the Act, this regulation applies in relation to a

managed investment product.

(2) A reference in subsection 723(3) of the old Corporations Act to a

stock market of a securities exchange (whether in Australia or

elsewhere) includes a financial market (whether in Australia or

elsewhere).

10.2.174 Choices open to person making an offer if disclosure

document condition not met or disclosure document

defective

(1) For section 1444 of the Act, this regulation applies in relation to a

managed investment product.

(2) A reference in paragraph 724(1)(b) of the old Corporations Act to a

stock market of a securities exchange (whether in Australia or

elsewhere) includes a financial market (whether in Australia or

elsewhere).

10.2.175 Restrictions on advertising and publicity

(1) For section 1444 of the Act, this regulation applies in relation to a

managed investment product.

(2) A reference in paragraph 734(7)(a) of the old Corporations Act to a

securities exchange includes a market operator.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Effect on product disclosure of transition to licensed markets and licensed CS facilities

Division 32

Regulation 10.2.176

Corporations Regulations 2001 181

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 32—Effect on product disclosure of transition to

licensed markets and licensed CS facilities

10.2.176 Offers that do not need disclosure

(1) For section 1444 of the Act, this regulation applies in relation to a

managed investment product.

(2) A reference in subsection 708(10) of the old Corporations Act to a

licensed dealer includes a financial services licensee.

(3) A reference in subsection 708(11) of the old Corporations Act to:

(a) a person who is a licensed or exempt dealer; or

(b) a person who is a licensed or exempt investment adviser;

includes a financial services licensee.

10.2.177 Prospectus content—general disclosure test

(1) For section 1444 of the Act, this regulation applies in relation to a

managed investment product.

(2) A reference in paragraph 710(3)(e) of the old Corporations Act to a

stockbroker to an issue or sale includes, in relation to a stockbroker

that participates in any way in the preparation of the prospectus for

the issue or sale, a person named in the prospectus as a financial

services licensee that is involved in the issue or sale.

10.2.178 Prospectus content—specific disclosures

(1) For section 1444 of the Act, this regulation applies in relation to a

managed investment product.

(2) A reference in paragraph 711(4)(e) of the old Corporations Act to a

stockbroker includes a financial services licensee named in the

prospectus for the issue or sale as a financial services licensee that

is involved in the issue or sale.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 32 Effect on product disclosure of transition to licensed markets and licensed

CS facilities

Regulation 10.2.179

182 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.179 Futures broker to give certain information to prospective

client

(1) For section 1444 of the Act, this regulation applies in relation to a

derivative.

(2) A reference in subsection 1210(3) of the old Corporations Act to a

futures broker includes a financial services licensee.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Effect on Corporations Regulations 2001 of transition of financial service providers and

transition to licensed markets and licensed CS facilities Division 33

Regulation 10.2.180

Corporations Regulations 2001 183

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 33—Effect on Corporations Regulations 2001 of

transition of financial service providers and

transition to licensed markets and licensed CS

facilities

10.2.180 Licence conditions—investment advice to retail investors

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in subregulation 7.3.02B(8) of the old Corporations

Regulations to:

(a) the holder of a dealers licence; or

(b) the holder of an investment advisers licence;

includes a financial services licensee.

10.2.181 Exemption from licensing—certain dealings

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal mentioned in item 5 of the table in section 1430

of the Act.

(2) A reference in paragraph 7.3.10A(b) of the old Corporations

Regulations to a life insurance broker within the meaning of the

Insurance (Agents and Brokers) Act 1984 includes the regulated

principal.

10.2.182 Exemption from licensing—managed investment schemes

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal that is a body corporate.

(2) A reference in subregulation 7.3.11(3) of the old Corporations

Regulations to Chapter 6D of the Act includes Chapter 7 of the

amended Corporations Act.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 33 Effect on Corporations Regulations 2001 of transition of financial service

providers and transition to licensed markets and licensed CS facilities

Regulation 10.2.183

184 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.183 Exempt dealer

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in regulation 7.4.01 of the old Corporations

Regulations to a member of a securities exchange includes a

participant of a licensed market.

10.2.184 Exempt securities and interests

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in regulation 7.4.02 of the old Corporations

Regulations to Chapter 6D of the Act includes Chapter 7 of the

amended Corporations Act.

10.2.185 Transactions in prescribed circumstances

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in regulation 7.4.03 of the old Corporations

Regulations to a securities exchange in Australia includes a

licensed market.

(3) A reference in regulation 7.4.03 of the old Corporations

Regulations to persons who are members of a securities exchange

in Australia includes persons who are participants of a licensed

market.

10.2.186 Exempted transaction

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in regulation 7.4.04 of the old Corporations

Regulations to Business Rules includes operating rules within the

meaning of section 761A of the amended Corporations Act.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Effect on Corporations Regulations 2001 of transition of financial service providers and

transition to licensed markets and licensed CS facilities Division 33

Regulation 10.2.187

Corporations Regulations 2001 185

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.2.187 Charging brokerage on principal transactions

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in subregulation 7.4.04A(1) of the old Corporations

Regulations to a member of a securities exchange includes a

participant of a licensed market.

10.2.188 Exemption from subsection 844(2) of old Corporations Act

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in regulation 7.4.05 of the old Corporations

Regulations to a member of a stock exchange includes a participant

of a licensed market.

(3) A reference in regulation 7.4.05 of the old Corporations

Regulations to the business rules of a stock exchange includes the

operating rules of a licensed market.

10.2.189 Exemption: Part 8.3 of old Corporations Act—certain

futures contracts

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in paragraph (a) of the definition of investment

manager in subregulation 8.3.02(1) of the old Corporations

Regulations to the holder of a dealers licence includes a financial

services licensee.

(3) A reference in subparagraph 8.3.02(2)(c)(i) of the old Corporations

Regulations to a member of a futures exchange includes a

participant of a licensed market for derivatives.

(4) A reference in subparagraph 8.3.02(2)(c)(i) of the old Corporations

Regulations to the business rules of a futures exchange includes the

operating rules of a licensed market for derivatives.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 33 Effect on Corporations Regulations 2001 of transition of financial service

providers and transition to licensed markets and licensed CS facilities

Regulation 10.2.190

186 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(5) A reference in subparagraph 8.3.02(2)(c)(ii) of the old

Corporations Regulations to a member of a futures exchange

includes a participant of a licensed market for derivatives.

(6) A reference in subparagraph 8.3.02(2)(d)(i) of the old Corporations

Regulations to a dealers licence includes a financial services

licence that authorises the operation of a registered managed

investment scheme.

10.2.190 Exemption of certain transactions from subsection 1206(1)

of old Corporations Act

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in paragraph 8.4.01(b) of the old Corporations

Regulations to a member of a clearing house of a futures exchange

includes a participant of a licensed CS facility that provides its

services for the clearing and settlement of transactions effected

through a licensed market for derivatives.

(3) A reference in regulation 8.4.01 of the old Corporations

Regulations to the business rules of a futures exchange includes the

operating rules of a licensed market for derivatives.

10.2.191 Exemption of certain transactions from subsection 1207(1)

of the old Corporations Act

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in regulation 8.4.03 of the old Corporations

Regulations to a member of a clearing house of a futures exchange

includes a participant of a licensed CS facility that provides its

services for the clearing and settlement of transactions effected

through a licensed market for derivatives.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Effect on Corporations Regulations 2001 of transition of financial service providers and

transition to licensed markets and licensed CS facilities Division 33

Regulation 10.2.192

Corporations Regulations 2001 187

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(3) A reference in paragraph 8.4.03(d) of the old Corporations

Regulations to the business rules of a futures exchange includes the

operating rules of a licensed market for derivatives.

10.2.192 Which futures broker to comply with subsection 1207(1) of

old Corporations Act in relation to certain transactions

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in regulation 8.4.03A of the old Corporations

Regulations to a futures broker includes a financial services

licensee.

10.2.193 Exemption of certain transactions from paragraphs

1207(1)(g) and (h) of old Corporations Act

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) A reference in paragraph 8.4.04(b) of the old Corporations

Regulations to a member of a clearing house of a futures exchange

includes a participant of a licensed CS facility that provides its

services for the clearing and settlement of transactions effected

through a licensed market for derivatives.

(3) A reference in paragraph 8.4.04(d) of the old Corporations

Regulations to the business rules of a futures exchange includes the

operating rules of a licensed market for derivatives.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 34 Effect on certain instruments of transition of financial service providers

and transition to licensed markets and licensed CS facilities

Regulation 10.2.194

188 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 34—Effect on certain instruments of transition of

financial service providers and transition to

licensed markets and licensed CS facilities

10.2.194 References to certain matters

(1) For section 1444 of the Act, this regulation applies in relation to:

(a) a regulated principal; and

(b) the following instruments:

(i) an approval of a stock market under subsection 770A(2)

of the old Corporations Act;

(ii) a declaration of an exempt stock market under

subsection 771(1) of the old Corporations Act;

(iii) a declaration of an exempt futures market under

subsection 1127(1) of the old Corporations Act.

(2) A reference in an instrument to a securities dealer’s licence

includes a Australian financial service licence that authorises the

holder to deal in securities.

(3) A reference in an instrument to the business rules of a securities

exchange or a stock exchange includes the operating rules of a

licensed market for securities.

(4) A reference in an instrument to a person who is not a retail investor

within the meaning of subregulation 7.3.02B(8) of the old

Corporations Regulations includes a professional investor within

the meaning of section 9 of the Act.

(5) A reference in an instrument to:

(a) a prospectus; or

(b) a replacement prospectus;

includes a Product Disclosure Statement.

(6) A reference in an instrument to a supplementary prospectus

includes a supplementary Product Disclosure Statement.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Effect on certain instruments of transition of financial service providers and transition to

licensed markets and licensed CS facilities Division 34

Regulation 10.2.194

Corporations Regulations 2001 189

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(7) A reference in an instrument to the Commission includes ASIC.

(8) A reference in an instrument to the ASC includes ASIC.

(9) A reference in an instrument to a futures brokers licence includes

an Australian financial services licence that authorises the holder to

deal in derivatives.

(10) A reference in an instrument to a futures licensee includes a person

who holds an Australian financial services licence that authorises

the holder to deal in derivatives.

(11) A reference in an instrument to Division 2 of Part 4.1 of the old

Corporations Act includes Division 2 of Part 5B.2 of the Act.

(12) A reference in an instrument to section 345 of the old Corporations

Act includes section 601CF of the Act.

(13) A reference in an instrument to a clearing house includes a licensed

clearing and settlement facility.

(14) A reference in an instrument to an approved futures exchange

includes a licensed market operated by:

(a) Sydney Futures Exchange Limited; or

(b) SFE Corporation Limited; or

(c) ASX Futures Exchange Pty Limited.

(15) A reference in an instrument to a recognised futures exchange

includes a recognised futures exchange mentioned in Schedule 11

to the old Corporations Regulations.

(16) A reference in an instrument to a futures market of any exchange

includes a financial market in relation to derivatives operated by a

market licensee.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 35 Streamlined licensing

Regulation 10.2.195

190 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 35—Streamlined licensing

10.2.195 Suspension or cancellation of streamlined licence

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee to which the streamlined licensing

procedure in section 1433 of the Act applied when the licensee’s

Australian financial services licensee was granted.

(2) If the financial services licensee is an individual,

paragraph 915C(1)(b) of the Act applies to the financial services

licensee:

(a) as if ASIC had been satisfied in the terms of

subsection 913B(2) of the Act (dealing with whether the

financial services licensee is of good fame and character)

when the Australian financial services licence was granted;

and

(b) to the extent necessary to allow ASIC to consider whether

there is no reason to believe that the financial services

licensee is not of good fame or character.

(3) If the financial services licensee is not an individual,

paragraph 915C(1)(b) of the Act applies to the financial services

licensee:

(a) as if ASIC had been satisfied in the terms of

subsection 913B(3) of the Act (dealing with whether the

financial services licensee or its representatives are of good

fame and character) when the Australian financial services

licence was granted; and

(b) to the extent necessary to allow ASIC to consider whether

there is no reason to believe that the financial services

licensee or its representatives are not of good fame or

character.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Insurance multi-agents Division 36

Regulation 10.2.196

Corporations Regulations 2001 191

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 36—Insurance multi-agents

10.2.196 Application by holder of qualified licence

(1) For section 1444 of the Act, this regulation applies in relation to a

person if:

(a) the person is an insurance multi-agent within the meaning of

section 1434 of the Act; and

(b) the person holds an Australian financial services licence

granted in accordance with the procedures mentioned in that

section; and

(c) the person applies, at the end of the transition period in

relation to the person, under section 913A of the Act, for an

Australian financial services licence; and

(d) section 1434 of the Act does not apply in relation to the

application for an Australian financial services licence; and

(e) ASIC proposes to consider only the matters mentioned in

paragraphs 912A(1)(e) and (f) of the Act rather than all of the

matters mentioned in subsection 912A(1) of the Act.

(2) Paragraph 913B(1)(b) of the Act applies to the consideration of the

application as if the reference to obligations that will apply under

section 912A of the Act were a reference to the obligations that

will apply under paragraphs 912A(1)(e) and (f) of the Act.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 37 Hawking of managed investment products

Regulation 10.2.197

192 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 37—Hawking of managed investment products

10.2.197 Hawking interest in managed investment scheme

(1) For section 1444 of the Act, this regulation applies in relation to

interests in managed investment schemes.

(2) If Division 2 of Part 7.9 of the Act applies to an interest in a

managed investment scheme:

(a) section 992AA of the Act applies to the interest; and

(b) section 736 of the old Corporations Act does not apply to the

interest.

(3) If Division 2 of Part 7.9 of the Act does not apply to an interest in a

managed investment scheme, sections 992A and 992AA of the Act

do not apply to the interest.

10.2.198 Hawking financial product—other arrangements

(1) For section 1444 of the Act, this regulation applies in relation to a

financial product.

(2) If Division 2 of Part 7.9 of the Act does not apply to the financial

product, a reference in section 992A of the Act to a Product

Disclosure Statement in relation to the financial product includes:

(a) in relation to a derivative—information mentioned in

section 1210 of the old Corporations Act; and

(b) in relation to a superannuation product—information

mentioned in section 153 or 159 of the SIS Act, as in force

immediately before the FSR commencement; and

(c) in relation to an RSA product—information mentioned in

section 56 of the RSA Act, as in force immediately before the

FSR commencement; and

(d) in relation to a managed investment product—a disclosure

document for the product.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Hawking of managed investment products Division 37

Regulation 10.2.198

Corporations Regulations 2001 193

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(3) If Division 2 of Part 7.9 of the Act does not apply to the financial

product, subsection 992A(3) of the Act applies in relation to a

financial product that is not mentioned in subregulation (2) as if

paragraphs 992A(3)(c), (d) and (e) were omitted.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 38 Security bonds issued before FSR commencement

Regulation 10.2.199

194 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 38—Security bonds issued before FSR

commencement

10.2.199 Security bonds

(1) For section 1444 of the Act, this regulation applies in relation to a

financial services licensee who became a regulated principal

mentioned in item 1 or 2 of the table in section 1430 of the Act at

the FSR commencement.

(2) Regulations 7.3.04, 7.3.06 and 7.3.07 of the old Corporations

Regulations, and any associated provisions, continue to apply in

relation to the regulated principal’s regulated activities.

(3) The regulations mentioned in subregulation (2) continue to apply

after the end of the transition period for the regulated principal.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Disclosure documents Division 39

Regulation 10.2.200

Corporations Regulations 2001 195

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 39—Disclosure documents

10.2.200 Disclosure documents—cooling-off period

(1) For section 1444 of the Act, this regulation applies in relation to a

document if:

(a) the document is a prospectus or other disclosure document

for a financial product; and

(b) the issuer of the financial product is a regulated principal to

which Division 2 of Part 7.9 of the Act does not apply in

relation to the financial product; and

(c) the particular document:

(i) was publicly available; or

(ii) had been distributed to users; or

(iii) had been lodged with ASIC; or

(iv) was otherwise in existence and in use, or available for

use;

before the FSR commencement.

(2) The issuer of the financial product is not civilly or criminally liable

in relation to information about the cooling off regime applying

after the FSR commencement if:

(a) the confirmation of the transaction:

(i) provides a statement of the cooling-off regime that

applies in respect of the acquisition of that product; and

(ii) states that the information in the confirmation of the

transaction supersedes the information in that document;

or

(b) the responsible person amends the disclosure document to

include information on any cooling-off regime.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 40 Telephone monitoring during takeovers

Regulation 10.2.201

196 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 40—Telephone monitoring during takeovers

10.2.201 Telephone monitoring

(1) For section 1444 of the Act, this regulation applies in relation to a

takeover bid:

(a) for which the bid period starts before the FSR

commencement; and

(b) to which Subdivision D of Division 5 of Part 6.5 of the Act

would apply.

(2) Subdivision D of Division 5 of Part 6.5 of the Act does not apply

to the takeover bid.

10.2.201A References to financial services licensees

For section 1444 of the Act:

(a) a reference in paragraph 648J(4)(c) of the Act to a

professional investor includes the holder of a licence of any

type granted or issued under the old Corporations Act; and

(b) a reference in subregulation 6.5.01(3) to a financial services

licensee includes the holder of a licence of any type granted

or issued under the old Corporations Act.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Requirements if Product Disclosure Statement is not in existence Division 41

Regulation 10.2.202

Corporations Regulations 2001 197

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 41—Requirements if Product Disclosure

Statement is not in existence

10.2.202 Documents equivalent to Product Disclosure Statement

(1) For section 1444 of the Act, a reference in paragraph 949A(2)(c) of

the Act to a Product Disclosure Statement includes:

(a) in relation to a managed investment product to which

Division 2 of Part 7.9 of the Act does not yet apply—a

disclosure document for the product; and

(b) in relation to a derivative to which Division 2 of Part 7.9 of

the Act does not yet apply—information mentioned in

section 1210 of the old Corporations Act; and

(c) in relation to a superannuation product to which Division 2 of

Part 7.9 of the Act does not yet apply—information

mentioned in section 153 or 159 of the SIS Act, as in force

immediately before the FSR commencement; and

(d) in relation to an RSA product to which Division 2 of Part 7.9

of the Act does not yet apply—information mentioned in

section 56 of the RSA Act, as in force immediately before the

FSR commencement.

(2) For section 1444 of the Act, subsection 949A(2) of the Act applies

in relation to a financial product:

(a) to which Division 2 of Part 7.9 of the Act does not apply; and

(b) that is not mentioned in subregulation (1);

as if paragraph 949A(2)(c) were omitted.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 42 Dealing with money received for financial product before the product is

issued

Regulation 10.2.203

198 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 42—Dealing with money received for financial

product before the product is issued

10.2.203 Payment of money into account

For section 1444 of the Act, a reference in paragraph 1017E(1)(b)

of the Act to a Product Disclosure Statement for a financial product

includes a disclosure document for the product.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Arrangements related to deposits with stock exchanges Division 43

Regulation 10.2.204

Corporations Regulations 2001 199

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 43—Arrangements related to deposits with stock

exchanges

10.2.204 Withdrawals from trust account

(1) For section 1444 of the Act, this regulation applies to the extent

that section 869 of the old Corporations Act continues to apply on

and after the FSR commencement.

(2) Section 869 of the old Corporations Act continues to apply as if

paragraph 869(1)(b) were omitted.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 44 Superannuation to which arrangements apply under the Family Law Act

1975

Regulation 10.2.205

200 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 44—Superannuation to which arrangements

apply under the Family Law Act 1975

10.2.205 Application of amendments

(1) For section 1444 of the Act, this regulation applies in relation to a

regulated principal.

(2) Subject to subregulation (3), on and after the FSR commencement,

the regulated principal must deal with a matter to which the Family

Law Legislation Amendment (Superannuation) Act 2001 applies as

if:

(a) all amendments of the SIS Act enacted before the FSR

commencement were in force on the FSR commencement;

and

(b) all amendments of the SIS Regulations enacted before the

FSR commencement were in force on the FSR

commencement; and

(c) all amendments of the RSA Act enacted before the FSR

commencement were in force on the FSR commencement;

and

(d) all amendments of the RSA Regulations enacted before the

FSR commencement were in force on the FSR

commencement; and

(e) all amendments of the Family Law (Superannuation)

Regulations 2001 enacted before the FSR commencement

were in force on the FSR commencement.

(3) Subregulation (2) applies only to the extent that dealing with a

matter in accordance with that subregulation is not inconsistent

with compliance with:

(a) the following provisions, and any associated provisions:

(i) section 153, and all the provisions of Divisions 3 and 4

of Part 19, of the Superannuation Industry (Supervision)

Act 1993 as in force immediately before the FSR

commencement;

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Superannuation to which arrangements apply under the Family Law Act 1975 Division

44

Regulation 10.2.205

Corporations Regulations 2001 201

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(ii) the version of section 153A of that Act that was

provided for in Modification Declaration no. 15 as in

force immediately before the FSR commencement,

being a declaration of modification made under

section 332 of that Act; and

(b) section 51, and all the provisions of Divisions 4 and 5 of

Part 5, of the Retirement Savings Accounts Act 1997 as in

force immediately before the FSR commencement, and any

associated provisions.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 45 Arrangements relating to certain reporting periods

Regulation 10.2.206

202 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 45—Arrangements relating to certain reporting

periods

10.2.206 Fund information for retail clients for financial products

that have an investment component: superannuation

(1) For section 1444 of the Act, this regulation applies in relation to a

fund reporting period under Subdivision 2.4.1 of the SIS

Regulations that had not ended before the FSR commencement.

(2) The fund reporting period for the financial product, worked out in

accordance with Subdivision 2.4.1, is taken to be a fund reporting

period for Subdivision 5.5 of Part 7.9 of these Regulations.

10.2.207 Periodic statements for retail clients for financial products

that have an investment component

(1) For section 1444 of the Act, this regulation applies if:

(a) a person acquired a financial product, as described in

subsection 1017D(1) of the Act; and

(b) the issuer of the financial product was a regulated principal in

relation to the financial product.

(2) The reporting period for the financial product, worked out in

accordance with the old Corporations Act, is taken to be a

reporting period for the Act.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Arrangements relating to passbook accounts Division 46

Regulation 10.2.208

Corporations Regulations 2001 203

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 46—Arrangements relating to passbook accounts

10.2.208 Periodic statements

(1) For section 1444 of the Act, this regulation applies in relation to a

basic deposit product:

(a) for which the holder of the product is provided with, and

keeps, a document commonly referred to as a ‘passbook’ into

which entries of deposits to and withdrawals from the

product are recorded by the product issuer; and

(b) that was issued before the FSR commencement.

(2) Section 1017D of the Act does not apply in relation to the basic

deposit product.

10.2.209 Confirmation of transactions

(1) For section 1444 of the Act, this regulation applies in relation to a

basic deposit product:

(a) for which the holder of the product is provided with, and

keeps, a document commonly referred to as a ‘passbook’ into

which entries of deposits to and withdrawals from the

product are recorded by the product issuer; and

(b) that was issued before the FSR commencement.

(2) Section 1017F of the Act does not apply in relation to the basic

deposit product.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 47 Agreements with unlicensed persons relating to the provision of financial

services

Regulation 10.2.210

204 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 47—Agreements with unlicensed persons relating

to the provision of financial services

10.2.210 Agreements

(1) For section 1444 of the Act, this regulation applies if:

(a) a person (person 1) enters into an agreement with another

person (person 2) in the course of an activity conducted by

person 2; and

(b) at that time, Part 7.6 of the Act does not apply to person 2 in

relation to the activity; and

(c) the activity would constitute carrying on a financial services

business if Part 7.6 of the Act applied to person 2 in relation

to the activity; and

(d) the agreement is not completed when Part 7.6 of the Act first

applies to person 2 in relation to the activity; and

(e) when Part 7.6 of the Act first applies to person 2 in relation

to the activity, person 2:

(i) does not hold an Australian financial services licence

covering the activity; and

(ii) is not exempt from the requirement to hold that licence.

(2) Division 11 of Part 7.6 of the Act applies in relation to the

agreement to the extent that that Division is not inconsistent with

Division 2 of Part 7.3 of the old Corporations Act.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Arrangements for Lloyd’s Division 48

Regulation 10.2.211

Corporations Regulations 2001 205

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 48—Arrangements for Lloyd’s

10.2.211 Lloyd’s

(1) For section 1444 of the Act, subsection 911A(1) of the Act does

not apply in relation to a financial service:

(a) that is provided by:

(i) a Lloyd’s underwriting member; or

(ii) a listed Lloyd’s syndicate of underwriting members; and

(b) to which subregulation (2) applies.

(2) The financial service must be a service in relation to which the

Lloyd’s underwriting member, or the syndicate, is regulated by

APRA at any time within 2 years after the FSR commencement.

(3) In this regulation:

Lloyd’s means the society incorporated by the Act of the United

Kingdom known as the Lloyd’s Act 1871.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 49 Hawking of certain financial products

Regulation 10.2.212

206 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 49—Hawking of certain financial products

10.2.212 Hawking of managed investment products

(1) For section 1444 of the Act, a reference in subsection 992AA(2) of

the Act to a financial services licensee includes a regulated

principal.

(2) Subregulation (1) ceases to apply in relation to a regulated

principal at the end of the transition period in relation to the

regulated principal.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional arrangements relating to Financial Services Reform legislation Part 10.2

Warrants or options to acquire issued securities Division 50

Regulation 10.2.213

Corporations Regulations 2001 207

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 50—Warrants or options to acquire issued

securities

10.2.213 Warrants or options to acquire issued securities

For section 1444 of the Act, if a warrant or option to acquire issued

securities by way of transfer is a financial product:

(a) to which the definition of securities in subsection 92(3) of

the old Corporations Act applied; and

(b) to which Chapter 6D of that Act applied;

Chapter 6D is taken to apply during the transition period for those

products.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.2 Transitional arrangements relating to Financial Services Reform legislation

Division 52 Winding up of fidelity funds if market ceases to operate

Regulation 10.2.215

208 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 52—Winding up of fidelity funds if market ceases

to operate

10.2.215 Winding up of fidelity funds if market ceases to operate

(1) For subsection 1416(1) of the Act, section 886B of the Act applies

in relation to a fidelity fund kept by the operator of a financial

market that, at a time in the transition period for the market, ceases

to operate (otherwise than because of a merger).

(2) For paragraph 886B(c) of the Act, subsection (3) applies if, at a

time during the transition period for a financial market on which

derivatives are traded, a person (the first person) ceases to operate

the market (other than because of a merger), and another person

(the second person) that is a related body corporate operates a

financial market:

(a) in relation to which, or a segment of which, there are

required, after the end of the transition period, to be

compensation arrangements approved in accordance with

Division 3 of Part 7.5 of the Act; and

(b) on which derivatives are also traded.

(3) The assets of the fidelity fund held by the first person for the

market it had operated may be:

(a) transferred to the fidelity fund held by the second person for

the market, or segment of the market, that it operates; or

(b) held as, or as part of, the fidelity fund held for the market, or

segment of the market, operated by the second person.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional provisions relating to the Corporate Law Economic Reform Program

(Audit Reform and Corporate Disclosure) Act 2004 Part 10.5

Regulation 10.5.01

Corporations Regulations 2001 209

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 10.5—Transitional provisions relating to the

Corporate Law Economic Reform

Program (Audit Reform and Corporate

Disclosure) Act 2004

10.5.01 Adoption of auditing standards made by accounting

profession before commencement (Act ss 1455(1) and (3))

(1) For subsections 1455(1) and (3) of the Act:

(a) a standard (as in force from time to time) mentioned in the

table has effect, for the purposes of the Act, as if it had been

made by the AUASB under section 336 of the Act on 1 July

2004; and

(b) a standard mentioned in Part 1 of the table has effect as if it

specified that it applies to a financial reporting period ending

on or after 1 July 2004; and

(c) a standard mentioned in Part 2 of the table has effect as if it

specified that it applies to a financial reporting period

beginning on or after 15 December 2004; and

(d) a standard mentioned in Part 3 of the table has effect as if it

specified that it applies to a financial reporting period

beginning on or after 15 June 2005.

Item AUS

No.

Title

Part 1

101 104 Glossary of Terms

102 202 Objective and General Principles Governing an Audit of a Financial

Report

Note: This standard was issued in July 2002.

103 204 Terms of Audit Engagements

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.5 Transitional provisions relating to the Corporate Law Economic Reform

Program (Audit Reform and Corporate Disclosure) Act 2004

Regulation 10.5.01

210 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Item AUS

No.

Title

104 206 Quality Control for Audit Work

Note: This standard was issued in July 2002.

105 208 Documentation

106 210 The Auditor’s Responsibility to Consider Fraud and Error in an Audit

of a Financial Report

Note: This standard was issued in January 2002.

107 212 Other Information in Documents Containing Audited Financial

Reports

108 214 Auditing in a CIS Environment

109 218 Consideration of Laws and Regulations in an Audit of a Financial

Report

110 302 Planning

111 304 Knowledge of the Business

112 306 Materiality and Audit Adjustments

113 402 Risk Assessments and Internal Controls

Note: This standard was issued in July 2002.

114 404 Audit Implications Relating to Entities Using a Service Entity

115 502 Audit Evidence

Note: This standard was issued in October 1995.

116 504 External Confirmations

117 506 Existence and Valuation of Inventory

118 508 Inquiry Regarding Litigation and Claims

119 510 Initial Engagements - Opening Balances

120 512 Analytical Procedures

121 514 Audit Sampling & Selective Testing Procedures

122 516 Audit of Accounting Estimates

123 518 Related Parties

124 520 Management Representations

125 522 Audit Evidence Implications of Externally Managed Assets of

Superannuation, Provident or Similar Funds

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional provisions relating to the Corporate Law Economic Reform Program

(Audit Reform and Corporate Disclosure) Act 2004 Part 10.5

Regulation 10.5.01

Corporations Regulations 2001 211

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Item AUS

No.

Title

126 524 The Auditor’s Use of the Work of the Actuary and the Actuary’s Use

of the Work of the Auditor in Connection with the Preparation and

Audit of a Financial Report

127 526 Auditing Fair Value Measurements & Disclosures

128 602 Using the Work of Another Auditor

129 604 Considering the Work of Internal Auditing

130 606 Using the Work of an Expert

131 702 The Audit Report on a General Purpose Financial Report

132 704 Comparatives

133 706 Subsequent Events

134 708 Going Concern

135 710 Communication with Management on Matters Arising from an Audit

136 802 The Audit Report on Financial Information Other than a General

Purpose Financial Report

137 902 Review of Financial Reports

Part 2

201 202 Objective and General Principles Governing an Audit of a Financial

Report

Note: This standard was issued in February 2004.

201A 210 The Auditor’s Responsibility to Consider Fraud and Error in an Audit

of a Financial Report

Note: This standard was issued in June 2004.

202 402 Understanding the Entity and Its Environment and Assessing the Risks

of Material Misstatements

Note: This standard was issued in February 2004.

203 406 The Auditor’s Procedures In Response to Assessed Risks

204 502 Audit Evidence

Note: This standard was issued in February 2004.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.5 Transitional provisions relating to the Corporate Law Economic Reform

Program (Audit Reform and Corporate Disclosure) Act 2004

Regulation 10.5.01

212 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Item AUS

No.

Title

Part 3

301 206 Quality Control for Audits of Historical Financial Information

Note: This standard was issued in June 2004.

(2) In this regulation:

financial reporting period, for a company, registered scheme or

disclosing entity, means a financial year or a half-year for which

the company, registered scheme or disclosing entity must prepare a

financial report.

Note: Under section 292 of the Act, a disclosing entity, public company,

large proprietary company or registered scheme must prepare a

financial report for each financial year. Under section 302 of the Act,

a disclosing entity must prepare a financial report for each half-year.

Section 323D of the Act deals with financial years and half-years.

(3) Each standard mentioned in subregulation (1) ceases to have effect

in relation to a financial reporting period that ends after 29 June

2007.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional provisions relating to the Corporations Amendment (Financial Market

Supervision) Act 2010 Part 10.15

Regulation 10.15.01

Corporations Regulations 2001 213

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 10.15—Transitional provisions relating to the

Corporations Amendment (Financial

Market Supervision) Act 2010

10.15.01 Application of Part 10.15

For subsection 1513(1) of the Act, this Part deals with matters of a

transitional, application or saving nature relating to the

amendments and repeals made by Schedule 1 to the Corporations

Amendment (Financial Market Supervision) Act 2010 (the

amending Schedule).

10.15.02 Amendments not to apply to certain operators of licensed

markets

The amendments made by the amending Schedule do not apply to

the following operators of licensed markets:

(a) BGC Partners (Australia) Pty Limited;

(b) Bloomberg Tradebook Australia Pty Ltd;

(c) Mercari Pty Ltd;

(d) Yieldbroker Pty Limited.

Note: The requirement in subsection 798H(1) of the Act for an operator of a

licensed market to comply with the market integrity rules was

introduced by one of the amendments made by the amending

Schedule.

10.15.03 Transfer of documents

(1) This regulation applies if:

(a) an operator of a licensed market, a related body corporate of

the operator, or an employee of the operator, gives

information in confidence to ASIC; and

(b) the information relates to the operation of Part 7.2 of the Act;

and

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.15 Transitional provisions relating to the Corporations Amendment (Financial

Market Supervision) Act 2010

Regulation 10.15.04

214 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(c) the information was requested by, or given to, ASIC to help

ASIC exercise its powers or perform its functions under

Part 7.2A of the Act.

(2) The information does not cease to be the subject of legal

professional privilege solely because the information has been

given to ASIC.

(3) The operator or employee:

(a) has qualified privilege in respect of the giving of the

information to ASIC; and

(b) is not liable to any person in relation to the giving of the

information to ASIC.

(4) The giving of the information to ASIC is not to be taken to be:

(a) a contravention of a law, including a law relating to privacy

or confidentiality; or

(b) a breach of contract or duty to a person.

10.15.04 Notifications, consents, waivers, etc

(1) This regulation applies if:

(a) an operator of a licensed market gave a written waiver,

consent, recognition, accreditation, approval, determination,

exemption or notification to a participant in the licensed

market under the operating rules of the licensed market; and

(b) the power or obligation in the operating rules to give the

waiver, consent, recognition, accreditation, approval,

determination, exemption or notification is incorporated into

the market integrity rules.

(2) The waiver, consent, recognition, accreditation, approval,

determination, exemption or notification:

(a) is taken to have been given by ASIC under the market

integrity rules; and

(b) will continue in its existing form, and continue to have the

same effect, (as given under the operating rules) unless ASIC

determines that it should be amended or revoked.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional provisions relating to the Corporations Amendment (Financial Market

Supervision) Act 2010 Part 10.15

Regulation 10.15.05

Corporations Regulations 2001 215

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(3) ASIC may:

(a) determine that a waiver, consent, recognition, accreditation,

approval, determination, exemption or notification is no

longer appropriate; and

(b) determine, in writing, that the waiver, consent, recognition,

accreditation, approval, determination, exemption or

notification is amended or revoked as provided in the

determination.

(4) If ASIC proposes to make a determination under subregulation (3),

ASIC must give reasonable notice to the participant before making

the determination.

10.15.05 Notification given by participant to operator of licensed

market

(1) This regulation applies if:

(a) a participant in a licensed market gave the operator of the

licensed market a written notification or certification under

the operating rules of the licensed market; and

(b) the power or obligation in the operating rules to give the

notification or certification is incorporated into the market

integrity rules.

(2) The notification or certification:

(a) is taken to have been given to ASIC by the participant under

the market integrity rules; and

(b) will continue in its existing form, and continue to have the

same effect, (as given under the operating rules) unless ASIC

otherwise determines.

(3) ASIC may:

(a) determine that a notification or certification is no longer

appropriate; and

(b) determine, in writing, that the notification or certification is

amended or revoked as provided in the determination.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.15 Transitional provisions relating to the Corporations Amendment (Financial

Market Supervision) Act 2010

Regulation 10.15.06

216 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(4) If ASIC proposes to make a determination under subregulation (3),

ASIC must give reasonable notice to the participant before making

the determination.

10.15.06 Registers

If:

(a) an operator of a licensed market kept a register under, or in

relation to, the operating rules of the licensed market; and

(b) the relevant operating rules are incorporated into the market

integrity rules;

the register is taken to be kept by ASIC under, or in relation to, the

market integrity rules.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional provisions relating to Corporations Amendment (Further Future of

Financial Advice Measures) Act 2012 Part 10.18

Corporations Regulations 2001 217

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 10.18—Transitional provisions relating to

Corporations Amendment (Further Future

of Financial Advice Measures) Act 2012

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.19 Transitional matters relating to MySuper measures

Regulation 10.19.01

218 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 10.19—Transitional matters relating to

MySuper measures

10.19.01 Changes to product disclosure statements and periodic

statements

(1) The amendments made by items 7 to 68 and 70 to 86 of Schedule 1

to the Superannuation Legislation Amendment (MySuper

Measures) Regulation 2013 (the amending items) apply to:

(a) Product Disclosure Statements given:

(i) for a superannuation product—on or after 31 December

2013; or

(ii) for a managed investment product—on or after 1 July

2014; and

(b) periodic statements given under section 1017D of the Act in

relation to reporting periods ending:

(i) for a superannuation product—on or after 31 December

2013; or

(ii) for a managed investment product—on or after 1 July

2014.

(2) If:

(a) a Product Disclosure Statement is given during the transition

period; and

(b) were the amendments made by the amending items to apply

during the transition period, the Product Disclosure

Statement would comply with Schedule 10 or Schedule 10D

(as the case requires);

the Product Disclosure Statement is taken to comply with

Schedule 10 or Schedule 10D (as the case requires).

(3) If:

(a) a periodic statement under section 1017D of the Act is given

during the transition period; and

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional matters relating to MySuper measures Part 10.19

Regulation 10.19.01

Corporations Regulations 2001 219

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) were the amendments made by the amending items to apply

during the transition period, the periodic statement would

comply with Schedule 10;

the periodic statement is taken to comply with the Schedule.

(4) For the purposes of this regulation, the transition period is a

period:

(a) for a superannuation product—beginning on 1 July 2013 and

ending on 30 December 2013; or

(b) for a managed investment product—beginning on 1 July

2013 and ending on 30 June 2014.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.20 Transitional matters relating to relevant providers and persons who control

body corporate licensees

Division 1 Introduction

Regulation 10.20.01

220 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 10.20—Transitional matters relating to

relevant providers and persons who control

body corporate licensees

Division 1—Introduction

10.20.01 Simplified outline of this Part

Regulation 7.6.06B establishes a register of relevant providers that

contains information that is provided under Schedule 8D to these

Regulations.

The provisions in Schedule 8D begin to apply on 9 March 2015.

However, between 9 March 2015 and 30 September 2015, this Part

changes how those provisions apply.

Initially, information is gathered on those who are relevant

providers between 1 January and 30 March 2015 (except if they

cease to be relevant providers before 9 March 2015).

A person who is required to lodge a notice under section 922D of

the Act in relation to relevant providers must choose a day in the

period between 1 January and 30 March 2015 (called the start day).

The first notice that the person lodges under section 922D must

cover all of the person’s relevant providers on the start day. The

notice must include all information, except information about

educational qualifications and professional memberships. That

information is provided in a later notice.

A person may also be required to lodge a notice under section 922J

in relation to those who control a body corporate licensee on the

start day.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional matters relating to relevant providers and persons who control body

corporate licensees Part 10.20

Introduction Division 1

Regulation 10.20.02

Corporations Regulations 2001 221

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Some of the information initially provided may change. Significant

changes (such as changes about the kinds of relevant financial

products the relevant provider may provide advice on and changes

to financial services licensees) can be notified to ASIC after 1 May

2015. Other changes can be notified to ASIC after 1 October 2015.

Persons may become relevant providers or begin to control body

corporate licensees after 30 March 2015 but before 30 September

2015. The provisions apply in a similar way to those persons.

From 1 October 2015, the provisions in Schedule 8D to these

Regulations apply as they appear in that Schedule.

10.20.02 Object of this Part

This Part provides transitional and application provisions in

relation to:

(a) Schedule 8D to these Regulations which notionally inserts

sections 922C to 922P into the Act; and

(b) the register of relevant providers established under

regulation 7.6.06B.

10.20.03 Definitions

References to sections 922C to 922P of the Act

(1) A reference in this Part to any of sections 922C to 922P (or a

provision of that section) is a reference to that section (or

provision) of the Act as notionally inserted into the Act by

Schedule 8D to these Regulations.

Meaning of start day

(2) In this Part, start day has the meaning given by

subsection 10.20.05(1).

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.20 Transitional matters relating to relevant providers and persons who control

body corporate licensees

Division 2 General application provision for Schedule 8D

Regulation 10.20.04

222 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 2—General application provision for Schedule 8D

10.20.04 General application provision for Schedule 8D

The modifications of the Act in Schedule 8D apply, subject to this

Part, on and after 9 March 2015 in relation to:

(a) a person who is a relevant provider immediately before that

day; and

(b) a person who becomes a relevant provider on or after that

day; and

(c) a body corporate that is a body corporate licensee

immediately before that day; and

(d) a body corporate that becomes a body corporate licensee on

or after that day.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional matters relating to relevant providers and persons who control body

corporate licensees Part 10.20

Pre-existing and new relevant providers and controllers during the transitional period

Division 3

Regulation 10.20.05

Corporations Regulations 2001 223

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 3—Pre-existing and new relevant providers and

controllers during the transitional period

10.20.05 Application of this Division

(1) A person must choose a day (the start day) between 1 January

2015 and 30 March 2015 if, immediately before 9 March 2015, the

person is:

(a) a financial services licensee; and

(b) authorised to provide personal advice in relation to relevant

financial products to retail clients.

Pre-existing relevant providers and controllers

(2) This Division applies in relation to:

(a) a person who is a relevant provider immediately before the

start day chosen by the person who, as a result of

regulation 10.20.06, is required to lodge a notice under

section 922D in relation to the relevant provider; and

(b) a person who controls a body corporate licensee immediately

before the start day chosen by the person who, as a result of

regulation 10.20.10, is required to lodge a notice under

section 922J in relation to the body corporate licensee.

Persons who become relevant providers after initial information

gathering period but before 30 September 2015

(3) This Division also applies in relation to:

(a) a person who becomes a relevant provider:

(i) if the person (the notice lodger) who is required to

lodge a notice under section 922D in relation to the

relevant provider has chosen a start day—after the start

day for the notice lodger and before 30 September 2015;

or

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.20 Transitional matters relating to relevant providers and persons who control

body corporate licensees

Division 3 Pre-existing and new relevant providers and controllers during the

transitional period

Regulation 10.20.06

224 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(ii) otherwise—after 30 March 2015 and before

30 September 2015; and

(b) a person (the controller) who begins to control a body

corporate licensee:

(i) if the person (the notice lodger) who is required to

lodge a notice under section 922J in relation to the

controller has chosen a start day—after the start day for

the notice lodger and before 30 September 2015; or

(ii) otherwise—after 30 March 2015 and before

30 September 2015.

10.20.06 Notices under section 922D—initial lodgement of

information

(1) Section 922D applies in relation to a relevant provider referred to

in paragraph 10.20.05(2)(a) as if:

(a) subsection 922D(1) required a notice to be lodged in relation

to the relevant provider as if the relevant provider had

become a relevant provider on the start day chosen by the

person who, as a result of this subregulation, is required to

lodge the notice; and

(b) subsection 922D(1) did not require the information in

paragraph 922E(1)(g) or 922F(1)(j) (information about

educational qualifications and professional memberships) to

be included in the notice; and

(c) subsection 922L(2) required the notice to be lodged within

the period:

(i) starting on 9 March 2015; and

(ii) ending on 30 March 2015.

Note 1: This notice does not include information about the relevant provider’s

educational qualifications or professional memberships. That

information is required to be lodged in a separate notice (see

regulation 10.20.07).

Note 2: After 30 March 2015, notices can be lodged normally under

section 922D (excluding information about educational qualifications

and professional memberships).

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional matters relating to relevant providers and persons who control body

corporate licensees Part 10.20

Pre-existing and new relevant providers and controllers during the transitional period

Division 3

Regulation 10.20.07

Corporations Regulations 2001 225

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(2) Section 922D applies in relation to a relevant provider referred to

in paragraph 10.20.05(3)(a) who becomes a relevant provider

before 23 May 2015 as if subsection 922D(1) did not require the

information in paragraph 922E(1)(g) or 922F(1)(j) (information

about educational qualifications and professional memberships) to

be included in the notice.

10.20.07 Notices under section 922D—later notice about educational

qualifications and professional memberships

(1) This section applies in relation to:

(a) a relevant provider referred to in paragraph 10.20.05(2)(a);

and

(b) a relevant provider referred to in paragraph 10.20.05(3)(a)

who becomes a relevant provider before 23 May 2015.

(2) Section 922D also applies in relation to the relevant provider as if:

(a) subsection 922D(1) required an additional notice to be

lodged in relation to the relevant provider; and

(b) the only information required to be included in the additional

notice under subsection 922D(1) was the information in

paragraph 922E(1)(g) or 922F(1)(j) (information about

educational qualifications and professional memberships);

and

(c) subsection 922L(2) required the additional notice to be

lodged within the period:

(i) starting on 23 May 2015; and

(ii) ending on 30 May 2015.

Note: After 30 May 2015, notices can be lodged normally under

section 922D.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.20 Transitional matters relating to relevant providers and persons who control

body corporate licensees

Division 3 Pre-existing and new relevant providers and controllers during the

transitional period

Regulation 10.20.08

226 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.20.08 Notices under section 922H—important changes before

30 April 2015

(1) This regulation applies if:

(a) a notice is lodged under section 922D in relation to a relevant

provider before 30 April 2015; and

(b) there is a change in a matter for the relevant provider at any

time during the period ending on that day; and

(c) the change relates to a matter that is:

(i) referred to in paragraph 922E(1)(b) or (d) or 922F(1)(c)

or (d) or subparagraph 922F(1)(g)(ii) (information about

financial services licensees); or

(ii) referred to in paragraph 922E(1)(e) or 922F(1)(h)

(information about relevant financial products); or

(iii) the relevant provider ceasing to be a relevant provider.

(2) Section 922H applies as if subsection 922L(2) required a notice to

be lodged within the period:

(a) starting on 1 May 2015; and

(b) ending 30 business days after that day.

Note: After 30 April 2015, notices about changes referred to in

paragraph (1)(c) of this regulation can be lodged normally under

section 922H.

10.20.09 Notices under section 922H—other changes before

30 September 2015

(1) This regulation applies if:

(a) a notice is lodged under section 922D in relation to a relevant

provider before 30 September 2015; and

(b) there is a change in a matter for the relevant provider at any

time during the period ending on 30 September 2015; and

(c) the change is of a kind that is not referred to in

paragraph 10.20.08(1)(c).

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional matters relating to relevant providers and persons who control body

corporate licensees Part 10.20

Pre-existing and new relevant providers and controllers during the transitional period

Division 3

Regulation 10.20.10

Corporations Regulations 2001 227

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(2) Section 922H applies as if subsection 922L(2) required a notice to

be lodged within the period:

(a) starting on 1 October 2015; and

(b) ending 30 business days after that day.

Note: After 30 September 2015, notices can be lodged normally under

section 922H.

10.20.10 Notices under section 922J—pre-existing body corporate

licensees

Section 922J applies in relation to a body corporate licensee

referred to in paragraph 10.20.05(2)(b) as if:

(a) subsection 922J(1) required a notice to be lodged in relation

to the person who controls the licensee; and

(b) subsection 922L(2) required the notice to be lodged within

the period:

(i) starting on 9 March 2015; and

(ii) ending on 30 March 2015; and

(c) subsection 922J(1) did not require the information in

paragraph 922J(2)(d) (start day for control) to be included in

the notice.

10.20.11 Notices under section 922J—controllers during transition

period

(1) This section applies in relation to a controller referred to in

paragraph 10.20.05(3)(b).

(2) Section 922J applies as if subsection 922L(2) required a notice to

be lodged within the period:

(a) starting on 1 October 2015; and

(b) ending 30 business days after that day.

Note: After 30 September 2015, notices can be lodged normally under

section 922J.

Federal Register of Legislative Instruments F2015C00303

Chapter 10 Repeals

Part 10.20 Transitional matters relating to relevant providers and persons who control

body corporate licensees

Division 3 Pre-existing and new relevant providers and controllers during the

transitional period

Regulation 10.20.12

228 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

10.20.12 Notices under section 922K—ceasing to control a

pre-existing body corporate licensees

(1) This regulation applies if a person ceases to control a body

corporate licensee at any time during the period ending on

30 September 2015.

(2) Section 922K applies as if subsection 922L(2) required a notice to

be lodged within the period:

(a) starting on 1 October 2015; and

(b) ending 30 business days after that day.

Note: After 30 September 2015, notices about persons who cease to control

body corporate licensees can be lodged normally under section 922K.

10.20.13 Change in matter within 30 business days

Subsection 922P(2) does not apply during the period starting on

9 March 2015 and ending on 30 September 2015.

10.20.14 Application of regulations 10.20.06 to 10.20.13

To avoid doubt, regulations 10.20.06 to 10.20.13 apply for the

purposes of:

(a) section 922M; and

(b) the Corporations (Fees) Regulations 2001.

Federal Register of Legislative Instruments F2015C00303

Repeals Chapter 10

Transitional matters relating to relevant providers and persons who control body

corporate licensees Part 10.20

Other application provisions Division 4

Regulation 10.20.15

Corporations Regulations 2001 229

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 4—Other application provisions

10.20.15 Application—relevant provider numbers

Regulation 7.6.06A applies in relation to a person who is a relevant

provider on or after 31 March 2015 (whether he or she became a

relevant provider before, on or after that day).

10.20.16 Application—register of relevant providers

(1) Regulations 7.6.06B (except paragraph 7.6.06B(2)(q)) and 7.6.06C

apply on and after 31 March 2015.

(2) Paragraph 7.6.06B(2)(q) applies on and after 31 May 2015.

10.20.17 Application—prescribed registers

The amendments of regulations 9.1.01 and 9.1.02 made by the

Corporations Amendment (Register of Relevant Providers)

Regulation 2015 apply on and after 31 March 2015.

Federal Register of Legislative Instruments F2015C00303

Chapter 12 Financial sector reform

Part 12.1 Preliminary

Regulation 12.1.01

230 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Chapter 12—Financial sector reform

Part 12.1—Preliminary

12.1.01 Definitions for Chapter 12

In this Chapter:

AFIC means the Australian Financial Institutions Commission.

APRA transitional prudential standard has the meaning given by

regulation 11 of the Financial Sector Reform (Amendments and

Transitional Provisions) Regulations 1999.

Financial Institutions Code of a State or Territory has the

meaning given by clause 1 of Schedule 4 to the Act.

Financial Sector Reform Act means the Financial Sector Reform

(Amendments and Transitional Provisions) Act (No. 1) 1999.

Friendly Societies Code of a Stae or Territory has the meaning

given by clause 1 of Schedule 4 to the Act.

member share has the meaning given by regulation 12.8.03.

previous governing Code has the meaning given by clause 1 of

Schedule 4 to the Act.

replaced legislation has the meaning given by subitem 22(7) of

Schedule 8 to the Financial Sector Reform Act.

SSA (State Supervisory Authority) has the meaning given by

clause 1 of Schedule 4 to the Act.

transfer date means the date that is the transfer date for the

purposes of the Financial Sector Reform Act.

transferring financial institution of a State or Territory has the

meaning given by clause 1 of Schedule 4 to the Act.

Federal Register of Legislative Instruments F2015C00303

Financial sector reform Chapter 12

Preliminary Part 12.1

Regulation 12.1.02

Corporations Regulations 2001 231

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

transition period means the period of 18 months starting on the

transfer date.

Note: See the definition of Corporations Regulations in section 40A of the

Acts Interpretation Act 1901.

12.1.02 Application of this Chapter to previous governing Codes etc

A reference in this Chapter to:

(a) a previous governing Code; or

(b) a provision of a previous governing Code; or

(c) an instrument under a previous governing Code; or

(d) a provision of an instrument under a previous governing

Code;

that is applied by or under this Chapter includes a reference to the

Code, provision or instrument as varied or modified by or under

this Chapter.

12.1.03 Interpretation of applied provisions

(1) Subregulation (2) applies to a provision of the following

instruments:

(a) a previous governing Code that is applied by or under a

provision of this Chapter;

(b) an instrument made under a Code mentioned in paragraph (a)

that is applied by or under this Chapter;

(c) an ASIC transitional standard within the meaning of

Part 12.7 or an instrument made under a provision of the

standard.

(2) This subregulation applies if there is a reference in the provision to

any of the following:

(a) a word or expression that is defined in the Act or these

Regulations;

(b) a power exercised by AFIC or an SSA;

(c) a class of body;

(d) the rules of a body;

Federal Register of Legislative Instruments F2015C00303

Chapter 12 Financial sector reform

Part 12.1 Preliminary

Regulation 12.1.03

232 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(e) the accounts, or group accounts, of a body;

(f) a previous governing Code or a provision of the Code;

(g) an ASIC transitional standard within the meaning of

Part 12.7 or a provision of the standard;

(h) an APRA transitional prudential standard or a provision of

the standard;

(i) an instrument made under a Code, an ASIC transitional

standard, an APRA transitional prudential standard or a

provision of the instrument.

(3) A word or expression that is defined in the Act or these regulations

applies to each use of the word or expression unless the contrary

intention appears.

(4) A reference to a power exercised by AFIC or an SSA is to be read

as if it were a reference to an equivalent power exercised by ASIC

under the Act, these regulations, another Commonwealth law or an

ASIC transitional standard.

(5) A reference to a class of body is to be read as if it were the

comparable class of company after the transition date.

(6) A reference to the rules of a body is to be read as if it were a

reference to the constitution of the body.

(7) A reference to accounts, or group accounts, of a body is to be read

as if it were a reference to a financial report, or consolidated

financial statements, of the body.

(8) A reference to any matter mentioned in subregulation (2) is to be

read in a way that:

(a) is consistent with, and promotes, the transition from the

application of a previous governing Code to a transferring

financial institution of a State or Territory to the application

to the institution of the Act and these regulations; and

(b) is consistent with the duties, functions and powers of ASIC

or an SSA; and

(c) does not alter the interpretation or operation of the instrument

in which the reference appears.

Federal Register of Legislative Instruments F2015C00303

Financial sector reform Chapter 12

Transitional matters—general Part 12.2

Other matters Division 2

Regulation 12.2.08

Corporations Regulations 2001 233

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 12.2—Transitional matters—general

Division 2—Other matters

12.2.08 Lodgment of certain documents with ASIC

For clause 39 of Schedule 4 to the Act, if the Friendly Societies

Code of a State or Territory applied to a transferring financial

institution of a State or Territory immediately before the transfer

date, the transferring financial institution may lodge with ASIC a

document that had been lodged with AFIC at any time before the

transfer date under that Code.

12.2.10 Certain appointments of auditors continue

(1) For clause 39 of Schedule 4 to the Act, this regulation applies if a

person or body held an appointment, immediately before the

transfer date, under a previous governing Code or the Friendly

Societies Act 1894 of Western Australia as the auditor of a

transferring financial institution.

(2) Section 324 of the Act applies to the person or body as if the

person or body had been appointed under section 327 of the Act as

the auditor of the transferring financial institution.

12.2.12 Converted shares

(1) For clause 39 of Schedule 4 to the Act, this regulation modifies the

application of section 254K of the Act in relation to a share in a

company that is converted in accordance with regulation 12.2.04 to

a share of another kind.

(2) If the share is partly-paid, the company may redeem the share on

the same terms on which the share was redeemable before its

conversion.

Federal Register of Legislative Instruments F2015C00303

Chapter 12 Financial sector reform

Part 12.4 Notice of meetings of certain bodies corporate

Regulation 12.4.01

234 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 12.4—Notice of meetings of certain bodies

corporate

12.4.01 Application of Part

(1) This Part applies to a body corporate that is:

(a) a transferring financial institution of a State or Territory; or

(b) a company that is permitted to use the expression building

society, credit society or credit union under section 66 of the

Banking Act 1959.

(2) This Part applies in relation to the following members of the body

corporate who are entitled to vote at a meeting of members of the

body:

(a) members who hold only member shares;

(b) if the body is a company limited by guarantee—the members

of the company;

(c) if the body is a company limited by shares and guarantee—

the members of the company who do not hold shares in the

company.

(3) This Part does not apply in relation to a meeting:

(a) that is held for the purposes of Chapter 5 or 6 of the Act; or

(b) to which Part 5 of Schedule 4 to that Act applies.

12.4.02 Modification of certain provisions of Act

For clause 38 of Schedule 4 to the Act, this Part modifies the

application of subsection 249H(1), section 249J,

subsection 249P(6) and paragraph 249Z(b) of the Act in relation to

the members of the body corporate.

Federal Register of Legislative Instruments F2015C00303

Financial sector reform Chapter 12

Notice of meetings of certain bodies corporate Part 12.4

Regulation 12.4.03

Corporations Regulations 2001 235

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

12.4.03 Members etc may elect to be notified of meetings

(1) The body corporate may give notice to a member, or to an

applicant for membership, of the body corporate that he or she may

elect to receive notice under subsection 249J(1) of the Act of

meetings of members of the body corporate.

(2) The notice must include a statement to the effect that:

(a) attendance at the AGM, and other meetings of members, of

the body corporate enables the members:

(i) to participate in the governance of the body corporate;

and

(ii) to ask questions about, and comment on, the

management of the body corporate, its financial

standing and performance; and

(iii) to ask the auditor of the body corporate questions about

the conduct of the audit of the body corporate and the

preparation and content of the auditor’s report; and

(iv) to vote on any proposal to amend the constitution of the

body corporate or on any other matter in relation to the

management of the body corporate; and

(b) notice of meetings informs members about matters in relation

to which they may wish to attend a meeting; and

(c) a member of the body corporate who is entitled to attend, and

cast a vote at, a meeting may appoint a proxy to attend and

vote for the member at the meeting; and

(d) if the member does not elect to receive notice, the body

corporate is not required to give notice of its meetings to the

member; and

(e) despite a member of the body corporate electing not to

receive notice of its meetings, or not making an election, the

member may at any time request the body corporate to give

the member personal notice of the meetings.

(3) The member or applicant is taken not to have made an election if

the body corporate has not received the election within 21 days of

the notice being given in accordance with subregulation (1).

Federal Register of Legislative Instruments F2015C00303

Chapter 12 Financial sector reform

Part 12.4 Notice of meetings of certain bodies corporate

Regulation 12.4.04

236 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(4) If the member elects not to receive notice of meetings, or does not

make an election, subsection 249H(1), section 249J,

subsection 249P(6) and paragraph 249Z(b) of the Act do not apply

to the body corporate in relation to the member.

(5) If the applicant elects not to receive notice of meetings, or does not

make an election, subsection 249H(1), section 249J,

subsection 249P(6) and paragraph 249Z(b) of the Act do not apply

to the body corporate in relation to the applicant if he or she

becomes a member of the body corporate to whom this Part

applies.

12.4.04 Notice of meetings to be published in press

(1) If the body corporate gives notice under subregulation 12.4.03(1),

notice of a meeting of the body corporate must be given in

accordance with this regulation.

(2) The notice must be published, at least 21 days before the day on

which the meeting is to be held, in at least 1 edition of a daily

newspaper circulating generally in each State or Territory in which

the body corporate conducts its business.

(3) The notice must:

(a) set out the date and time when, and the place where, the

meeting is to be held; and

(b) state the general nature of the business proposed for the

meeting; and

(c) include a statement to the effect that a member of the body

corporate who is entitled to vote at the meeting may request

the body corporate to give the member personal notice of the

meeting; and

(d) set out information about how a member may request the

body corporate to give the member personal notice of the

meeting.

Federal Register of Legislative Instruments F2015C00303

Financial sector reform Chapter 12

Notice of meetings of certain bodies corporate Part 12.4

Regulation 12.4.05

Corporations Regulations 2001 237

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

12.4.05 Copies of notices to be displayed

If the body corporate gives notice under subregulation 12.4.03(1),

notice of a meeting of the body corporate must be displayed

conspicuously, for at least 21 days before the day on which the

meeting is to be held, at:

(a) the registered office of the body corporate; and

(b) each other place where the body corporate conducts business

that is open to the public.

12.4.06 Members may request notice of meetings at any time

(1) The member may request the body corporate to give notice of a

meeting to the member under subsection 249J(1) of the Act.

(2) The request may be a standing request or only apply to a particular

meeting.

(3) If the member makes a request under subregulation (1),

subsection 249H(1), section 249J, subsection 249P(6) and

paragraph 249Z(b) of the Act apply to the body corporate in

relation to:

(a) the member; and

(b) a meeting to which the request relates.

(4) However, if the member requests the body corporate to give notice

of a meeting within 21 days of the day on which the meeting is to

be held, the body corporate must give notice of the meeting to the

member as soon as practicable.

12.4.07 Records to be kept about notices

A body corporate must, not later than 28 days after a notice is

given under subregulation 12.4.03(1) to a member of the body

corporate, record in writing:

(a) the date on which the notice was given to the member; and

Federal Register of Legislative Instruments F2015C00303

Chapter 12 Financial sector reform

Part 12.4 Notice of meetings of certain bodies corporate

Regulation 12.4.07

238 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) whether the member elected to receive notice of meetings of

members of the body corporate.

Example of recording: An entry made in a register kept under Chapter 2C of the

Act.

Federal Register of Legislative Instruments F2015C00303

Financial sector reform Chapter 12

Determinations and declarations in relation to certain instruments Part 12.5

Regulation 12.5.01

Corporations Regulations 2001 239

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 12.5—Determinations and declarations in

relation to certain instruments

12.5.01 Definition for Part 12.5

In this Part:

relevant transitional instrument or requirement means:

(a) an instrument (as in force immediately before the transfer

date) that was made by AFIC, or an SSA, under a provision

of the replaced legislation in relation to a matter for which

ASIC is responsible for which no transitional, saving or

application provision applies on that date in:

(i) the Act, the Financial Sector Reform Act or another

Commonwealth Act; or

(ii) these regulations or any other regulations, or another

instrument, made under a Commonwealth Act; or

(b) a requirement under the provisions mentioned in

paragraph 272(1)(a) of the Financial Institutions Code of a

State or Territory; or

(c) a requirement under the provisions mentioned in

paragraph 334(1)(a) of the Friendly Societies Code of a State

or Territory; or

(d) the ASIC transitional standards within the meaning of

Part 12.7; or

(e) an instrument made under an instrument or provision

mentioned in paragraph (a), (b), (c) or (d).

12.5.02 Application, variation, revocation and modification

(2) For clause 39 of Schedule 4 to the Act, ASIC may, by declaration:

(a) vary or revoke a relevant transitional instrument or

requirement, or a determination under subregulation (1), that

applies on the day on which the determination is made; or

Federal Register of Legislative Instruments F2015C00303

Chapter 12 Financial sector reform

Part 12.5 Determinations and declarations in relation to certain instruments

Regulation 12.5.03

240 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) modify the application of a relevant transitional instrument or

requirement that applies on the day on which the

determination is made.

(3) However, ASIC must not vary or modify a relevant transitional

instrument or requirement, or a determination, in relation to an

obligation, contravention of which results in the commission of an

offence, so as to make it more difficult to comply with the

obligation.

(4) Also, ASIC must consult with APRA before:

(a) varying or revoking an ASIC transitional standard that is also

an APRA transitional prudential standard; or

(b) modifying the application of an ASIC transitional standard

that is also an APRA transitional prudential standard.

(5) A failure to comply with subregulation (4) does not affect the

action taken by ASIC.

12.5.03 Effect of determinations and declarations

A relevant transitional instrument or requirement has effect subject

to a determination or declaration that applies to the instrument or

requirement.

12.5.04 Publication of determinations and declarations

(1) If a relevant transitional instrument or requirement to which a

determination or declaration relates was, before the transfer date,

subject under a previous governing Code to a publication

requirement corresponding to publication in the Gazette, the

determination or declaration must be published in the Gazette.

(2) If a relevant transitional instrument or requirement to which a

determination or declaration applies was not, before the transfer

date, subject under a previous governing Code to a publication

requirement corresponding to publication in the Gazette, a copy of

the determination or declaration must be:

Federal Register of Legislative Instruments F2015C00303

Financial sector reform Chapter 12

Determinations and declarations in relation to certain instruments Part 12.5

Regulation 12.5.05

Corporations Regulations 2001 241

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(a) given to each transferring financial institution of a State or

Territory to which the relevant transitional instrument or

requirement applies; or

(b) otherwise made available to the institution.

12.5.05 When determinations and declarations take effect

A determination or declaration takes effect on the day stated in the

determination or declaration.

12.5.06 Inspection and purchase of copies of instruments

(1) ASIC must take reasonable steps to ensure that copies of the

current text of the following relevant transitional instruments or

requirements are available for inspection and purchase:

(a) each provision of an instrument mentioned in paragraph (b)

or (c) of the definition of relevant transitional instrument or

requirement in regulation 12.5.01 that is the subject of a

determination or declaration under subregulation 12.5.02(1)

or (2);

(b) each ASIC transitional standard.

(2) A failure to comply with subregulation (1) does not affect the

operation of a relevant transitional instrument or requirement.

Federal Register of Legislative Instruments F2015C00303

Chapter 12 Financial sector reform

Part 12.6 Financial reporting by certain bodies corporate

Regulation 12.6.01

242 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 12.6—Financial reporting by certain bodies

corporate

12.6.01 Application of Part

(1) This Part applies to a body corporate that is:

(a) a transferring financial institution of a State or Territory; or

(b) a company that is permitted to use the expression building

society, credit society or credit union under section 66 of the

Banking Act 1959.

(2) This Part applies in relation to the following members of the body

corporate:

(a) members who hold only member shares;

(b) if the body is a company limited by guarantee—the members

of the company;

(c) if the body is a company limited by shares and guarantee—

the members of the company who do not hold shares in the

company.

12.06.01A Annual financial reporting

For section 343 of the Act, the operation of Chapter 2M of the Act,

in relation to a company limited by guarantee that is mentioned in

paragraphs 12.06.01(2)(b) and (c), is modified by omitting

subsections 314(1AAA) and 316(5) and section 316A of the Act.

12.6.02 Modification of certain provisions of Act

For clause 38 of Schedule 4 to the Act, this Part modifies the

application of section 314 of the Act in relation to the members of

the body corporate.

Federal Register of Legislative Instruments F2015C00303

Financial sector reform Chapter 12

Financial reporting by certain bodies corporate Part 12.6

Regulation 12.6.03

Corporations Regulations 2001 243

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

12.6.03 Members etc may elect to receive reports

(1) The body corporate may give notice to a member, or to an

applicant for membership, of the body corporate that he or she may

elect to receive:

(a) the reports mentioned in paragraph 314(1)(a) of the Act; or

(b) if the body corporate prepares concise reports mentioned in

paragraph 314(1)(b) of the Act, those reports.

(2) The notice must include a statement to the effect that:

(a) a report mentioned in subregulation (1) sets out information

about:

(i) the financial position and performance of the body

corporate; and

(ii) the efficiency with which the body corporate is being

managed; and

(iii) the financial risks to which the body corporate is

exposed; and

(b) if the member does not elect to receive a report, the body

corporate is not required to send copies of the reports or

concise reports mentioned in subregulation (1) to the

member; and

(c) despite a member of the body corporate electing not to

receive those reports or concise reports, or not making an

election, the member may at any time elect to receive the

relevant reports.

(3) The member or applicant is taken not to have elected to receive a

report if the body corporate has not received the election within 21

days of notice being given in accordance with subregulation (1).

(4) If the member elects not to receive the reports or concise reports

mentioned in subregulation (1), or does not make an election,

section 314 of the Act does not apply to the body corporate in

relation to the member.

Federal Register of Legislative Instruments F2015C00303

Chapter 12 Financial sector reform

Part 12.6 Financial reporting by certain bodies corporate

Regulation 12.6.04

244 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(5) If the applicant elects not to receive the reports or concise reports

mentioned in subregulation (1), or does not make an election,

section 314 of the Act does not apply to the body corporate in

relation to the applicant if he or she becomes a member of the body

corporate to whom this Part applies.

12.6.04 Copies of reports to be available to members

(1) If the body corporate gives notice under subregulation 12.6.03(1),

it must make copies of the relevant reports mentioned in that

subregulation available for collection by its members at:

(a) the registered office of the body corporate; and

(b) every other place where the body corporate conducts

business that is open to the public.

(2) Copies of the reports must be made available by the body corporate

from the deadline mentioned in subsection 315(1) of the Act for

reporting to members until 1 month after the day on which its next

AGM after the end of the financial year is held.

12.6.05 Records to be kept about notices

A body corporate must, not later than 28 days after a notice is

given under subregulation 12.6.03(1) to a member of the body

corporate, record in writing:

(a) the date on which the notice was given to the member; and

(b) whether the member elected to receive the reports or concise

report mentioned in that subregulation.

Example of recording: An entry made in a register kept under Chapter 2C of the

Act.

Federal Register of Legislative Instruments F2015C00303

Financial sector reform Chapter 12

Other disclosure Part 12.7

Preliminary Division 1

Regulation 12.7.01

Corporations Regulations 2001 245

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 12.7—Other disclosure

Division 1—Preliminary

12.7.01 Definitions for Part 12.7

In this Part:

ASIC transitional standard means:

(a) a provision of a previous governing Code that is specified in

Schedule 12; or

(b) an instrument made under a provision mentioned in

paragraph (a).

relevant financial institution means the following bodies:

(a) a transferring financial institution of a State or Territory;

(b) a company that is permitted to use the expression, building

society, credit society or credit union under section 66 of the

Banking Act 1959;

(c) a friendly society;

(d) an Australian ADI to which a declaration under

regulation 12.7.02 applies.

12.7.02 Declarations by ASIC

(1) This regulation applies, in relation to an Australian ADI, on:

(a) the initiative of ASIC; or

(b) application made to ASIC in writing by the ADI or another

person.

(2) ASIC may declare that the Australian ADI conducts financial

business of the same kind as the financial business of a transferring

financial institution of a State or Territory that was, immediately

before the transfer date, registered as a Special Services Provider

under the AFIC Code of a State or Territory.

Federal Register of Legislative Instruments F2015C00303

Chapter 12 Financial sector reform

Part 12.7 Other disclosure

Division 1 Preliminary

Regulation 12.7.02

246 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(3) A declaration:

(a) must be in writing given to the Australian ADI; and

(b) takes effect when the declaration, or a copy of the

declaration, is given to that ADI.

Federal Register of Legislative Instruments F2015C00303

Financial sector reform Chapter 12

Other disclosure Part 12.7

Continued application of certain provisions Division 2

Regulation 12.7.03

Corporations Regulations 2001 247

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 2—Continued application of certain provisions

12.7.03 Continuation of certain provisions of previous governing

Codes

(1) For clause 39 of Schedule 4 to the Act, this regulation applies

provisions (as modified in this regulation) of a previous governing

Code to a relevant financial institution if, immediately before the

transfer date, the provisions applied to the institution.

(2) Subsection 402(1) of the Financial Institutions Code, and

section 79 of the Friendly Societies Code, of a State or Territory

apply, as a law of the Commonwealth, to the relevant financial

institution as if:

(a) a reference to a financial body or a society were a reference

to the relevant financial institution; and

(b) a reference to applicable standards were a reference to the

ASIC transitional standards.

(3) However, subsections 255(6), (7) and (8) of the Financial

Institutions Code of a State or Territory apply in relation to a

special resolution of the relevant financial institution that amends a

provision of the constitution of the institution that would, directly

or indirectly, affect:

(a) the operation of an exempt stock market; or

(b) the timely disclosure of information to holders or potential

holders of securities traded on an exempt stock market.

(4) Subsections 255(6), (7) and (8) of the Financial Institutions Code

of a State or Territory apply for subregulation (3) as if:

(a) a reference to society were a reference to the relevant

financial institution; and

(b) a reference to financial institutions legislation were a

reference to the Act and the Corporations Regulations; and

(c) a reference to standards were a reference to the ASIC

transitional standards.

Federal Register of Legislative Instruments F2015C00303

Chapter 12 Financial sector reform

Part 12.7 Other disclosure

Division 2 Continued application of certain provisions

Regulation 12.7.04

248 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

12.7.04 Continuation of ASIC transitional standards

(1) For clause 39 of Schedule 4 to the Act and subject to this Division,

the ASIC transitional standards:

(a) continue to apply in relation to a transferring financial

institution of a State or Territory to the extent that the

standards applied to the institution immediately before the

transfer date; and

(b) apply in relation to a relevant financial institution of a kind

mentioned in paragraph (b) or (c) of the definition of that

expression in regulation 12.7.01 to the extent that the

standards applied to an institution of that kind immediately

before the transfer date; and

(c) apply in relation to an Australian ADI to which a declaration

under regulation 12.7.02 applies to the extent that the

standards applied to Australian ADIs immediately before the

transfer date.

(2) However, Prudential Standard 6.8.3, as applied by

subregulation (1), does not authorise ASIC to grant an exemption.

Note: Regulation 12.7.05 authorises ASIC to make a declaration having the

effect of an exemption to which Prudential Standard 6.8.3 relates.

12.7.05 Exemption from, and modification of, certain provisions

(1) This regulation applies, in the circumstances to which Prudential

Standard 6.8.3 referred immediately before the transfer date, on:

(a) the initiative of ASIC; or

(b) application made to ASIC in writing by a person to whom

Division 3 of Part 7.3 of the Act, or regulation 7.3.13A or

7.3.13B, applies or another person.

(2) ASIC may, by Gazette notice, declare:

(a) that Division 3 of Part 7.3 of the Act, or regulation 7.3.13A

or 7.3.13B, does not apply to a person to whom the

declaration applies; and

Federal Register of Legislative Instruments F2015C00303

Financial sector reform Chapter 12

Other disclosure Part 12.7

Continued application of certain provisions Division 2

Regulation 12.7.06

Corporations Regulations 2001 249

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) that a provision mentioned in paragraph (a) applies to a

person to whom the declaration applies as if the provision

were modified in accordance with the declaration.

(3) Division 3 of Part 7.3 of the Act, and regulations 7.3.13A and

7.3.13B, apply subject to a declaration applying in relation to that

Division or regulation.

(4) A declaration:

(a) may be made subject to a condition stated in the exemption;

and

(b) takes effect on the day on which it is published.

12.7.06 Certain provisions of the Friendly Societies Code cease to

apply to FSR licensee

(1) For clause 39 of Schedule 4 to the Act the provisions of

subclause 36(1) of Schedule 4 cease to apply to a body to which

the Schedule applies on the earlier of:

(a) 2 years after the FSR commencement; and

(b) if the body gives notice under paragraph 1438(3)(b) of the

Act that the body wants the new product disclosure

provisions to apply in relation to specified products from a

certain date—that date.

(2) Subregulation (1) takes effect from the date specified in the notice

as the date from which the new product disclosure provisions will

apply.

Federal Register of Legislative Instruments F2015C00303

Chapter 12 Financial sector reform

Part 12.8 Shares in certain bodies corporate

Division 1 Preliminary

Regulation 12.8.02

250 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 12.8—Shares in certain bodies corporate

Division 1—Preliminary

12.8.02 Application of Part 12.8

This Part applies to a body corporate that is:

(a) a transferring financial institution of a State or Territory; or

(b) a company that is permitted to use the expression building

society, credit society or credit union under section 66 of the

Banking Act 1959; or

(c) a friendly society; or

(d) a restricted access insurer within the meaning of the Private

Health Insurance Act 2007.

12.8.03 What is a member share

(1) A share in the body corporate to which subregulation (2) or (3)

applies is a member share.

(2) This subregulation applies if the share:

(a) is not an ED security; and

(b) has a fixed value; and

(c) is held by a single person, or 2 or more persons jointly; and

(d) entitles the holder, or joint holders, to use services provided

by the body corporate; and

(e) is not transferable or transmissible, or is only transferable or

transmissible to a person or body specified in the rules or

constitution of the body corporate in circumstances stated in

the rules or constitution.

(3) This subregulation applies if:

(a) the share is taken to have been issued under

paragraph 12(1)(b), (c) or (d) of the transfer provisions; or

Federal Register of Legislative Instruments F2015C00303

Financial sector reform Chapter 12

Shares in certain bodies corporate Part 12.8

Preliminary Division 1

Regulation 12.8.04

Corporations Regulations 2001 251

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) that Act applies to the share under clause 15 of Schedule 4 to

that Act; or

(c) the share is declared under regulation 12.8.04 to be a member

share; or

(d) the share is issued under regulation 12.8.11 or 12.8.12.

12.8.04 Declarations by ASIC

(1) This regulation applies, in relation to a share in the body corporate,

on:

(a) the initiative of ASIC; or

(b) application made to ASIC in writing by the body corporate or

another person.

(2) ASIC may declare in writing that shares are, or are not, member

shares of the body corporate.

(3) The declaration takes effect when the declaration, or a copy of the

declaration, is given to the body corporate.

Federal Register of Legislative Instruments F2015C00303

Chapter 12 Financial sector reform

Part 12.8 Shares in certain bodies corporate

Division 2 Member shares

Regulation 12.8.05

252 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 2—Member shares

12.8.05 Notice requirements

For clause 38 of Schedule 4 to the Act, Part 2H.6 of the Act does

not apply in relation to a member share of the body corporate.

12.8.06 Registers of members

(1) For clause 38 of Schedule 4 to the Act, the Act is modified in

accordance with this regulation.

(2) The register of members that is mentioned in subsection 169(1) of

the Act may have a separate part for members of the body

corporate who hold member shares.

(3) Section 173 of the Act is modified in relation to the body corporate

by inserting after subsection 173(1):

(1AA) However, a body corporate mentioned in regulation 12.8.02

of the Corporations Regulations may, before allowing a

person to inspect the part of the register for members of the

body corporate who hold member shares, require the person

to agree in writing with the body that the person will only:

(a) divulge information obtained by the person from

inspecting the register to a person who is, or to persons

who are, specified in the agreement; or

(b) use information obtained by the person from inspecting

the register for a purpose that is, or purposes that are,

specified in the agreement.

(1AB) Also, the body corporate mentioned in regulation 12.8.02 of

the Corporations Regulations may refuse to allow a person to

inspect the part of the register for members of the body who

hold member shares if:

(a) the body is not satisfied that the person is a member of

the body who intends to call a meeting of members, or

of particular members, of the body; or

Federal Register of Legislative Instruments F2015C00303

Financial sector reform Chapter 12

Shares in certain bodies corporate Part 12.8

Member shares Division 2

Regulation 12.8.06

Corporations Regulations 2001 253

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(b) the body is not satisfied that the person proposes to

inspect the register for a purpose that is approved in

writing by ASIC:

(i) on its own initiative; or

(ii) on the written application of the person or of

another person; or

(c) the body is not satisfied that allowing the person to

inspect that part of the register is in the interests of the

members as a whole.

(4) Section 173 of the Act is modified in relation to the body corporate

by inserting after subsection 173(3):

(3A) However, a body corporate mentioned in regulation 12.8.02

of the Corporations Regulations may, before giving a person

a copy of the part of the register for members of the body

corporate who hold member shares, require the person to

agree in writing with the body that the person will only:

(a) give the original copy, or a copy of that original, to a

person who is, or to persons who are, specified in the

agreement; or

(b) use information obtained from that part of the register

for a purpose that is, or purposes that are, specified in

the agreement.

(3B) Also, the body corporate mentioned in regulation 12.8.02 of

the Corporations Regulations may refuse to give a person a

copy of the part of the register for members of the body who

hold member shares if the body is not satisfied that:

(a) the person is a member of the body who intends to call a

meeting of members, or of particular members, of the

body; or

(b) the person proposes to use information obtained from

that part of the register for a purpose that is approved in

writing by ASIC:

(i) on its own initiative; or

(ii) on the written application of the person or of

another person; or

Federal Register of Legislative Instruments F2015C00303

Chapter 12 Financial sector reform

Part 12.8 Shares in certain bodies corporate

Division 2 Member shares

Regulation 12.8.06A

254 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(c) giving the person the copy is in the interests of the

members as a whole.

Note: If a body corporate has failed to give a person a copy of the part of the

register for members of the body who hold member shares, the body

corporate must, in certain circumstances, arrange for the members to

be contacted, or for material to be sent to the members, on the

person’s behalf—see regulation 2C.3.01 of the Corporation

Regulations.

(5) In subregulations (3) and (4), a reference to the part of the register

for members of a body corporate who hold member shares includes

a reference to:

(a) the register of members of the body corporate that is a

company limited by guarantee; and

(b) the register of members of the body corporate limited by

shares and guarantee who do not hold shares in the body.

12.8.06A Member shares—liability to pay calls

(1) For clause 38 of Schedule 4 to the Act, the operation of

subsection 254M(1) of the Act is modified in accordance with this

regulation.

(2) If a member share in the body corporate is partly-paid, the

shareholder is not liable to pay a call on the share, or on a winding

up of the body corporate, without the consent of the shareholder, to

the extent that the unpaid amount is increased as a result of the

conversion of the share in accordance with regulation 12.2.04.

12.8.07 Disclosure in annual returns

For clause 38 of Schedule 4 to the Act, item 8 in the table set out in

section 348 of the Act does not apply in relation to a member of the

body corporate holding only a member share, or member shares, in

the body.

Federal Register of Legislative Instruments F2015C00303

Financial sector reform Chapter 12

Shares in certain bodies corporate Part 12.8

Member shares Division 2

Regulation 12.8.08

Corporations Regulations 2001 255

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

12.8.08 Member shares—numbering and certificates

For clause 38 of Schedule 4 to the Act, sections 1070B and 1071H

of the Act do not apply in relation to a member share of the body

corporate.

12.8.09 Member shares—unclaimed property

(1) For clause 38 of Schedule 4 to the Act, section 1343 of the Act

does not apply in relation to a member share of the body corporate.

(2) For clause 38 of Schedule 4 to the Act, the constitution of the body

corporate may provide that if a member share is cancelled, and the

value of the share is transferred, the value of the share is to be

treated as unclaimed moneys held by the body corporate.

Federal Register of Legislative Instruments F2015C00303

Chapter 12 Financial sector reform

Part 12.8 Shares in certain bodies corporate

Division 3 Certain shares in transferring building societies and credit unions

Regulation 12.8.10

256 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Division 3—Certain shares in transferring building

societies and credit unions

12.8.10 Definitions for Division 3

In this Division:

transferring building society means a transferring financial

institution of a State or Territory mentioned in paragraph (a) of the

definition of transferring financial institution of a State or

Territory in clause 1 of Schedule 4 to the Act.

transferring credit union means a transferring financial institution

of a State or Territory mentioned in paragraph (b) of the definition

of transferring financial institution of a State or Territory in

clause 1 of Schedule 4 to the Act.

12.8.11 Transferring building societies may issue shares equivalent

to membership shares

(1) A transferring building society that is a company limited by shares

may issue a share in the company giving the holder of the share the

same rights and obligations in relation to the share as the holder of

a membership share in the building society that is taken to have

been issued on the transfer date under clause 12 of the transfer

provisions has in relation to that share.

(2) However, the transferring building society must not issue the share

if its constitution has been modified under paragraph 24(1)(c) of

the transfer provisions.

(3) The provisions of the Act that apply in relation to the issue of a

share in a company limited by shares that is not issued under this

regulation also apply to a share that is issued under this regulation

for all matters that are not dealt with in subregulations (1) and (2).

Federal Register of Legislative Instruments F2015C00303

Financial sector reform Chapter 12

Shares in certain bodies corporate Part 12.8

Certain shares in transferring building societies and credit unions Division 3

Regulation 12.8.12

Corporations Regulations 2001 257

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

(4) This regulation does not affect:

(a) the capacity of a transferring building society to issue shares

in the company otherwise than under this regulation; or

(b) a share issued otherwise than under this regulation.

12.8.12 Transferring credit unions may issue shares equivalent to

withdrawable shares

(1) A transferring credit union that is a company limited by shares may

issue a share in the company that:

(a) is redeemable on the same terms as a withdrawable share in

the credit union was withdrawable immediately before the

transfer date; and

(b) otherwise gives the same rights to, and imposes the same

obligations on, the holder of the share as the holder of a

withdrawable share in the credit union had in relation to that

share immediately before the transfer date.

(2) However, the transferring credit union must not issue the share if

its constitution has been modified under paragraph 24(1)(c) of the

transfer provisions.

(3) The provisions of the Act that apply in relation to the issue of a

share in a company limited by shares that is not issued under this

regulation also apply to a share that is issued under this regulation

for all matters that are not dealt with in subregulations (1) and (2).

(4) This regulation does not affect:

(a) the capacity of a transferring credit union to issue shares in

the company otherwise than under this regulation; or

(b) a share issued otherwise than under this regulation.

Federal Register of Legislative Instruments F2015C00303

Chapter 12 Financial sector reform

Part 12.9 Winding up and deregistration of certain transferring financial institutions

Regulation 12.9.01

258 Corporations Regulations 2001

Compilation No. 113 Compilation date: 31/3/15 Registered: 9/4/15

Part 12.9—Winding up and deregistration of

certain transferring financial institutions

12.9.01 Application of Part 12.9

For clause 39 of Schedule 4 to the Act, this Part applies if,

immediately before the transfer date, a transferring financial

institution of a State or Territory was being wound up under a law

other than the previous governing Code.

12.9.02 Winding up

(1) The Act in force in a State or Territory, before the commencement

of the previous governing Code, that applied to the winding up of

the transferring financial institution (the relevant law) continues to

so apply, as a law of the Commonwealth, on and after the transfer

date as if that Code, and the Act, had not been enacted.

(2) However, for this regulation, a reference in the relevant law to the

Registrar is read as if it were a reference to ASIC.

(3) Information about the transferring financial institution given to

ASIC in a notice mentioned in regulation 12.2.09, or under the

relevant law, is taken to be information given to ASIC in relation

to the performance of its functions or the exercise of its powers.

12.9.03 Deregistration

(1) Despite regulation 12.7.02, this regulation applies if the

transferring financial institution had not been deregistered before

the transfer date as a result of being wound up.

(2) Sections 601AB, 601AC, 601AD, 601AE, 601AF, 601AG and

601AH of the Act apply to the deregistration of the transferring

financial institution.

Federal Register of Legislative Instruments F2015C00303