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 is modified in its application in relation to financial products as if:
(a) that Part applied to a financial product mentioned in paragraph 7.1.14(2)(d) ; and
(b) the following section were inserted after section 1019B of the Act:
" 1019C Information about certain vehicle insurance
(1)
This section applies in relation to the issue of a financial product mentioned in paragraph 7.1.14(2)(d) of the Corporations Regulations 2001 .
(2)
The product issuer of the financial product must, as soon as practicable after issuing the financial product, give the holder of the financial product a statement that contains the information mentioned in paragraphs 1013D(1)(a) and (b) unless:
(a) the product holder already has a statement containing that information; or
(b) the product issuer believes on reasonable grounds that the product holder has already received a statement containing that information.
(3)
The product issuer must give the statement in the same way as a Product Disclosure Statement is to be given under subsection 1015C .
(4)
The product issuer is not required to comply with any other requirements in Divisions 2 to 6 (inclusive) in relation to the issue of the financial product.
(5)
The product issuer must not refuse, or intentionally or recklessly fail, to comply with subsections (2) and (3).Penalty:
(a) for an individual - 50 penalty units; and (b) for a body corporate - 500 penalty units.
(6)
Subsection (5) does not apply to the extent that the product issuer has a reasonable excuse.Note: A defendant bears an evidential burden in relation to the matter in subsection (6A), see subsection 13.3(3) of the Criminal Code.
(7)
Divisions 1 and 7 do not apply in relation to the product issuer in relation to the financial product mentioned in paragraph 7.1.14(2) (d) of the Corporations Regulations 2001 . " .
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