Corporations Amendment Regulations 2002 (No. 4)

(53 of 2002)

22 March 2002

Made under Corporations Act 2001

1   Name of Regulations

These Regulations are theCorporations Amendment Regulations 2002 (No. 4).

2   Commencement

These Regulations are taken to have commenced as follows:

(a) at 12.01 am (in the Australian Capital Territory) on 11 March 2002 - regulations 1 to 3, and Schedule 1;

(b) at 12.03 am (in the Australian Capital Territory) on 11 March 2002 - Schedule 2.

3   Amendment of Corporations Regulations 2001

Schedules 1 and 2 amend the Corporations Regulations 2001.

Schedule 1   Amendments taken to have commenced at 12.01 am (in the Australian Capital Territory) on 11 March 2002

[1]   Paragraph 7.6.01 (1) (i)

omit

[2]   After subregulation 7.7.02 (2)

insert

(3) For subsection 941C (8) of the Act, a Financial Services Guide does not have to be given to a client in the following circumstances:

(a) a person ( person 1 ) makes an inquiry by telephone in relation to the rental of a vehicle from another person ( person 2 );

(b) as a result of that inquiry, it becomes apparent to person 2 that a financial service will be, or is likely to be, provided to person 1;

(c) the financial service is the issue of an insurance product that relates to either or both of:

(i) the accidental death of, or bodily injury to, a person caused by an accident in connection with the use of the rented vehicle during the rental period; and

(ii) the loss or destruction of, or damage to, either or both of baggage and personal effects belonging to a person in the rented vehicle caused by an insured event during the rental period;

(d) person 2 makes arrangements for a document that is the equivalent of a Financial Services Guide to be given to person 1 not later than the start of the event.

(4) In this regulation:

event means the commencement of the process in relation to which an insurance product has been entered into.

Example

The commencement of the journey for a rented vehicle or a use to which the insurance product relates.

[3]   Chapter 10, after Division 5

insert

Division 5A Transactions by holder of financial services licence or a representative of the holder of such a licence

10.2.20A References to financial service licensee

(1) For section 1444 of the Act, a reference in section 1043K of the Act to a financial services licensee includes a reference to a regulated principal mentioned in item 1, 3 or 8 of the table in section 1430 of the Act.

(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.

[4]   After regulation 10.2.40

insert

10.2.40A Need for an Australian financial services licence

(1) For section 1444 of the Act, paragraphs 911A (2) (ea), (eb) and (ec) of the Act do not apply in relation to a regulated principal and its regulated activities.

(2) For section 1444 of the Act, subparagraphs 7.6.01 (1) (e) (iii) and (iv) and subparagraph 7.6.01 (1) (o) (iv) do not apply in relation to a regulated principal and its regulated activities.

(3) If a regulated principal complies with:

(a) paragraphs 911A (2) (ea), (eb) and (ec) of the Act; or

(b) subparagraphs 7.6.01 (1) (e) (iii) and (iv) and subparagraph 7.6.01 (1) (o) (iv);

the regulated principal is not taken to be covered by an exemption under subsection 911A (2) of the Act.

(4) This regulation ceases to apply in relation to a regulated principal and its regulated activities at the end of the period of 2 years starting on the FSR commencement.

Schedule 2   Amendments taken to have commenced at 12.03 am (in the Australian Capital Territory) on 11 March 2002

[1]   Paragraph 10.2.02C (e)

omit

Limited.

insert

Limited;

[2]   After paragraph 10.2.02C (e)

insert

(f) a market in securities proposed to be operated by Eurex Deutschland;

(g) a market in futures contracts proposed to be operated by Eurex Deutschland.