Corporations Amendment (Register of Relevant Providers) Regulation 2015 (3 of 2015)
Schedule 3 Other amendments
Corporations Regulations 2001
1 At the end of Chapter 10
Add:
Part 10.20 - Transitional matters relating to relevant providers and persons who control body corporate licensees
Division 1 - Introduction
10.20.01 Simplified outline of this Part
Regulation 7.6.06B establishes a register of relevant providers that contains information that is provided under Schedule 8D to these Regulations.
The provisions in Schedule 8D begin to apply on 9 March 2015. However, between 9 March 2015 and 30 September 2015, this Part changes how those provisions apply.
Initially, information is gathered on those who are relevant providers between 1 January and 30 March 2015 (except if they cease to be relevant providers before 9 March 2015).
A person who is required to lodge a notice under section 922D of the Act in relation to relevant providers must choose a day in the period between 1 January and 30 March 2015 (called the start day). The first notice that the person lodges under section 922D must cover all of the person’s relevant providers on the start day. The notice must include all information, except information about educational qualifications and professional memberships. That information is provided in a later notice.
A person may also be required to lodge a notice under section 922J in relation to those who control a body corporate licensee on the start day.
Some of the information initially provided may change. Significant changes (such as changes about the kinds of relevant financial products the relevant provider may provide advice on and changes to financial services licensees) can be notified to ASIC after 1 May 2015. Other changes can be notified to ASIC after 1 October 2015.
Persons may become relevant providers or begin to control body corporate licensees after 30 March 2015 but before 30 September 2015. The provisions apply in a similar way to those persons.
From 1 October 2015, the provisions in Schedule 8D to these Regulations apply as they appear in that Schedule.
10.20.02 Object of this Part
This Part provides transitional and application provisions in relation to:
(a) Schedule 8D to these Regulations which notionally inserts sections 922C to 922P into the Act; and
(b) the register of relevant providers established under regulation 7.6.06B.
10.20.03 Definitions
References to sections 922C to 922P of the Act
(1) A reference in this Part to any of sections 922C to 922P (or a provision of that section) is a reference to that section (or provision) of the Act as notionally inserted into the Act by Schedule 8D to these Regulations.
Meaning of start day
(2) In this Part, start day has the meaning given by subsection 10.20.05(1).
Division 2 - General application provision for Schedule 8D
10.20.04 General application provision for Schedule 8D
The modifications of the Act in Schedule 8D apply, subject to this Part, on and after 9 March 2015 in relation to:
(a) a person who is a relevant provider immediately before that day; and
(b) a person who becomes a relevant provider on or after that day; and
(c) a body corporate that is a body corporate licensee immediately before that day; and
(d) a body corporate that becomes a body corporate licensee on or after that day.
Division 3 - Pre-existing and new relevant providers and controllers during the transitional period
10.20.05 Application of this Division
(1) A person must choose a day (the start day ) between 1 January 2015 and 30 March 2015 if, immediately before 9 March 2015, the person is:
(a) a financial services licensee; and
(b) authorised to provide personal advice in relation to relevant financial products to retail clients.
Pre-existing relevant providers and controllers
(2) This Division applies in relation to:
(a) a person who is a relevant provider immediately before the start day chosen by the person who, as a result of regulation 10.20.06, is required to lodge a notice under section 922D in relation to the relevant provider; and
(b) a person who controls a body corporate licensee immediately before the start day chosen by the person who, as a result of regulation 10.20.10, is required to lodge a notice under section 922J in relation to the body corporate licensee.
Persons who become relevant providers after initial information gathering period but before 30 September 2015
(3) This Division also applies in relation to:
(a) a person who becomes a relevant provider:
(i) if the person (the notice lodger ) who is required to lodge a notice under section 922D in relation to the relevant provider has chosen a start day - after the start day for the notice lodger and before 30 September 2015; or
(ii) otherwise - after 30 March 2015 and before 30 September 2015; and
(b) a person (the controller ) who begins to control a body corporate licensee:
(i) if the person (the notice lodger ) who is required to lodge a notice under section 922J in relation to the controller has chosen a start day - after the start day for the notice lodger and before 30 September 2015; or
(ii) otherwise - after 30 March 2015 and before 30 September 2015.
10.20.06 Notices under section 922D - initial lodgement of information
(1) Section 922D applies in relation to a relevant provider referred to in paragraph 10.20.05(2)(a) as if:
(a) subsection 922D(1) required a notice to be lodged in relation to the relevant provider as if the relevant provider had become a relevant provider on the start day chosen by the person who, as a result of this subregulation, is required to lodge the notice; and
(b) subsection 922D(1) did not require the information in paragraph 922E(1)(g) or 922F(1)(j) (information about educational qualifications and professional memberships) to be included in the notice; and
(c) subsection 922L(2) required the notice to be lodged within the period:
(i) starting on 9 March 2015; and
(ii) ending on 30 March 2015.
Note 1: This notice does not include information about the relevant provider’s educational qualifications or professional memberships. That information is required to be lodged in a separate notice (see regulation 10.20.07).
Note 2: After 30 March 2015, notices can be lodged normally under section 922D (excluding information about educational qualifications and professional memberships).
(2) Section 922D applies in relation to a relevant provider referred to in paragraph 10.20.05(3)(a) who becomes a relevant provider before 23 May 2015 as if subsection 922D(1) did not require the information in paragraph 922E(1)(g) or 922F(1)(j) (information about educational qualifications and professional memberships) to be included in the notice.
10.20.07 Notices under section 922D - later notice about educational qualifications and professional memberships
(1) This section applies in relation to:
(a) a relevant provider referred to in paragraph 10.20.05(2)(a); and
(b) a relevant provider referred to in paragraph 10.20.05(3)(a) who becomes a relevant provider before 23 May 2015.
(2) Section 922D also applies in relation to the relevant provider as if:
(a) subsection 922D(1) required an additional notice to be lodged in relation to the relevant provider; and
(b) the only information required to be included in the additional notice under subsection 922D(1) was the information in paragraph 922E(1)(g) or 922F(1)(j) (information about educational qualifications and professional memberships); and
(c) subsection 922L(2) required the additional notice to be lodged within the period:
(i) starting on 23 May 2015; and
(ii) ending on 30 May 2015.
Note: After 30 May 2015, notices can be lodged normally under section 922D.
10.20.08 Notices under section 922H - important changes before 30 April 2015
(1) This regulation applies if:
(a) a notice is lodged under section 922D in relation to a relevant provider before 30 April 2015; and
(b) there is a change in a matter for the relevant provider at any time during the period ending on that day; and
(c) the change relates to a matter that is:
(i) referred to in paragraph 922E(1)(b) or (d) or 922F(1)(c) or (d) or subparagraph 922F(1)(g)(ii) (information about financial services licensees); or
(ii) referred to in paragraph 922E(1)(e) or 922F(1)(h) (information about relevant financial products); or
(iii) the relevant provider ceasing to be a relevant provider.
(2) Section 922H applies as if subsection 922L(2) required a notice to be lodged within the period:
(a) starting on 1 May 2015; and
(b) ending 30 business days after that day.
Note: After 30 April 2015, notices about changes referred to in paragraph (1)(c) of this regulation can be lodged normally under section 922H.
10.20.09 Notices under section 922H - other changes before 30 September 2015
(1) This regulation applies if:
(a) a notice is lodged under section 922D in relation to a relevant provider before 30 September 2015; and
(b) there is a change in a matter for the relevant provider at any time during the period ending on 30 September 2015; and
(c) the change is of a kind that is not referred to in paragraph 10.20.08(1)(c).
(2) Section 922H applies as if subsection 922L(2) required a notice to be lodged within the period:
(a) starting on 1 October 2015; and
(b) ending 30 business days after that day.
Note: After 30 September 2015, notices can be lodged normally under section 922H.
10.20.10 Notices under section 922J - pre-existing body corporate licensees
Section 922J applies in relation to a body corporate licensee referred to in paragraph 10.20.05(2)(b) as if:
(a) subsection 922J(1) required a notice to be lodged in relation to the person who controls the licensee; and
(b) subsection 922L(2) required the notice to be lodged within the period:
(i) starting on 9 March 2015; and
(ii) ending on 30 March 2015; and
(c) subsection 922J(1) did not require the information in paragraph 922J(2)(d) (start day for control) to be included in the notice.
10.20.11 Notices under section 922J - controllers during transition period
(1) This section applies in relation to a controller referred to in paragraph 10.20.05(3)(b).
(2) Section 922J applies as if subsection 922L(2) required a notice to be lodged within the period:
(a) starting on 1 October 2015; and
(b) ending 30 business days after that day.
Note: After 30 September 2015, notices can be lodged normally under section 922J.
10.20.12 Notices under section 922K - ceasing to control a pre-existing body corporate licensees
(1) This regulation applies if a person ceases to control a body corporate licensee at any time during the period ending on 30 September 2015.
(2) Section 922K applies as if subsection 922L(2) required a notice to be lodged within the period:
(a) starting on 1 October 2015; and
(b) ending 30 business days after that day.
Note: After 30 September 2015, notices about persons who cease to control body corporate licensees can be lodged normally under section 922K.
10.20.13 Change in matter within 30 business days
Subsection 922P(2) does not apply during the period starting on 9 March 2015 and ending on 30 September 2015.
10.20.14 Application of regulations 10.20.06 to 10.20.13
To avoid doubt, regulations 10.20.06 to 10.20.13 apply for the purposes of:
(a) section 922M; and
(b) the Corporations (Fees) Regulations 2001.
Division 4 - Other application provisions
10.20.15 Application - relevant provider numbers
Regulation 7.6.06A applies in relation to a person who is a relevant provider on or after 31 March 2015 (whether he or she became a relevant provider before, on or after that day).
10.20.16 Application - register of relevant providers
(1) Regulations 7.6.06B (except paragraph 7.6.06B(2)(q)) and 7.6.06C apply on and after 31 March 2015.
(2) Paragraph 7.6.06B(2)(q) applies on and after 31 May 2015.
10.20.17 Application - prescribed registers
The amendments of regulations 9.1.01 and 9.1.02 made by the Corporations Amendment (Register of Relevant Providers) Regulation 2015 apply on and after 31 March 2015.