Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

Division 8 - Miscellaneous  

REGULATION 7.8.21A  

7.8.21A   EXCEPTIONS TO PROHIBITION ON HAWKING OF FINANCIAL PRODUCTS  

For the purposes of paragraph 992A(2)(c) of the Act, the following kinds of offer, request or invitation are prescribed:

(a)    an offer for the issue or sale of:

(i) listed securities; or

(ii) an interest in a listed managed investment scheme;

that is made by telephone by a financial services licensee;

(b)    an offer for the issue or sale of securities that is made to a client by a financial services licensee through whom the client has bought or sold securities in the last 12 months;

(c)    an offer for the issue or sale of an interest in a managed investment scheme that is made to a client by a financial services licensee through whom the client has acquired or disposed of an interest in a managed investment scheme in the last 12 months;

(d)    a CSF offer;

(e) (Repealed)

(f)    an offer of, or a request or invitation relating to, a financial product that is an arrangement under which medical indemnity cover to which the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 applies is provided to:

(i) a medical practitioner (within the meaning of that Act); or

(ii) a registered health professional (within the meaning of that Act) in relation to whom regulations made for the purposes of Part 3 of that Act apply;

(g)    

an offer of, or a request or invitation relating to, a financial product that is an interest in a scheme that is in the nature of a litigation funding scheme, or a litigation funding arrangement, mentioned in regulation 5C.11.01 ;

(h)    

an offer of, or a request or invitation relating to, a financial product that is a basic banking product, if the offer, request or invitation was made in the course of contact with the consumer that the consumer initiated for any purpose;

(i)    

an offer of, or a request or invitation relating to, a financial product that is a facility if:

(i) the definition of basic deposit product in section 9 of the Act does not apply to the facility, but would apply to the facility if paragraph (d) of that definition were disregarded; and

(ii) funds are able to be withdrawn or transferred from the facility on the instruction of, or by authority of, the depositor with prior notice of 31 days or less to the ADI that makes the facility available (whether or not the withdrawal or transfer will attract a reduction in the return generated for the depositor); and

(iii) the offer, request or invitation was made in the course of contact with the consumer that the consumer initiated for any purpose;

(j)    an offer for the issue or sale of a financial product that is substantially similar to a financial product (the current financial product ) that the recipient of the offer:

(i) already holds with the offeror; or

(ii) held with the offeror at any time during the period of 30 day before the day on which the offer is made;

and that is in the nature of an offer to renew the current financial product.