Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.2 - TRANSITIONAL PROVISIONS RELATING TO THE FINANCIAL SERVICES REFORM ACT 2001  

Division 1 - Transitional provisions relating to the phasing-in of the new financial services regime  

Subdivision E - Product disclosure requirements  

SECTION 1442   EXEMPTIONS AND MODIFICATIONS BY ASIC  

1442(1)   [ Application]  

This section applies to the following provisions:

(a) the provisions of this Subdivision and any associated provisions;

(b) the provisions that continue to apply because of section 1440.

1442(2)   [ Power to exempt or modify, etc]  

ASIC may:

(a) exempt a person or a class of persons, or a financial product or class of financial products, from some or all of the provisions to which this section applies; or

(b) declare that some or all of the provisions to which this section applies apply in relation to a person or a class of persons, or a financial product or class of financial products, as if the provisions were modified or varied as specified in the declaration.

1442(3)   [ Continued application of provisions]  

A declaration under paragraph (2)(b) may provide for the continued application (with or without modifications, and to the exclusion of provisions of the amended Corporations Act) of provisions referred to in paragraph (1)(b), even after the end of the period of 2 years starting on the FSR commencement.

1442(4)   [ Conditional or unconditional exemption]  

An exemption may apply unconditionally or subject to specified conditions. A person to whom a condition specified in an exemption applies must comply with the condition. The Court may order the person to comply with the condition in a specified way. Only ASIC may apply to the Court for the order.

1442(5)   [ Public notification]  

An exemption or declaration must be in writing and ASIC must publish notice of it in the Gazette .

1442(6)   [ Offence]  

If conduct (including an omission) of a person would not constitute an offence if a particular declaration under paragraph (2)(b) had not been made, that conduct does not constitute an offence unless, before the conduct occurred (in addition to complying with the gazettal requirement of subsection (5)):

(a) the text of the declaration was made available by ASIC on the internet; or

(b) ASIC gave written notice setting out the text of the declaration to the person.

In a prosecution for an offence to which this subsection applies, the prosecution must prove that paragraph (a) or (b) was complied with before the conduct occurred.