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CORPORATIONS ACT 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.2 - TRANSITIONAL PROVISIONS RELATING TO THE FINANCIAL SERVICES REFORM ACT 2001    View history reference

Division 1 - Transitional provisions relating to the phasing-in of the new financial services regime    View history reference

Subdivision F - Certain other product-related requirements    View history reference

SECTION 1442B  DEFERRED APPLICATION OF CONFIRMATION OF TRANSACTION AND COOLING-OFF PROVISIONS ETC.  

 View history reference

1442B(1)  [Application]  


This section applies to all financial products issued by a person, other than financial products in a class of products that are first issued by the person after the FSR commencement.

1442B(2)  ["transition period"]  


For the purposes of this section, the transition period, in relation to a financial product to which this section applies, is the period starting on the FSR commencement and ending on whichever of the following first occurs:


(a) the day fixed by Proclamation for the purposes of this paragraph;


(b) the end of the period of 6 months starting on the FSR commencement;


(c) the new product disclosure provisions (within the meaning of section 1438) start to apply in relation to the product.

[CCH Note: 11 March 2002 is the date fixed for the purpose of s 1442B(2)(a) pursuant to Proclamation dated 8 October 2001 in Commonwealth of Australia Government Gazette GN 42, 24 October 2001.]

1442B(3)  ["preserved provisions"]  


Subject to subsection (5), the following provisions (the preserved provisions), to the extent they are relevant to a financial product to which this section applies, continue to apply, despite their repeal, in relation to the financial product during the transition period:


(a) Division 6 of Part 19 of the Superannuation Industry (Supervision) Act 1993, and any associated provisions;


(b) Division 7 of Part 5 of the Retirement Savings Accounts Act 1997, and any associated provisions;


(c) sections 64 and 64A of the Insurance Contracts Act 1984, and any associated provisions;


(d) any other provisions specified in regulations made for the purposes of this paragraph, and any associated provisions in relation to provisions so specified.

1442B(4)  ["deferred provisions"]  


Subject to subsection (5), during the transition period, the following provisions (the deferred provisions) of the amended Corporations Act do not apply in relation to a financial product to which this section applies:


(a) section 1017F;


(b) sections 1019A and 1019B;


(c) any other provisions of Part 7.9 of the amended Corporations Act that are not part of the new product disclosure provisions (within the meaning of section 1438) and that are specified in regulations made for the purposes of this paragraph.

1442B(5)  [Regulations]  


Regulations made for the purposes of this subsection may do either or both of the following:


(a) provide that specified provisions of the preserved provisions apply (with or without specified modifications), or do not apply, in relation to a financial product to which this section applies;


(b) provide that specified provisions of the deferred provisions apply (with or without specified modifications), or do not apply, in relation to a financial product to which this section applies.

The regulations may provide as mentioned in paragraph (a) or (b) even after the end of the transition period.


 



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