Corporations Amendment Regulations 2002 (No. 2) (16 of 2002)

Schedule 1   Amendments commencing at 12.01 am (in the Australian Capital Territory) on 11 March 2002

[8]   After regulation 7.1.08

insert

7.1.08A Meaning of financial product advice: exempt document or statement

(1) For subparagraph (a) (ii) of the definition of exempt document or statement in subsection 766B (9) of the Act, the following documents and statements are prescribed:

(a) a Product Disclosure Statement that contains personal advice or general advice about a financial product other than the financial product to which the Statement relates;

(b) a Financial Services Guide that contains personal advice;

(c) a document or statement that would but for this regulation, be an exempt document or statement only because it is prepared or given in accordance with section 1018A of the Act;

(d) a record of advice mentioned in subsection 946B (3A) of the Act.

Note The effect of subparagraph (a) (ii) of that definition is that a prescribed document or statement is not an exempt document or statement.

(2) For paragraph (b) of the definition of exempt document or statement in subsection 766B (9) of the of the Act, the following documents and statements are prescribed:

(a) a disclosure document;

(b) a bidder's statement;

(c) a target's statement.

Note The effect of paragraph (b) of that definition is that a prescribed document or statement is an exempt document or statement.

(3) For paragraph (b) of the definition of exempt document or statement in subsection 766B (9) of the of the Act, the following documents and statements are prescribed:

(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:

(i) that does not contain personal advice; and

(ii) that does not contain general advice about another product;

(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:

(i) that does not contain personal advice; and

(ii) that does not contain general advice about another product;

(c) in relation to a superannuation product to which Division 2 of Part 7.9 of the Act does not apply - information mentioned in:

(i) section 153 or 159 of the SIS Act; or

(ii) Part 2 of the SIS Regulations;

as in force immediately before the FSR commencement that does not contain personal advice and that does not contain general advice about another product;

(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 that:

(i) does not contain personal advice; and

(ii) does not contain general advice about another product;

(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, that:

(i) does not contain personal advice; and

(ii) does not contain general advice about another product.

Note The effect of paragraph (b) of that definition is that a prescribed document or statement is an exempt document or statement.