Corporations Amendment Regulations 2010 (No. 5) (135 of 2010)

4   Transitional

(1) For the period of 1 year commencing on the day on which these Regulations commence, the amendments made by Schedule 1 do not apply in relation to:

(a) a Product Disclosure Statement prepared under the Corporations Act 2001 for:

(i) a superannuation product; or

(ii) a financial product that would be a simple managed investment scheme, within the meaning of the Corporations Regulations 2001 as amended by Schedule 1 if those amendments applied; and

(b) a Supplementary Product Disclosure Statement prepared under that Act for that product.

(2) On and after the end of the period of 1 year commencing on the day on which these Regulations commence, the amendments made by Schedule 1 apply in relation to a Product Disclosure Statement prepared under the Corporations Act 2001 for:

(a) a superannuation product for which no Product Disclosure Statement had been prepared before the commencement of these Regulations; or

(b) a financial product:

(i) that would be a simple managed investment scheme, within the meaning of the Corporations Regulations 2001 as amended by Schedule 1 if those amendments applied; and

(ii) for which no Product Disclosure Statement had been prepared before the commencement of these Regulations.

(3) On and after the end of the period of 1 year commencing on the day on which these Regulations commence, the amendments made by Schedule 1 apply:

(a) in relation to a Supplementary Product Disclosure Statement prepared under the Corporations Act 2001 for a superannuation product; and

(b) in relation to the Product Disclosure Statement to which the Supplementary Product Disclosure Statement applies; and

(c) to the extent necessary to provide that if:

(i) the superannuation product existed before the end of the period; and

(ii) there is a change in circumstances, on or after the end of the period, to the extent that a Supplementary Product Disclosure Statement would, but for this paragraph, need to be prepared;

the obligation to prepare the Supplementary Product Disclosure Statement is taken to be an obligation to prepare a Product Disclosure Statement for the superannuation product that complies with the Corporations Regulations 2001 as amended by Schedule 1.

(4) On and after the end of the period of 1 year commencing on the day on which these Regulations commence, the amendments made by Schedule 1 apply:

(a) in relation to a Supplementary Product Disclosure Statement prepared under the Corporations Act 2001 for a financial product that would be a simple managed investment scheme, within the meaning of the Corporations Regulations 2001 as amended by Schedule 1 if those amendments applied; and

(b) in relation to the Product Disclosure Statement to which the Supplementary Product Disclosure Statement applies; and

(c) to the extent necessary to provide that if:

(i) the financial product existed before the end of the period; and

(ii) there is a change in circumstances, on or after the end of the period, to the extent that a Supplementary Product Disclosure Statement would, but for this paragraph, need to be prepared;

the obligation to prepare the Supplementary Product Disclosure Statement is taken to be an obligation to prepare a Product Disclosure Statement for the financial product that complies with the Corporations Regulations 2001 as amended by Schedule 1.

(5) On and after the end of the period of 2 years commencing on the day on which these Regulations commence, the amendments made by Schedule 1 apply in relation to a Product Disclosure Statement or under the Corporations Act 2001 for:

(a) a superannuation product that is not mentioned in subregulation (2), (3) or (4); or

(b) a simple managed investment scheme, within the meaning of the Corporations Regulations 2001 as amended by Schedule 1, that is not mentioned in subregulation (2), (3) or (4).

(6) On and after 1 January 2011, the amendments made by Schedule 1 apply in relation to a standard margin lending facility.

Note The Corporations Legislation Amendment (Financial Services Modernisation) Act 2009 commenced on 1 January 2010.

Schedule 1 Amendments

(regulation 3)