Corporations Amendment Regulations 2002 (No. 3) (41 of 2002)

Schedule 1   Amendments commencing at 12.02 am (in the Australian Capital Territory) on 11 March 2002

[103]   After regulation 10.2.73

insert

10.2.73A Advertising for financial products

(1) For section 1444 of the Act, this regulation applies in relation to:

(a) a financial product; or

(b) a class of financial products that includes the financial product;

for which a notice has been lodged with ASIC in accordance with paragraph 1438 (3) (b) of the Act.

(2) At any time in the period of 3 months ending immediately before the date specified in the notice in accordance with paragraph 1438 (3) (b) of the Act, the issuer of the financial product may decide to comply with Division 4 of Part 7.9 of the Act in relation to the financial product.

(3) If the product issuer makes the decision mentioned in subregulation (2):

(a) Division 4 of Part 7.9 of the Act applies in relation to the financial product until the date specified in the notice; and

(b) section 734 of the old Corporations Act does not apply in relation to the financial product.

Note Under subsection 1438 (5) of the Act, it is possible for the date specified in accordance with paragraph 1438 (3) (b) of the Act to be changed.

(4) If the notice is lodged with ASIC less than 3 months before the date specified in the notice in accordance with paragraph 1438 (3) (b) of the Act, subregulation (2) applies only during the period:

(a) starting when the notice is lodged; and

(b) ending immediately before the date specified in the notice.

10.2.73B Freezing accounts

(1) For section 1444 of the Act, this regulation applies if a person:

(a) holds or held a licence under Chapter 7 or 8 of the old Corporations Act in relation to an activity; and

(b) the licence is revoked or suspended at any time before or after the FSR commencement.

(2) Subsection 983A (3) of the Act applies to the person as if the person were a person who holds, or has at any time held, an Australian financial services licence that has been revoked or suspended.