Corporations Act 2001
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Hide history noteThis section applies to all financial products issued by a person, other than financial products in a class of products that are first issued by the person after the FSR commencement.
1442B(2) [ " transition period " ]For the purposes of this section, the transition period , in relation to a financial product to which this section applies, is the period starting on the FSR commencement and ending on whichever of the following first occurs:
(a) the day fixed by Proclamation for the purposes of this paragraph;
(b) the end of the period of 6 months starting on the FSR commencement;
(c) the new product disclosure provisions (within the meaning of section 1438 ) start to apply in relation to the product.
[ CCH Note: 11 March 2002 is the date fixed for the purpose of s 1442B(2)(a) pursuant to Proclamation dated 8 October 2001 in Commonwealth of Australia Government Gazette GN 42, 24 October 2001.]
Subject to subsection (5), the following provisions (the preserved provisions ), to the extent they are relevant to a financial product to which this section applies, continue to apply, despite their repeal, in relation to the financial product during the transition period:
(a) Division 6 of Part 19 of the Superannuation Industry (Supervision) Act 1993 , and any associated provisions;
(b) Division 7 of Part 5 of the Retirement Savings Accounts Act 1997 , and any associated provisions;
(c) sections 64 and 64A of the Insurance Contracts Act 1984 , and any associated provisions;
(d) any other provisions specified in regulations made for the purposes of this paragraph, and any associated provisions in relation to provisions so specified. 1442B(4) [ " deferred provisions " ]
Subject to subsection (5), during the transition period, the following provisions (the deferred provisions ) of the amended Corporations Act do not apply in relation to a financial product to which this section applies:
(a) section 1017F;
(b) sections 1019A and 1019B;
(c) any other provisions of Part 7.9 of the amended Corporations Act that are not part of the new product disclosure provisions (within the meaning of section 1438 ) and that are specified in regulations made for the purposes of this paragraph. 1442B(5) [ Regulations]
Regulations made for the purposes of this subsection may do either or both of the following:
(a) provide that specified provisions of the preserved provisions apply (with or without specified modifications), or do not apply, in relation to a financial product to which this section applies;
(b) provide that specified provisions of the deferred provisions apply (with or without specified modifications), or do not apply, in relation to a financial product to which this section applies.
The regulations may provide as mentioned in paragraph (a) or (b) even after the end of the transition period.
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