Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.9 - FINANCIAL PRODUCT DISCLOSURE AND OTHER PROVISIONS RELATING TO ISSUE AND SALE OF FINANCIAL PRODUCTS  

Division 4 - Content of Product Disclosure Statements  

Subdivision 4.2C - Content of Product Disclosure Statement for simple managed investment scheme  

REGULATION 7.9.11U   PROVISIONS OF PART 7.9 OF ACT THAT DO NOT APPLY IN RELATION TO SIMPLE MANAGED INVESTMENT SCHEME  

7.9.11U(1)    
For paragraph 1020G(1)(b) of the Act, Subdivision D of Division 2 of Part 7.9 of the Act does not apply in relation to a simple managed investment scheme to which this Subdivision applies.

7.9.11U(2)    

If a person:

(a)    proposes to prepare a Product Disclosure Statement or a Supplementary Product Disclosure Statement for a simple managed investment scheme to which this Subdivision applies during the period commencing on the day on which this subregulation commences and ending on 22 June 2012; and

(b)    is permitted to decide, in accordance with regulation 4 of the Corporations Amendment Regulations 2010 (No. 5) , to prepare the Product Disclosure Statement or Supplementary Product Disclosure Statement in accordance with Subdivision D of Division 2 of Part 7.9 of the Act; and

(c)    prepares the Product Disclosure Statement or Supplementary Product Disclosure Statement in accordance with that Subdivision;

the preparation of the Product Disclosure Statement or Supplementary Product Disclosure Statement is taken to be full compliance with all requirements of Part 7.9 of the Act and these Regulations relating to how the Product Disclosure Statement or Supplementary Product Disclosure Statement is to be prepared.

Note The Corporations Amendment Regulations 2010 (No. 5) amended these Regulations to make new arrangements for the preparation of Product Disclosure Statements for simple managed investment schemes, including identifying that Subdivision D of Division 2 of Part 7.9 of the Act would no longer apply. However, the transitional arrangements in subregulations 4(1) to (7) of the Amendment Regulations allowed certain persons to decide to rely on Subdivision D of Division 2 of Part 7.9 of the Act for the purpose of preparing the Product Disclosure Statement.