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

[136]   Part 10.2, after Division 46

insert

Division 47 Agreements with unlicensed persons relating to the provision of financial services

10.2.210 Agreements

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

(a) a person ( person 1 ) enters into an agreement with another person ( person 2 ) in the course of an activity conducted by person 2; and

(b) at that time, Part 7.6 of the Act does not apply to person 2 in relation to the activity; and

(c) the activity would constitute carrying on a financial services business if Part 7.6 of the Act applied to person 2 in relation to the activity; and

(d) the agreement is not completed when Part 7.6 of the Act first applies to person 2 in relation to the activity; and

(e) when Part 7.6 of the Act first applies to person 2 in relation to the activity, person 2:

(i) does not hold an Australian financial services licence covering the activity; and

(ii) is not exempt from the requirement to hold that licence.

(2) Division 11 of Part 7.6 of the Act applies in relation to the agreement to the extent that that Division is not inconsistent with Division 2 of Part 7.3 of the old Corporations Act.

Division 48 Arrangements for Lloyd's

10.2.211 Lloyd's

(1) For section 1444 of the Act, subsection 911A (1) of the Act does not apply in relation to a financial service:

(a) that is provided by:

(i) a Lloyd's underwriting member; or

(ii) a listed Lloyd's syndicate of underwriting members; and

(b) to which subregulation (2) applies.

(2) The financial service must be a service in relation to which the Lloyd's underwriting member, or the syndicate, is regulated by APRA at any time within 2 years after the FSR commencement.

(3) In this regulation:

Lloyd's means the society incorporated by the Act of the United Kingdom known as the Lloyd's Act 1871.

Division 49 Hawking of certain financial products

10.2.212 Hawking of managed investment products

(1) For section 1444 of the Act, a reference in subsection 992AA (2) of the Act to a financial services licensee includes a regulated principal.

(2) Subregulation (1) ceases to apply in relation to a regulated principal at the end of the transition period in relation to the regulated principal.