Corporations Regulations 2001
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
Modifying legislative instruments: The application of Pt 7.9 is affected by the ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.9, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
For paragraph 1020G(1)(c) of the Act, Part 7.9 of the Act applies as if section 1012D of the Act were modified by inserting the following subsection after subsection 1012D(7) :
" Recommendation, issue or sale situation - when Product Disclosure Statement not required
(7A)
In a recommendation situation, an issue situation or a sale situation, the regulated person does not have to give the client a Product Disclosure Statement for the financial product if:
(a) the product is:
(i) a basic deposit product; or
(ii) a facility for making non-cash payments (see section 763D) that is related to a basic deposit product; or
(iii) a traveller ' s cheque; and
(b) the regulated person has provided information about the cost of the product (if any) to the client; and
(c) the regulated person has informed the client as to whether or not any amounts will or may be payable by the holder of the product, in respect of the product, after its acquisition; and
(ca) if the product is a protected account under the Banking Act 1959 - the regulated person has informed the client that:
(i) the account-holder may be entitled to payment under the financial claims scheme; and
(ii) payments under the scheme are subject to a limit for each depositor; and
(iii) information about the financial claims scheme can be obtained from the APRA website at http://www.fcs.gov.au; and
(d) the regulated person has asked the client whether or not the client would like further information about the amounts mentioned in paragraph (c); and
(e) if the client indicates that the client would like the further information about the amounts mentioned in paragraph (c) - the regulated person has provided that information. " .
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