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
[203] After regulation 10.2.138
insert
Division 29 Effect on definitions in old Corporations Act of transition to licensed markets and licensed CS facilities
10.2.139 Approved foreign bank
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in the definition of approved foreign bank in section 9 of the old Corporations Act to a member of a futures organisation includes a participant of a licensed market for derivatives.
(3) A reference in the definition of approved foreign bank in section 9 of the old Corporations Act to an approval given by a futures organisation in accordance with its business rules (within the meaning of Chapter 8 of the old Corporations Act) includes an approval given by the operator of a licensed market for derivatives (within the meaning of section 761A of the amended Corporations Act).
10.2.140 Eligible exchange-traded options
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in the definition of eligible exchange-traded option in section 9 of the old Corporations Act to a futures market of a futures exchange includes a licensed market for derivatives.
10.2.141 Futures law
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in the definition of futures law in section 9 of the old Corporations Act to Chapter 8 of the old Corporations Act includes Chapter 7 of the amended Corporations Act.
10.2.142 Member organisation
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in paragraph (a) of the definition of member organisation in section 9 of the old Corporations Act to a securities exchange or a stock exchange includes a licensed market for securities.
(3) A reference in paragraph (a) of the definition of member organisation in section 9 of the old Corporations Act to the business rules of a securities exchange or a stock exchange includes the operating rules of a licensed market for securities.
(4) A reference in paragraph (b) of the definition of member organisation in section 9 of the old Corporations Act to a futures organisation includes a licensed market for derivatives.
(5) A reference in paragraph (b) of the definition of member organisation in section 9 of the old Corporations Act to a member of a futures organisation includes a participant of a licensed market for derivatives.
(6) A reference in subparagraph (b) (ii) of the definition of member organisation in section 9 of the old Corporations Act to a partnership that a futures organisation recognises as a member organisation includes a partnership that a market licensee recognises as a member organisation.
10.2.143 Non-broker
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in the definition of non-broker in section 9 of the old Corporations Act to a futures broker or one of 2 or more persons who together constitute a futures broker includes:
(a) a financial services licensee; and
(b) one of 2 or more persons who together constitute a financial services licensee.
10.2.144 Non-dealer
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in the definition of non-dealer in section 9 of the old Corporations Act to a dealer or one of 2 or more persons who together constitute a dealer includes:
(a) a financial services licensee; and
(b) one of 2 or more persons who together constitute a financial services licensee.
10.2.145 Securities law
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in the definition of securities law in section 9 of the old Corporations Act to Chapter 7 of the old Corporations Act includes Chapter 7 of the amended Corporations Act.
10.2.146 Marketable parcel
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in the definition of marketable parcel in section 761 of the old Corporations Act to a stock market of a securities exchange includes a licensed market.
(3) A reference in the definition of marketable parcel in section 761 of the old Corporations Act to the relevant business rules or listing rules of a stock market of a securities exchange includes the relevant operating rules or listing rules of a licensed market.
Division 30 Effect on certain conduct of transition to licensed markets and licensed CS facilities
10.2.147 Own account dealings and transactions: futures contracts
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in subsection 29 (2) of the old Corporations Act to a member of a futures exchange includes a participant of a licensed market for derivatives.
10.2.148 Conditions of dealers license
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 1 or 2 of the table in section 1430 of the Act.
(2) A reference in subsection 786 (8) of the old Corporations Act to a member of a securities exchange includes a participant of a licensed market for securities.
(3) A reference in subsection 786 (8) of the old Corporations Act to a securities exchange includes a market licensee.
(4) A reference in subsection 786 (8) of the old Corporations Act to a member firm includes a participating firm.
10.2.149 Persons who are not clients
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 1 or 2 of the table in section 1430 of the Act.
(2) A reference in section 794 of the old Corporations Act to a dealer or an investment adviser includes:
(a) a financial services licensee; and
(b) one of 2 or more persons who together constitute a financial services licensee.
10.2.150 Dealings and transactions on a dealer's own account
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 1 of the table in section 1430 of the Act.
(2) A reference in subsection 843 (5) of the old Corporations Act to a dealer who is a member of a securities exchange includes a participant of a licensed market for securities.
10.2.151 Dealer to give priority to clients' orders
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 1 of the table in section 1430 of the Act.
(2) A reference in subsection 844 (2) of the old Corporations Act to a stock market of a securities exchange includes a licensed market.
10.2.152 Dealers' financial records
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 1 of the table in section 1430 of the Act.
(2) A reference in paragraph 856 (10) (c) of the old Corporations Act to a dealer includes a financial services licensee.
10.2.153 Auditor to report to ASIC on certain matters
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 1 of the table in section 1430 of the Act.
(2) A reference in subsection 861 (1) of the old Corporations Act to a securities exchange of which a holder is a member includes a licensed market for securities of which the regulated principal is a participant.
10.2.154 Qualified privilege for auditor
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 1 of the table in section 1430 of the Act.
(2) A reference in paragraph 863 (1) (b) of the old Corporations Act to a securities exchange includes the operator of a licensed market for securities.
10.2.155 Court may freeze certain bank accounts of dealers and former dealers
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 1 of the table in section 1430 of the Act.
(2) A reference in paragraph 874 (1) (b) of the old Corporations Act to the business rules of a securities exchange of which a person is or has been a member includes the operating rules of a licensed market for securities of which the regulated principal is or has been a participant.
10.2.156 Interpretation - registers
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 1 of the table in section 1430 of the Act.
(2) A reference in the definition of financial journalist in subsection 879 (1) of the old Corporations Act to a licensee includes a financial services licensee.
(3) A reference in paragraph (b) of the definition of securities in subsection 879 (1) of the old Corporations Act to a securities exchange includes a licensed market.
(4) A reference in paragraph 879 (2) (a) of the old Corporations Act to a securities exchange includes a market licensee.
(5) A reference in paragraph 879 (2) (a) of the old Corporations Act to a member of a securities exchange that is recognised by that securities as specialising in transactions relating to odd lots of securities exchange includes a participant of a licensed market that is recognised by the market licensee in relation to that licensed market as specialising in transactions relating to odd lots of securities.
(6) A reference in subsection 879 (2) of the old Corporations Act to a member's relevant interests in any securities includes the interests in securities of a participant mentioned in subregulation (5).
10.2.157 Conditions of futures broker's licence: membership of futures organisation
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 3 of the table in section 1430 of the Act.
(2) A reference in paragraph 1148 (1) (a) of the old Corporations Act to being a member of a futures organisation includes being a participant of a licensed market for derivatives.
(3) A reference in subparagraph 1148 (1) (b) (i) of the old Corporations Act to being a member of no futures organisation includes being a participant of no licensed market for derivatives.
(4) A reference in subparagraph 1148 (1) (b) (ii) of the old Corporations Act to a licensee's being a member of a futures organisation, but for the suspension of the licensee's membership of the futures organisation, includes the regulated principal's being a participant of a licensed market for derivatives, but for the suspension of the regulated principal's participation in the licensed market.
(5) A reference in subsection 1148 (2) of the old Corporations Act to a licensee's membership of a futures organisation includes the regulated principal's participation in a licensed market for derivatives.
10.2.158 Futures organisation to be informed about conditions of futures brokers licence
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 3 of the table in section 1430 of the Act.
(2) A reference in paragraph 1152 (1) (a) of the old Corporations Act to a futures organisation of which a licensee is a member includes the operator of a licensed market for derivatives of which the regulated principal is a participant.
(3) A reference in paragraph 1152 (1) (b) of the old Corporations Act to a corporation that is a clearing house for a futures exchange of which a licensee is a member includes the operator of a licensed CS facility that provides its services for the clearing and settlement of transactions effected through a licensed market for derivatives of which the regulated principal is a participant.
10.2.159 Licensee to notify breach of licence condition
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 3 or 4 of the table in section 1430 of the Act.
(2) A reference in paragraph 1153 (1) (b) of the old Corporations Act to a futures organisation of which a licensee is a member includes the operator of a licensed market for derivatives of which the regulated principal is a participant.
10.2.160 Register of Futures Licensees
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 3 or 4 of the table in section 1430 of the Act.
(2) A reference in paragraph 1155 (3) (e) of the old Corporations Act to a futures organisation of which a licensee is a member includes the operator of a licensed market for derivatives of which the regulated principal is a participant.
10.2.161 Excluded clients
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 3 or 4 of the table in section 1430 of the Act.
(2) A reference in section 1159 of the old Corporations Act to a futures broker or a futures adviser includes:
(a) a financial services licensee; and
(b) one of 2 or more persons who together constitute a financial services licensee.
10.2.162 Segregation of client money and property
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 3 of the table in section 1430 of the Act.
(2) A reference in subparagraph 1209 (5) (d) (iv) of the old Corporations Act to a clearing house for a futures exchange includes a CS facility that provides its services for the clearing and settlement of transactions effected through a licensed market for derivatives.
(3) A reference in subsection 1209 (5A) of the old Corporations Act to:
(a) another broker; or
(b) a receiving broker;
includes a financial services licensee.
(4) A reference in subsection 1209 (5B) of the old Corporations Act to the brokers concerned includes a financial services licensee.
10.2.163 Accounts to be kept by futures brokers
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 3 of the table in section 1430 of the Act.
(2) A reference in subparagraph 1213 (2) (b) (vii) of the old Corporations Act to the business rules of a futures exchange includes the operating rules of a licensed market for derivatives.
(3) A reference in subparagraph 1213 (2) (b) (vii) of the old Corporations Act to the futures market of a futures exchange includes a licensed market for derivatives.
(4) A reference in paragraph 1213 (4) (d) of the old Corporations Act to another futures broker includes a financial services licensee.
(5) A reference in subsection 1213 (5) of the old Corporations Act to a futures exchange includes an operator of a licensed market for derivatives.
(6) A reference in subsection 1213 (5) of the old Corporations Act to a member includes a participant of a licensed market for derivatives.
(7) A reference in subsection 1213 (5) of the old Corporations Act to recording a matter pursuant to subsection 1270 (3) of the old Corporations Act includes recording a matter for section 1101C of the amended Corporations Act.
10.2.164 Property in custody of futures broker
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 3 of the table in section 1430 of the Act.
(2) A reference in paragraph 1214 (1) (e) of the old Corporations Act to the business rules of a futures exchange that maintained or provided a futures market includes the operating rules of a licensed market for derivatives.
10.2.165 Auditor to report to ASIC in certain cases
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 3 of the table in section 1430 of the Act.
(2) A reference in subsection 1220 (1) of the old Corporations Act to a futures exchange of which a broker is a member includes:
(a) the operator of a licensed market for derivatives; and
(b) the operator of a licensed CS facility that provides its services for the clearing and settlement of transactions effected through that licensed market.
(3) A reference in paragraph 1220 (1) (b) of the old Corporations Act to a futures exchange of which a broker is a member includes:
(a) the operator of a licensed market for derivatives; and
(b) the operator of a licensed CS facility that provides its services for the clearing and settlement of transactions effected through that licensed market.
10.2.166 Defamation
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 3 of the table in section 1430 of the Act.
(2) A reference in paragraph 1222 (1) (b) of the old Corporations Act to a futures exchange, a clearing house for a futures exchange, or a futures association includes:
(a) the operator of a licensed market for derivatives; and
(b) the operator of a licensed CS facility that provides its services for the clearing and settlement of transactions effected through a licensed market for derivatives.
10.2.167 Power of Court to restrain dealings with futures broker's bank accounts
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 3 of the table in section 1430 of the Act.
(2) A reference in section 1224 of the old Corporations Act to a member of a futures organisation includes a participant of a licensed market for derivatives.
(3) A reference in subsection 1224 (2) of the old Corporations Act to a futures organisation includes a market licensee.
10.2.168 Power of Court to restrain dealings with futures broker's bank accounts
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 3 of the table in section 1430 of the Act.
(2) A reference in section 1226 of the old Corporations Act to a futures organisation includes the operator of a licensed market for derivatives.
10.2.169 Sequence of transmission and execution of orders
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 3 of the table in section 1430 of the Act.
(2) A reference in subsection 1266 (1) of the old Corporations Act to a futures market includes a financial market.
(3) A reference in paragraph 1266 (4) (c) of the old Corporations Act to the business rules of a futures organisation of which a futures broker is a member includes the operating rules of a licensed market for derivatives of which the broker is a participant.
(4) A reference in subsection 1266 (5) of the old Corporations Act to a member of a futures exchange includes a participant of a licensed market for derivatives.
(5) A reference in subsection 1266 (5) of the old Corporations Act to a trading floor of a futures exchange includes a trading floor of a licensed market for derivatives.
(6) A reference in subsection 1266 (6) of the old Corporations Act to the business rules of a futures organisation of which a broker is a member includes the operating rules of a licensed market of which the broker is a participant.
10.2.170 Dealings by employees of futures brokers and futures advisers
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 3 or 4 of the table in section 1430 of the Act.
(2) A reference in subsection 1267 (7), (9) or (10) of the old Corporations Act to a futures exchange includes a licensed market for derivatives.
Division 31 Effect on fundraising of transition to licensed markets and licensed CS facilities
10.2.171 Sale offers that need disclosure
(1) For section 1444 of the Act, this regulation applies in relation to a managed investment product.
(2) A reference in subparagraph 707 (2) (b) (ii) of the old Corporations Act to a stock market of a securities exchange includes a relevant financial market.
(3) A reference in subparagraph 707 (5) (a) (ii) of the old Corporations Act to a stock market of a securities exchange includes a relevant financial market on which the securities mentioned in that subparagraph were quoted.
10.2.172 Prospectus content - specific disclosures
(1) For section 1444 of the Act, this regulation applies in relation to a managed investment product.
(2) A reference in subsection 711 (5) of the old Corporations Act to a stock market of a securities exchange includes a financial market (whether in Australia or elsewhere).
(3) A reference in subsection 711 (5) of the old Corporations Act to a stock market includes a financial market (whether in Australia or elsewhere).
(4) A reference in subsection 711 (5) of the old Corporations Act to a securities exchange includes the operator of a financial market (whether in Australia or elsewhere).
10.2.173 Issuing or transferring the securities under a disclosure document
(1) For section 1444 of the Act, this regulation applies in relation to a managed investment product.
(2) A reference in subsection 723 (3) of the old Corporations Act to a stock market of a securities exchange (whether in Australia or elsewhere) includes a financial market (whether in Australia or elsewhere).
10.2.174 Choices open to person making an offer if disclosure document condition not met or disclosure document defective
(1) For section 1444 of the Act, this regulation applies in relation to a managed investment product.
(2) A reference in paragraph 724 (1) (b) of the old Corporations Act to a stock market of a securities exchange (whether in Australia or elsewhere) includes a financial market (whether in Australia or elsewhere).
10.2.175 Restrictions on advertising and publicity
(1) For section 1444 of the Act, this regulation applies in relation to a managed investment product.
(2) A reference in paragraph 734 (7) (a) of the old Corporations Act to a securities exchange includes a market operator.
Division 32 Effect on product disclosure of transition to licensed markets and licensed CS facilities
10.2.176 Offers that do not need disclosure
(1) For section 1444 of the Act, this regulation applies in relation to a managed investment product.
(2) A reference in subsection 708 (10) of the old Corporations Act to a licensed dealer includes a financial services licensee.
(3) A reference in subsection 708 (11) of the old Corporations Act to:
(a) a person who is a licensed or exempt dealer; or
(b) a person who is a licensed or exempt investment adviser;
includes a financial services licensee.
10.2.177 Prospectus content - general disclosure test
(1) For section 1444 of the Act, this regulation applies in relation to a managed investment product.
(2) A reference in paragraph 710 (3) (e) of the old Corporations Act to a stockbroker to an issue or sale includes, in relation to a stockbroker that participates in any way in the preparation of the prospectus for the issue or sale, a person named in the prospectus as a financial services licensee that is involved in the issue or sale.
10.2.178 Prospectus content - specific disclosures
(1) For section 1444 of the Act, this regulation applies in relation to a managed investment product.
(2) A reference in paragraph 711 (4) (e) of the old Corporations Act to a stockbroker includes a financial services licensee named in the prospectus for the issue or sale as a financial services licensee that is involved in the issue or sale.
10.2.179 Futures broker to give certain information to prospective client
(1) For section 1444 of the Act, this regulation applies in relation to a derivative.
(2) A reference in subsection 1210 (3) of the old Corporations Act to a futures broker includes a financial services licensee.
Division 33 Effect on Corporations Regulations 2001 of transition of financial service providers and transition to licensed markets and licensed CS facilities
10.2.180 Licence conditions - investment advice to retail investors
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in subregulation 7.3.02B (8) of the old Corporations Regulations to:
(a) the holder of a dealers licence; or
(b) the holder of an investment advisers licence;
includes a financial services licensee.
10.2.181 Exemption from licensing - certain dealings
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal mentioned in item 5 of the table in section 1430 of the Act.
(2) A reference in paragraph 7.3.10A (b) of the old Corporations Regulations to a life insurance broker within the meaning of the Insurance (Agents and Brokers) Act 1984 includes the regulated principal.
10.2.182 Exemption from licensing - managed investment schemes
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal that is a body corporate.
(2) A reference in subregulation 7.3.11 (3) of the old Corporations Regulations to Chapter 6D of the Act includes Chapter 7 of the amended Corporations Act.
10.2.183 Exempt dealer
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in regulation 7.4.01 of the old Corporations Regulations to a member of a securities exchange includes a participant of a licensed market.
10.2.184 Exempt securities and interests
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in regulation 7.4.02 of the old Corporations Regulations to Chapter 6D of the Act includes Chapter 7 of the amended Corporations Act.
10.2.185 Transactions in prescribed circumstances
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in regulation 7.4.03 of the old Corporations Regulations to a securities exchange in Australia includes a licensed market.
(3) A reference in regulation 7.4.03 of the old Corporations Regulations to persons who are members of a securities exchange in Australia includes persons who are participants of a licensed market.
10.2.186 Exempted transaction
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in regulation 7.4.04 of the old Corporations Regulations to Business Rules includes operating rules within the meaning of section 761A of the amended Corporations Act.
10.2.187 Charging brokerage on principal transactions
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in subregulation 7.4.04A (1) of the old Corporations Regulations to a member of a securities exchange includes a participant of a licensed market.
10.2.188 Exemption from subsection 844 (2) of old Corporations Act
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in regulation 7.4.05 of the old Corporations Regulations to a member of a stock exchange includes a participant of a licensed market.
(3) A reference in regulation 7.4.05 of the old Corporations Regulations to the business rules of a stock exchange includes the operating rules of a licensed market.
10.2.189 Exemption: Part 8.3 of old Corporations Act - certain futures contracts
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in paragraph (a) of the definition of investment manager in subregulation 8.3.02 (1) of the old Corporations Regulations to the holder of a dealers licence includes a financial services licensee.
(3) A reference in subparagraph 8.3.02 (2) (c) (i) of the old Corporations Regulations to a member of a futures exchange includes a participant of a licensed market for derivatives.
(4) A reference in subparagraph 8.3.02 (2) (c) (i) of the old Corporations Regulations to the business rules of a futures exchange includes the operating rules of a licensed market for derivatives.
(5) A reference in subparagraph 8.3.02 (2) (c) (ii) of the old Corporations Regulations to a member of a futures exchange includes a participant of a licensed market for derivatives.
(6) A reference in subparagraph 8.3.02 (2) (d) (i) of the old Corporations Regulations to a dealers licence includes a financial services licence that authorises the operation of a registered managed investment scheme.
10.2.190 Exemption of certain transactions from subsection 1206 (1) of old Corporations Act
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in paragraph 8.4.01 (b) of the old Corporations Regulations to a member of a clearing house of a futures exchange includes a participant of a licensed CS facility that provides its services for the clearing and settlement of transactions effected through a licensed market for derivatives.
(3) A reference in regulation 8.4.01 of the old Corporations Regulations to the business rules of a futures exchange includes the operating rules of a licensed market for derivatives.
10.2.191 Exemption of certain transactions from subsection 1207 (1) of the old Corporations Act
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in regulation 8.4.03 of the old Corporations Regulations to a member of a clearing house of a futures exchange includes a participant of a licensed CS facility that provides its services for the clearing and settlement of transactions effected through a licensed market for derivatives.
(3) A reference in paragraph 8.4.03 (d) of the old Corporations Regulations to the business rules of a futures exchange includes the operating rules of a licensed market for derivatives.
10.2.192 Which futures broker to comply with subsection 1207 (1) of old Corporations Act in relation to certain transactions
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in regulation 8.4.03A of the old Corporations Regulations to a futures broker includes a financial services licensee.
10.2.193 Exemption of certain transactions from paragraphs 1207 (1) (g) and (h) of old Corporations Act
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) A reference in paragraph 8.4.04 (b) of the old Corporations Regulations to a member of a clearing house of a futures exchange includes a participant of a licensed CS facility that provides its services for the clearing and settlement of transactions effected through a licensed market for derivatives.
(3) A reference in paragraph 8.4.04 (d) of the old Corporations Regulations to the business rules of a futures exchange includes the operating rules of a licensed market for derivatives.
Division 34 Effect on certain instruments of transition of financial service providers and transition to licensed markets and licensed CS facilities
10.2.194 References to certain matters
(1) For section 1444 of the Act, this regulation applies in relation to:
(a) a regulated principal; and
(b) the following instruments:
(i) an approval of a stock market under subsection 770A (2) of the old Corporations Act;
(ii) a declaration of an exempt stock market under subsection 771 (1) of the old Corporations Act;
(iii) a declaration of an exempt futures market under subsection 1127 (1) of the old Corporations Act.
(2) A reference in an instrument to a securities dealer's licence includes a Australian financial service licence that authorises the holder to deal in securities.
(3) A reference in an instrument to the business rules of a securities exchange or a stock exchange includes the operating rules of a licensed market for securities.
(4) A reference in an instrument to a person who is not a retail investor within the meaning of subregulation 7.3.02B (8) of the old Corporations Regulations includes a professional investor within the meaning of section 9 of the Act.
(5) A reference in an instrument to:
(a) a prospectus; or
(b) a replacement prospectus;
includes a Product Disclosure Statement.
(6) A reference in an instrument to a supplementary prospectus includes a supplementary Product Disclosure Statement.
(7) A reference in an instrument to the Commission includes ASIC.
(8) A reference in an instrument to the ASC includes ASIC.
(9) A reference in an instrument to a futures brokers licence includes an Australian financial services licence that authorises the holder to deal in derivatives.
(10) A reference in an instrument to a futures licensee includes a person who holds an Australian financial services licence that authorises the holder to deal in derivatives.
(11) A reference in an instrument to Division 2 of Part 4.1 of the old Corporations Act includes Division 2 of Part 5B.2 of the Act.
(12) A reference in an instrument to section 345 of the old Corporations Act includes section 601CF of the Act.
(13) A reference in an instrument to a clearing house includes a licensed clearing and settlement facility.
(14) A reference in an instrument to an approved futures exchange includes a licensed market operated by:
(a) Sydney Futures Exchange Limited; or
(b) SFE Corporation Limited; or
(c) ASX Futures Exchange Pty Limited.
(15) A reference in an instrument to a recognised futures exchange includes a recognised futures exchange mentioned in Schedule 11 to the old Corporations Regulations.
(16) A reference in an instrument to a futures market of any exchange includes a financial market in relation to derivatives operated by a market licensee.
Division 35 Streamlined licensing
10.2.195 Suspension or cancellation of streamlined licence
(1) For section 1444 of the Act, this regulation applies in relation to a financial services licensee to which the streamlined licensing procedure in section 1433 of the Act applied when the licensee's Australian financial services licensee was granted.
(2) If the financial services licensee is an individual, paragraph 915C (1) (b) of the Act applies to the financial services licensee:
(a) as if ASIC had been satisfied in the terms of subsection 913B (2) of the Act (dealing with whether the financial services licensee is of good fame and character) when the Australian financial services licence was granted; and
(b) to the extent necessary to allow ASIC to consider whether there is no reason to believe that the financial services licensee is not of good fame or character.
(3) If the financial services licensee is not an individual, paragraph 915C (1) (b) of the Act applies to the financial services licensee:
(a) as if ASIC had been satisfied in the terms of subsection 913B (3) of the Act (dealing with whether the financial services licensee or its representatives are of good fame and character) when the Australian financial services licence was granted; and
(b) to the extent necessary to allow ASIC to consider whether there is no reason to believe that the financial services licensee or its representatives are not of good fame or character.
Division 36 Insurance multi-agents
10.2.196 Application by holder of qualified licence
(1) For section 1444 of the Act, this regulation applies in relation to a person if:
(a) the person is an insurance multi-agent within the meaning of section 1434 of the Act; and
(b) the person holds an Australian financial services licence granted in accordance with the procedures mentioned in that section; and
(c) the person applies, at the end of the transition period in relation to the person, under section 913A of the Act, for an Australian financial services licence; and
(d) section 1434 of the Act does not apply in relation to the application for an Australian financial services licence; and
(e) ASIC proposes to consider only the matters mentioned in paragraphs 912A (1) (e) and (f) of the Act rather than all of the matters mentioned in subsection 912A (1) of the Act.
(2) Paragraph 913B (1) (b) of the Act applies to the consideration of the application as if the reference to obligations that will apply under section 912A of the Act were a reference to the obligations that will apply under paragraphs 912A (1) (e) and (f) of the Act.
Division 37 Hawking of managed investment products
10.2.197 Hawking interest in managed investment scheme
(1) For section 1444 of the Act, this regulation applies in relation to interests in managed investment schemes.
(2) If Division 2 of Part 7.9 of the Act applies to an interest in a managed investment scheme:
(a) section 992AA of the Act applies to the interest; and
(b) section 736 of the old Corporations Act does not apply to the interest.
(3) If Division 2 of Part 7.9 of the Act does not apply to an interest in a managed investment product, sections 992A and 992AA of the Act do not apply to the interest.
10.2.198 Hawking financial product other than interest in managed investment scheme
(1) For section 1444 of the Act, this regulation applies in relation to a financial product.
(2) If Division 2 of Part 7.9 of the Act does not apply to the financial product, a reference in section 992A of the Act to a Product Disclosure Statement in relation to the financial product includes:
(a) in relation to a derivative - information mentioned in section 1210 of the old Corporations Act; and
(b) in relation to a superannuation product - information mentioned in section 153 or 159 of the SIS Act, as in force immediately before the FSR commencement; and
(c) in relation to an RSA product - information mentioned in section 56 of the RSA Act, as in force immediately before the FSR commencement; and
(d) in relation to a managed investment product - a disclosure document for the product.
(3) If Division 2 of Part 7.9 of the Act does not apply to the financial product, subsection 992A (3) of the Act applies in relation to a financial product that is not mentioned in subregulation (2) as if paragraphs 992A (3) (c), (d) and (e) were omitted.
Division 38 Security bonds issued before FSR commencement
10.2.199 Security bonds
(1) For section 1444 of the Act, this regulation applies in relation to a financial services licensee who became a regulated principal mentioned in item 1 or 2 of the table in section 1430 of the Act at the FSR commencement.
(2) Regulations 7.3.04, 7.3.06 and 7.3.07 of the old Corporations Regulations, and any associated provisions, continue to apply in relation to the regulated principal's regulated activities.
(3) The regulations mentioned in subregulation (2) continue to apply after the end of the transition period for the regulated principal.
Division 39 Disclosure documents
10.2.200 Disclosure documents - cooling-off period
(1) For section 1444 of the Act, this regulation applies in relation to a document if:
(a) the document is a prospectus or other disclosure document for a financial product; and
(b) the issuer of the financial product is a regulated principal to which Division 2 of Part 7.9 of the Act does not apply in relation to the financial product.
(2) The document is not taken to be misleading or deceptive in relation to information about any cooling-off regime if:
(a) the confirmation of the transaction:
(i) provides a statement of the cooling-off regime that applies in respect of the acquisition of that product; and
(ii) states that the information in the confirmation of the transaction supersedes the information in that document; or
(b) the responsible person amends the disclosure document to include information on any cooling-off regime.
Division 40 Telephone monitoring during takeovers
10.2.201 Telephone monitoring
(1) For section 1444 of the Act, this regulation applies in relation to a takeover bid:
(a) for which the bid period starts before the FSR commencement; and
(b) to which Subdivision 5 of Part 6.5 of Chapter 6 of the Act would apply.
(2) Subdivision 5 of Part 6.5 of Chapter 6 of the Act does not apply to the takeover bid.
Division 41 Requirements if Product Disclosure Statement is not in existence
10.2.202 Documents equivalent to Product Disclosure Statement
(1) For section 1444 of the Act, a reference in paragraph 949A (2) (c) of the Act to a Product Disclosure Statement includes:
(a) in relation to a managed investment product to which Division 2 of Part 7.9 of the Act does not apply - a disclosure document for the product; and
(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; and
(c) in relation to a superannuation product to which Division 2 of Part 7.9 of the Act does not apply - information mentioned in section 153 or 159 of the SIS Act, as in force immediately before the FSR commencement; and
(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.
(2) For section 1444 of the Act, subsection 949A (2) of the Act applies in relation to a financial product:
(a) to which Division 2 of Part 7.9 of the Act does not apply; and
(b) that is not mentioned in subregulation (1);
as if paragraph 949A (2) (c) were omitted.
Division 42 Dealing with money received for financial product before the product is issued
10.2.203 Payment of money into account
For section 1444 of the Act, a reference in paragraph 1017E (1) (b) of the Act to a Product Disclosure Statement for a financial product includes a disclosure document for the product.
Division 43 Arrangements related to deposits with stock exchanges
10.2.204 Withdrawals from trust account
(1) For section 1444 of the Act, this regulation applies to the extent that section 869 of the old Corporations Act continues to apply on and after the FSR commencement.
(2) Section 869 of the old Corporations Act continues to apply as if paragraph 869 (1) (b) were omitted.
Division 44 Superannuation to which arrangements apply under the Family Law Act 1975
10.2.205 Application of amendments
(1) For section 1444 of the Act, this regulation applies in relation to a regulated principal.
(2) Subject to subregulation (3), on and after the FSR commencement, the regulated principal must deal with a matter to which the Family Law Legislation Amendment (Superannuation) Act 2001 applies as if:
(a) all amendments of the SIS Act enacted before the FSR commencement were in force on the FSR commencement; and
(b) all amendments of the SIS Regulations enacted before the FSR commencement were in force on the FSR commencement; and
(c) all amendments of the RSA Act enacted before the FSR commencement were in force on the FSR commencement; and
(d) all amendments of the RSA Regulations enacted before the FSR commencement were in force on the FSR commencement; and
(e) all amendments of the Family Law (Superannuation) Regulations 2001 enacted before the FSR commencement were in force on the FSR commencement.
(3) Subregulation (2) applies only to the extent that dealing with a matter in accordance with that subregulation is not inconsistent with compliance with:
(a) the following provisions, and any associated provisions:
(i) section 153, and all the provisions of Divisions 3 and 4 of Part 19, of the Superannuation Industry (Supervision) Act 1993 as in force immediately before the FSR commencement;
(ii) the version of section 153A of that Act that was provided for in Modification Declaration no. 15 as in force immediately before the FSR commencement, being a declaration of modification made under section 332 of that Act; and
(b) section 51, and all the provisions of Divisions 4 and 5 of Part 5, of the Retirement Savings Accounts Act 1997 as in force immediately before the FSR commencement, and any associated provisions.
Division 45 Arrangements relating to certain reporting periods
10.2.206 Fund information for retail clients for financial products that have an investment component: superannuation
(1) For section 1444 of the Act, this regulation applies in relation to a fund reporting period under Subdivision 2.4.1 of the SIS Regulations that had not ended before the FSR commencement.
(2) On and after the FSR commencement, the fund reporting period is taken to continue until the time that the period would have ended under Subdivision 2.4.1.
10.2.207 Periodic statements for retail clients for financial products that have an investment component
(1) For section 1444 of the Act, this regulation applies if:
(a) a person acquired a financial product, as described in subsection 1017D (1) of the Act, before the issuer of the financial product ceased to be a regulated principal; and
(b) a period that would have been a reporting period under section 1017D of the Act (as modified by Part 16 of Schedule 10A), if that section had applied when the financial product was acquired, had not ended before the issuer of the product ceased to be a regulated principal.
(2) On and after the time when the issuer of the product ceases to be a regulated principal, the fund reporting period is taken to continue until the time that the period would end in accordance with section 1017D of the Act.
Division 46 Arrangements relating to passbook accounts
10.2.208 Periodic statements
(1) For section 1444 of the Act, this regulation applies in relation to a basic deposit product:
(a) for which the holder of the product is provided with, and keeps, a document commonly referred to as a 'passbook' into which entries of deposits to and withdrawals from the product are recorded by the product issuer; and
(b) that was issued before the FSR commencement.
(2) Section 1017D of the Act does not apply in relation to the basic deposit product.
10.2.209 Confirmation of transactions
(1) For section 1444 of the Act, this regulation applies in relation to a basic deposit product:
(a) for which the holder of the product is provided with, and keeps, a document commonly referred to as a 'passbook' into which entries of deposits to and withdrawals from the product are recorded by the product issuer; and
(b) that was issued before the FSR commencement.
(2) Section 1017F of the Act does not apply in relation to the basic deposit product.