Corporations Regulations 2001

CHAPTER 10 - REPEALS, TRANSITIONAL MATTERS AND APPLICATION PROVISIONS  

PART 10.2 - TRANSITIONAL ARRANGEMENTS RELATING TO FINANCIAL SERVICES REFORM LEGISLATION  

Division 16 - Product disclosure provisions for existing products during transition period  

REGULATION 10.2.82   MONEY RECEIVED FOR FINANCIAL PRODUCT BEFORE THE PRODUCT IS ISSUED: GENERAL  

10.2.82(1)   [ Application]  

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

(a) money is paid to a person before the FSR commencement to acquire a financial product (whether the money is paid by the person who is to acquire the financial product or by another person); and

(b) the person holds the money immediately after the FSR commencement.

10.2.82(2)   [ Continued application of previous provisions]  

The following provisions of the relevant old legislation continue to apply in relation to the person and the money:

(a) section 722 of the old Corporations Act, and any associated provisions;

(b) Division 5 of Part 19 of the SIS Act, and any associated provisions;

(c) Division 6 of Part 5 of the RSA Act, and any associated provisions;

(d) section 37 of the Insurance (Agents and Brokers) Act 1984 (other than subsection 37(2) ), and any associated provisions.

10.2.82(3)   [ Exemption]  

Section 1017E of the Act does not apply in relation to the person and the money.