Corporations Regulations 2001
View history note
Hide history noteFor section 1444 of the Act, this regulation applies in relation to a person who:
(a) was provided with an incomplete financial service in relation to pre-FSR securities before the FSR commencement; and
(b) was not a retail investor in relation to the incomplete financial service. 10.2.137(2) [ Continued application of old Corporations Act]
The old Corporations Act, and any associated provisions, continue to apply in relation to the incomplete financial service to the extent necessary to allow the financial service to be completed under the old Corporations Act.
10.2.137(3) [ Amended Corporations Act does not apply]The amended Corporations Act does not apply in relation to the incomplete financial service to the extent necessary to allow the financial service to be completed under the old Corporations Act.
10.2.137(4) [ Definitions]In this regulation:
incomplete financial service
means a service:
(a) that is, or would be, a financial service under the Act, whether it was provided before or after the FSR commencement; and
(b) either:
(i) that commenced before the amended Corporations Act applied to the provider in relation to the service; or
(ii) in relation to which instructions had been received by the provider of the service from the client, or a person acting on the client's behalf, before the amended Corporations Act applied to the provider in relation to the service; and
(c) in relation to which:
(i) the provider of the service did not need to obtain from the client any further instructions or information in order to be authorised or able to complete the provision of the service; or
(ii) the majority of activities that needed to be carried out:
(A) by the provider; or
(B) by a person acting on the instructions of the provider; oroccurred before the amended Corporations Act applied to the provider in relation to the financial service; and
(C) on behalf of the provider;
(d) completed within 4 weeks after the amended Corporations Act applies to that provider in relation to the service.
retail investor
means a retail investor under
subregulation 7.3.02B(10)
of these Regulations, as in force immediately before the FSR commencement.
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