CORPORATIONS ACT 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.2 - TRANSITIONAL PROVISIONS RELATING TO THE FINANCIAL SERVICES REFORM ACT 2001  

Division 1 - Transitional provisions relating to the phasing-in of the new financial services regime  

Subdivision F - Certain other product-related requirements  

SECTION 1442B   DEFERRED APPLICATION OF CONFIRMATION OF TRANSACTION AND COOLING-OFF PROVISIONS ETC.  

1442B(1)   [ Application]  

This section applies to all financial products issued by a person, other than financial products in a class of products that are first issued by the person after the FSR commencement.

1442B(2)   [ " transition period " ]  

For the purposes of this section, the transition period , in relation to a financial product to which this section applies, is the period starting on the FSR commencement and ending on whichever of the following first occurs:


(a) the day fixed by Proclamation for the purposes of this paragraph;


(b) the end of the period of 6 months starting on the FSR commencement;


(c) the new product disclosure provisions (within the meaning of section 1438 ) start to apply in relation to the product.

1442B(3)   [ " preserved provisions " ]  

Subject to subsection (5), the following provisions (the preserved provisions ), to the extent they are relevant to a financial product to which this section applies, continue to apply, despite their repeal, in relation to the financial product during the transition period:


(a) Division 6 of Part 19 of the Superannuation Industry (Supervision) Act 1993 , and any associated provisions;


(b) Division 7 of Part 5 of the Retirement Savings Accounts Act 1997 , and any associated provisions;


(c) sections 64 and 64A of the Insurance Contracts Act 1984 , and any associated provisions;


(d) any other provisions specified in regulations made for the purposes of this paragraph, and any associated provisions in relation to provisions so specified.

1442B(4)   [ " deferred provisions " ]  

Subject to subsection (5), during the transition period, the following provisions (the deferred provisions ) of the amended Corporations Act do not apply in relation to a financial product to which this section applies:


(a) section 1017F;


(b) sections 1019A and 1019B;


(c) any other provisions of Part 7.9 of the amended Corporations Act that are not part of the new product disclosure provisions (within the meaning of section 1438 ) and that are specified in regulations made for the purposes of this paragraph.

1442B(5)   [ Regulations]  

Regulations made for the purposes of this subsection may do either or both of the following:


(a) provide that specified provisions of the preserved provisions apply (with or without specified modifications), or do not apply, in relation to a financial product to which this section applies;


(b) provide that specified provisions of the deferred provisions apply (with or without specified modifications), or do not apply, in relation to a financial product to which this section applies.

The regulations may provide as mentioned in paragraph (a) or (b) even after the end of the transition period.


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