Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.9 - FINANCIAL PRODUCT DISCLOSURE AND OTHER PROVISIONS RELATING TO ISSUE AND SALE OF FINANCIAL PRODUCTS  

Division 7 - Cooling-off periods  

REGULATION 7.9.64   COOLING-OFF PERIODS NOT TO APPLY  

7.9.64(1)    
For paragraph 1019A(2)(a) of the Act, the following subclasses of financial products are excluded from paragraph 1019A(1)(a) of the Act:

(a)    a financial product offered or issued under a distribution reinvestment plan or switching facility;

(b)    

a financial product the acquisition of which is an additional contribution made under an existing agreement or contract;

(c)    a financial product issued as consideration for an offer made under a takeover bid under Chapter 6 of the Act;

(d)    an interim contract of insurance within the meaning of subsection 11(2) of the Insurance Contracts Act 1984 ;

(e)    

a managed investment product if, at the time the product is issued, the managed investment scheme to which the product relates is not liquid (or if the scheme is not a registered scheme at that time, would not be liquid if the scheme was a registered scheme at that time);

(ea)    

a security in a CCIV if, at the time the security is issued, section 1230H of the Act (about when a sub-fund is liquid) applies to the sub-fund of the CCIV to which the security is referable;

(f)    

a superannuation product that is issued in relation to a superannuation entity that is not a public offer superannuation entity, other than:

(i) a superannuation product taken to be issued because of regulation 7.1.04E ; or

(ii) an annuity or pension taken to be issued because of subregulation 7.9.02(4) ;

(fa)    

a superannuation product that is issued in relation to:

(i) a public offer superannuation entity mentioned in paragraph 7.6.01(1)(b) , (c) or (d) ; or

(ii) a public offer superannuation entity that is a successor fund in relation to the transfer of benefits to that fund; or

(iii) a public offer superannuation entity that is an eligible rollover fund and in relation to which the superannuation product is issued pursuant to Part 24 of the SIS Act or Part 9 of the RSA Act;

(fb)    

a superannuation product that is a pension issued by a superannuation fund the rules of which do not allow a member to receive accumulated benefits in a form other than a pension from that fund;

(g)    

a risk insurance product that is:

(i) of less than 12 months duration; and

(ii) a renewal of an existing product on the terms and conditions to which the product is currently subject;

(h)    

a managed investment product in relation to which subsection 1016D(1) of the Act applies;

(ha)    

a foreign passport fund product in relation to which subsection 1016D(1) of the Act applies;

(hb)    

a security in a CCIV in relation to which subsection 1016D(1) of the Act applies;

(i)    

a managed investment product:

(i) to which Chapter 6D of the old Corporations Act applied; and

(ii) that was listed before the FSR commencement.

7.9.64(2)    

For paragraph 1020G(1)(a) of the Act, a reference in paragraph 1019A(3)(a) of the Act to a client does not include a person who holds a superannuation product as a standard employer-sponsor member.