Corporations Regulations 2001

SCHEDULE 10A - MODIFICATIONS OF PART 7.9 OF THE ACT  

(regulations 7.9.02 , 7.9.04 , 7.9.05 , 7.9.06 , 7.9.09C , 7.9.11C , 7.9.11N , 7.9.11V , 7.9.12 , 7.9.24 , 7.9.27 , 7.9.30 , 7.9.43 , 7.9.47 , 7.9.51 , 7.9.56 , 7.9.60 , 7.9.61 , 7.9.63 , 7.9.73 and 8.4.02 )

PART 2 - MODIFICATIONS RELATING TO PRODUCT DISCLOSURE STATEMENTS FOR RSAs  

SECTION 2.1  

2.1    
After subsection 1012D(9B)

insert

(9C) Recommendation, issue or sale situation - takeover or merger.  

In a recommendation situation, issue situation or sale situation, the issuer does not have to give a Product Disclosure Statement if a person:

(a) becomes the holder of an RSA with an RSA institution; and

(b) does so as a direct result of:

(i) the takeover of the RSA provider with which the person previously held an RSA by:

(A) the RSA institution; or

(B) a corporation that is a related corporation of the RSA institution; or

(ii) a merger involving the RSA provider with which the person previously held an RSA and which results in the creation of the RSA institution; or

(iii) the transfer of any, or all of, the assets and liabilities of the RSA provider with which the person previously held an RSA to the RSA institution:

(A) under a provision of the Banking Act 1959 , the Life Insurance Act 1995 or of any other law of the Commonwealth, a State or a Territory; or

(B) under a voluntary transfer of engagements; or

(C) on the request of the Australian Prudential Regulation Authority.