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 10.2.74   FINANCIAL PRODUCTS IN THE SAME CLASS  

10.2.74(1)   [ Purpose]  

For subsection 1410(2) of the Act, this regulation identifies what constitutes a class of financial products for subsection 1438(1) of the Act.

10.2.74(2)   [ Managed investment product]  

Subject to subregulation (2A), a managed investment product is in the same class as another financial product only if:

(a) the other financial product is a managed investment product; and

(b) both products are interests in registered schemes that have the same responsible entity; and

(c) at the FSR commencement, the responsible entity's licence to operate registered schemes would have authorised the operation of both registered schemes.

10.2.74(2A)   [ Interest in a registered scheme]  

A financial product that is an interest in a registered scheme is in the same class as another financial product if the other financial product is an interest in the same registered scheme.

10.2.74(3)   [ Derivative]  

A derivative is in the same class as another financial product only if:

(a) the other financial product is a derivative; and

(b) either:

(i) each of the derivatives was entered into or acquired on a financial market; or

(ii) none of the derivatives was entered into or acquired on a financial market.

(c) (Omitted)

10.2.74(4)   [ Life risk insurance product]  

A life risk insurance product is in the same class as another financial product only if the other financial product is a life risk insurance product.

10.2.74(5)   [ Investment life insurance product]  

An investment life insurance product is in the same class as another financial product only if the other financial product is an investment life insurance product.

10.2.74(6)   [ Other insurance product]  

An insurance product (other than a life risk insurance product or an investment life product) is in the same class as another financial product only if:

(a) the other financial product is an insurance product other than a life risk insurance product or an investment life product; and

(b) both products:

(i) provide the same kind of cover; or

(ii) provide cover in relation to the same kind of asset (for example, a motor vehicle).

10.2.74(7)   [ Superannuation interest]  

A superannuation interest is in the same class as another financial product only if the other financial product is a superannuation interest.

Note: Superannuation interest is defined in subsection 10(1) of the SIS Act.

10.2.74(8)   [ RSA product]  

An RSA product is in the same class as another financial product only if the other financial product is an RSA product.

10.2.74(9)   [ Deposit product]  

A deposit product is in the same class as another financial product only if the other financial product is a deposit product.

10.2.74(9A)   [ Facility for making non-cash payments]  

A facility for making non-cash payments that is related to a deposit product is in the same class as another financial product only if the other financial product is a facility for making non-cash payments that is related to a deposit product.

Note: Non-cash payments are explained in section 763D of the Act.

10.2.74(9B)   [ ``deposit product'']  

In this regulation:

deposit product
means a deposit-taking facility made available by an ADI (within the meaning of the Banking Act 1959 ) in the course of its banking business (within the meaning of that Act), other than an RSA.

10.2.74(10)   [ Foreign exchange contract]  

A financial product mentioned in paragraph 764A(1) (k) of the Act is in the same class as another financial product only if the other financial product is a financial product mentioned in paragraph 764A(1) (k) of the Act.

10.2.74(11)   [ Warrant]  

A warrant is in the same class as another financial product only if the other financial product is a warrant.