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

[114]   After subregulation 7.9.62 (2)

insert

(3) For paragraph 1017F (4) (e) of the Act, the following transactions in relation to a financial product are not required to be confirmed:

(a) debiting for fees or charges in respect of the financial product or other transactions involving the financial product;

(b) debiting for charges or duties on deposits into, or withdrawals from, the financial product that are payable under a law of the Commonwealth or of a State or Territory;

(c) debiting an amount from a basic deposit product if:

(i) the holder of the product has been given a periodic statement under section 1017D of the Act not later than 6 months after the transaction occurs; and

(ii) the periodic statement contains the information about the transaction that is required by that section;

(d) crediting an amount to a basic deposit product if:

(i) the holder of the product has been given a periodic statement under section 1017D of the Act not later than 6 months after the transaction occurs; and

(ii) the periodic statement contains the information about the transaction that is required by that section.

(4) For paragraph 1017F (4) (e) of the Act, the following transactions in relation to a financial product are not required to be confirmed:

(a) a transaction that is required or authorised by a law of the Commonwealth or of a State or Territory;

(b) a transaction:

(i) consisting solely of an additional contribution towards the financial product; and

(ii) in relation to which the holder has agreed to the timing and amount, or method of calculating the amount, of the additional contribution;

(c) a transaction:

(i) consisting solely of a withdrawal from the financial product; and

(ii) in relation to which the holder has agreed to the timing and amount, or method of calculating the amount, of the withdrawal;

(d) a transaction:

(i) consisting solely of the acquisition of managed investment products; and

(ii) in relation to which the holder has agreed to the timing and amount, or method of calculating the amount, of the acquisition; and

(iii) in relation to which the holder of the managed investment products, before agreeing to the acquisition, already held or had agreed to acquire managed investment products that were interests in the same registered managed investment scheme as the managed investment products that are to be acquired under the agreement;

(e) a transaction that relates to:

(i) a superannuation product or an RSA product; and

(ii) a superannuation surcharge liability for a product holder arising under section 10 of the Superannuation Contribution Tax (Assessment and Collections) Act 1997;

(f) the acceptance or settlement of a claim relating to an insurance product;

(g) a transaction consisting of:

(i) the generating by a financial product of a financial return or other benefit for the holder of the product; or

(ii) the payment to that holder of that return or other benefit, if the holder has agreed to the method by which the payment will be made.