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Financial Services Reform Act 2001
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Department of the Treasury
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C2004C04104 C01
15 December 2001
-
10 March 2002
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1 Short title [see Note 1]
2 Commencement [see Note 1]
3 Schedule(s)
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Schedule 1—Financial Services and Markets
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Part 1—Main amendments
Corporations Act 2001
Chapter 7—Financial services and markets
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Part 7.1—Preliminary
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Division 1—Object of Chapter and outline of Chapter
760A Object of Chapter
760B Outline of Chapter
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Division 2—Definitions
761A Definitions
761B Meaning of arrangement—2 or more arrangements that together form a derivative or other financial product
761C Meaning of carry on a financial services business
761CA Meaning of class and kind of financial products and financial services
761D Meaning of derivative
761E Meaning of issued, issuer, acquire and provide in relation to financial products
761F Meaning of person—generally includes a partnership
761FA Meaning of person—generally includes multiple trustees
761G Meaning of retail client and wholesale client
761H References to this Chapter include references to regulations or other instruments made for the purposes of this Chapter
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Division 3—What is a financial product?
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Subdivision A—Preliminary
762A Overview of approach to defining what a financial product is
762B What if a financial product is part of a broader facility?
762C Meaning of facility
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Subdivision B—The general definition
763A General definition of financial product
763B When a person makes a financial investment
763C When a person manages financial risk
763D When a person makes non-cash payments
763E What if a financial product is only incidental?
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Subdivision C—Specific inclusions
764A Specific things that are financial products (subject to Subdivision D)
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Subdivision D—Specific exclusions
765A Specific things that are not financial products
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Division 4—When does a person provide a financial service?
766A When does a person provide a financial service?
766B Meaning of financial product advice
766C Meaning of dealing
766D Meaning of makes a market for a financial product
766E Meaning of provide a custodial or depository service
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Division 5—What is a financial market?
767A What is a financial market?
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Division 6—What is a clearing and settlement facility?
768A What is a clearing and settlement facility?
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Division 7—General provisions relating to civil and criminal liability
769A Application of Criminal Code to offences
769B People are generally responsible for the conduct of their agents, employees etc.
769C Representations about future matters taken to be misleading if made without reasonable grounds
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Part 7.2—Licensing of financial markets
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Division 1—Preliminary
790A Definition
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Division 2—Requirement to be licensed
791A Need for a licence
791B Other prohibitions on holding out
791C Exemptions
791D When a market is taken to be operated in this jurisdiction
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Division 3—Regulation of market licensees
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Subdivision A—Licensee’s obligations
792A General obligations
792B Obligation to notify ASIC of certain matters
792C Giving ASIC information about a listed disclosing entity
792D Obligation to assist ASIC
792E Obligation to give ASIC access to market facilities
792F Annual report
792G Obligations to notify people about clearing and settlement arrangements in certain circumstances
792H Change of country by foreign licensee
792I Making information about compensation arrangements publicly available
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Subdivision B—The market’s operating rules and procedures
793A Content of the operating rules and procedures
793B Legal effect of operating rules
793C Enforcement of operating rules
793D Changing the operating rules
793E Disallowance of changes to operating rules
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Subdivision C—Powers of the Minister and ASIC
794A Minister’s power to give directions
794B Minister’s power to require special report
794C ASIC to assess licensee’s compliance
794D ASIC’s power to give directions
794E Additional directions to clearing and settlement facilities
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Division 4—The Australian market licence
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Subdivision A—How to get a licence
795A How to apply for a licence
795B When a licence may be granted
795C Publication of notice of licence grant
795D More than one licence in the same document
795E More than one market covered by the same licence
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Subdivision B—The conditions on the licence
796A The conditions on the licence
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Subdivision C—When a licence can be varied, suspended or cancelled
797A Varying licences
797B Immediate suspension or cancellation
797C Suspension or cancellation following hearing and report
797D Effect of suspension
797E Variation or revocation of suspension
797F Publication of notice of licence suspension or cancellation
797G Suspension and cancellation only in accordance with this Subdivision
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Division 5—Other matters
798A Matters to be taken into account by the Minister
798B ASIC may give advice to Minister
798C Self-listing of markets
798D Exemptions and modifications for self-listing licensees
798E Other potential conflict situations
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Part 7.3—Licensing of clearing and settlement facilities
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Division 1—Requirement to be licensed
820A Need for a licence
820B Other prohibitions on holding out
820C Exemptions
820D When a clearing and settlement facility is taken to be operated in this jurisdiction
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Division 2—Regulation of CS facility licensees
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Subdivision A—Licensee’s obligations
821A General obligations
821B Obligation to notify ASIC of certain matters
821BA Obligation to notify Reserve Bank of certain matters
821C Obligation to assist
821D Obligation to give ASIC access to the facility
821E Annual report
821F Change of country by foreign licensee
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Subdivision B—The facility’s operating rules and procedures
822A Content of the operating rules and procedures
822B Legal effect of operating rules
822C Enforcement of operating rules
822D Changing the operating rules
822E Disallowance of changes to operating rules
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Subdivision C—Powers of the Minister, ASIC and the Reserve Bank in relation to licensees
823A Minister’s power to give directions
823B Minister’s power to require special report
823C ASIC to assess licensee’s compliance
823CA Reserve Bank to assess licensee’s compliance
823D Directions power—protecting dealings in financial products and ensuring fair and effective provision of services by CS facilities
823E Directions power—reduction of systemic risk
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Division 3—The Australian CS facility licence
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Subdivision A—How to get a licence
824A How to apply for a licence
824B When a licence may be granted
824C Publication of notice of licence grant
824D More than one licence in the same document
824E More than one CS facility covered by the same licence
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Subdivision B—The conditions on the licence
825A The conditions on the licence
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Subdivision C—When a licence can be varied, suspended or cancelled
826A Varying licences
826B Immediate suspension or cancellation
826C Suspension or cancellation following hearing and report
826D Effect of suspension
826E Variation or revocation of suspension
826F Publication of notice of licence suspension or cancellation
826G Suspension and cancellation only in accordance with this Subdivision
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Division 4—Other matters
827A Matters to be taken into account by the Minister
827B ASIC may give advice to Minister
827C Reserve Bank may give advice to Minister
827D Reserve Bank may determine financial stability standards
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Part 7.4—Limits on involvement with licensees
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Division 1—Limit on control of certain licensees
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Subdivision A—15% voting power limit
850A Scope of Division
850B Meaning of unacceptable control situation
850C Acquisitions of shares
850D Remedial orders
850E Injunctions
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Subdivision B—Approval to exceed 15% voting power limit
851A Application for approval to exceed 15% voting power limit
851B Approval of application
851C Duration of approval
851D Conditions of approval
851E Varying percentage approved
851F Revoking an approval
851G Further information about applications
851H Time limit for Minister’s decision
851I Preservation of voting power in relation to bodies specified in regulations made for section 850A
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Subdivision C—Other matters
852A Acquisition of property
852B Anti-avoidance
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Division 2—Individuals who are not fit and proper are disqualified
853A Who is disqualified
853B When an individual is involved in an operator
853C Declaration by ASIC
853D Procedure for declaration
853E Revoking a declaration
853F Obligations on disqualified individuals
853G Notification by ASIC
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Division 3—Miscellaneous
854A Record-keeping and giving of information
854B Exemptions and modifications by regulations
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Part 7.5—Compensation regimes for financial markets
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Division 1—Preliminary
880A Part does not apply to markets licensed under special provisions about overseas markets
880B Definitions
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Division 2—When there must be a compensation regime
881A Licensed markets through which participants provide services for retail clients must generally have a compensation regime
881B Additional requirements for the licence application
881C What happens if an application contains information in accordance with paragraph 881B(2)(c)
881D What happens if an application contains a statement in accordance with paragraph 881B(2)(d)
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Division 3—Approved compensation arrangements
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Subdivision A—Approval of compensation arrangements
882A How to get compensation arrangements approved with grant of licence
882B How to get compensation arrangements approved after licence is granted
882C Revocation of approval
882D Minister’s power to give directions
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Subdivision B—Effect of compensation rules forming part of Division 3 arrangements
883A Legal effect of compensation rules
883B Enforcement of compensation rules
883C Other sources of funds for compensation
883D Payment of levies
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Subdivision C—Changing Division 3 arrangements
884A Division 3 arrangements must generally only be changed in accordance with this Subdivision
884B Changing Division 3 arrangements—matters required to be dealt with in the compensation rules
884C Changing Division 3 arrangements—matters not required to be dealt with in the compensation rules
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Subdivision D—Are compensation arrangements adequate?
885A Purpose of this Subdivision
885B Requirements to be complied with for arrangements to be adequate
885C The losses to be covered
885D Certain losses that are not Division 3 losses
885E The amount of compensation
885F Method of payment of compensation
885G Making and determination of claims
885H The source of funds—general
885I Administration and monitoring
885J The losses to be covered—other matters to be taken into account
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Subdivision E—Other provisions about Division 3 arrangements
886A Only one claim in respect of the same loss
886B Regulations relating to fidelity funds
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Division 4—NGF Compensation regime
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Subdivision A—Application of Division
887A Markets to which this Division applies
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Subdivision B—Claims for and payment of compensation
888A The situations in which compensation may be claimed
888B Kinds of compensation available
888C Amount of compensation payable
888D Payment of compensation
888E Making and determination of claims
888F The SEGC has power to determine claims
888G Allowing a claim does not constitute an admission of any other liability
888H Claimant may apply to Court if claim disallowed
888I Non-NGF property of the SEGC not available to meet claims
888J The SEGC may enter into contracts of insurance or indemnity
888K NGF may be used to acquire financial products to be transferred as compensation
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Subdivision C—The NGF
889A Continuation of the National Guarantee Fund
889B Compensation to be provided out of the NGF
889C The SEGC to keep the NGF
889D What the NGF consists of
889E Power to borrow etc. for purposes of the NGF
889F Money borrowed and paid to the SEGC
889G Money borrowed and not paid to the SEGC
889H Payments out of the NGF
889I Minimum amount of the NGF
889J Levy by the SEGC
889K Levy by market operator
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Subdivision D—The SEGC
890A Minister to nominate the SEGC
890B The SEGC’s functions and powers
890C Delegation
890D Operating rules of the SEGC
890E Legal effect of the SEGC’s operating rules
890F Enforcement of the SEGC’s operating rules
890G Changing the SEGC’s operating rules
890H Disallowance of changes to the SEGC’s operating rules
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Subdivision E—Other provisions relating to compensation under this Division
891A Payment out of the NGF to prescribed body with arrangements covering clearing and settlement facility support
891B Markets operated by bodies corporate that become members of the SEGC—regulations may deal with transitional provisions and other matters
891C Regulations may make different provision in respect of different markets etc.
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Division 5—Provisions common to both kinds of compensation arrangements
892A Definitions
892B How regulated funds are to be kept
892C Money in regulated funds may be invested
892D Powers of relevant authority to require production or delivery of documents or statements
892E Power to require assistance for purpose of dealing with a claim
892F Relevant authority’s right of subrogation if compensation is paid
892G Excess money in compensation funds
892H Accounting and reporting for regulated funds
892I Division 3 arrangements—reporting in situations where compensation does not come out of a regulated fund
892J Regulations may provide for qualified privilege in respect of certain matters
892K Risk assessment report
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Division 6—Miscellaneous
893A Exemptions and modifications by regulations
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Part 7.6—Licensing of providers of financial services
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Division 1—Preliminary
910A Definitions
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Division 2—Requirement to be licensed or authorised
911A Need for an Australian financial services licence
911B Providing financial services on behalf of a person who carries on a financial services business
911C Prohibition on holding out
911D When a financial services business is taken to be carried on in this jurisdiction
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Division 3—Obligations of financial services licensees
912A General obligations
912B Compensation arrangements if financial services provided to persons as retail clients
912C Direction to provide a statement
912D Obligation to notify ASIC of certain matters
912E Surveillance checks by ASIC
912F Obligation to cite licence number in documents
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Division 4—Australian financial services licences
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Subdivision A—How to get a licence
913A Applying for a licence
913B When a licence may be granted
913C Licence numbers
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Subdivision B—The conditions on the licence
914A The conditions on the licence
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Subdivision C—When a licence can be varied, suspended or cancelled
915A Varying licences
915B Immediate suspension or cancellation
915C Suspension or cancellation after offering a hearing
915D Effect of suspension
915E Revocation of suspension
915F Date of effect and publication of cancellation or suspension
915G Statement of reasons
915H ASIC may allow licence to continue in effect
915I Special procedures for APRA-regulated bodies
915J Variation, suspension and cancellation only under this Subdivision
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Division 5—Authorised representatives
916A How representatives are authorised
916B Sub-authorisations
916C Authorised representative of 2 or more licensees
916D Licensees cannot authorise other licensees
916E Licensees acting under a binder
916F Obligation to notify ASIC etc. about authorised representatives
916G ASIC may give licensee information about representatives
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Division 6—Liability of financial services licensees for representatives
917A Application of Division
917B Responsibility if representative of only one licensee
917C Representatives of multiple licensees
917D Exception if lack of authority is disclosed to client
917E Responsibility extends to loss or damage suffered by client
917F Effect of Division
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Division 8—Banning or disqualification of persons from providing financial services
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Subdivision A—Banning orders
920A ASIC’s power to make a banning order
920B What is a banning order?
920C Effect of banning orders
920D Variation or cancellation of banning orders
920E Date of effect and publication of banning order, variation or cancellation
920F Statement of reasons
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Subdivision B—Disqualification by the Court
921A Disqualification by the Court
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Division 9—Registers relating to financial services
922A Registers relating to financial services
922B Inspection of Registers
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Division 10—Restrictions on use of terminology
923A Restriction on use of certain words or expressions
923B Restriction on use of certain words or expressions unless authorised in licence conditions
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Division 11—Agreements with unlicensed persons relating to the provision of financial services
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Subdivision A—Agreements affected
924A Agreements with certain unlicensed persons
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Subdivision B—Effect on agreements
925A Client may give notice of rescission
925B Effect of notice under section 925A
925C Client may apply to Court for partial rescission
925D Court may make consequential orders
925E Agreement unenforceable against client
925F Non-licensee not entitled to recover commission
925G Onus of establishing non-application of section 925E or 925F
925H Client may recover commission paid to non-licensee
925I Remedies under this Division additional to other remedies
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Part 7.7—Financial services disclosure
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Division 1—Preliminary
940A How Part applies if a financial services licensee is acting as authorised representative
940B What if there is no reasonable opportunity to give a document, information or statement required by this Part?
940C How documents, information and statements are to be given
940D General approach to offence provisions
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Division 2—Person provided with financial service as retail client to be given a Financial Services Guide
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Subdivision A—Requirement for a Financial Services Guide to be given
941A Obligation on financial services licensee to give a Financial Services Guide if financial service provided to person as a retail client
941B Obligation on authorised representative to give a Financial Services Guide if financial service provided to person as a retail client
941C Situations in which a Financial Services Guide is not required
941D Timing of giving Financial Services Guide
941E Information must be up to date
941F Obligation to give updated Financial Services Guide
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Subdivision B—Content and authorisation of Financial Services Guide
942A Title of Financial Services Guide
942B Financial Services Guide given by financial services licensee—main requirements
942C Financial Services Guide given by authorised representative—main requirements
942D Financial Services Guide may consist of 2 or more separate documents given at same time
942E Altering a Financial Services Guide after its preparation and before giving it to a person
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Subdivision C—Supplementary Financial Services Guides
943A What a Supplementary Financial Services Guide is
943B Title of Supplementary Financial Services Guide
943C Form of Supplementary Financial Services Guide
943D Effect of giving a person a Supplementary Financial Services Guide
943E Situation in which only a Supplementary Financial Services Guide need be given
943F Altering a Supplementary Financial Services Guide after its preparation and before giving it to a person
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Division 3—Additional requirements for personal advice provided to a retail client
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Subdivision A—When this Division applies
944A Situation in which Division applies
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Subdivision B—Requirements relating to basis of advice
945A Requirement to have a reasonable basis for the advice
945B Obligation to warn client if advice based on incomplete or inaccurate information
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Subdivision C—Requirement for a Statement of Advice to be given
946A Obligation to give client a Statement of Advice
946B Situations in which a Statement of Advice is not required
946C Timing of giving Statement of Advice
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Subdivision D—Content of Statement of Advice
947A Title of Statement of Advice
947B Statement of Advice given by financial services licensee—main requirements
947C Statement of Advice given by authorised representative—main requirements
947D Additional requirements when advice recommends replacement of one product with another
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Subdivision E—Other matters
948A Qualified privilege if providing entity complies with this Division
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Division 4—Other disclosure requirements
949A General advice provided to retail client—obligation to warn client that advice does not take account of client’s objectives, financial situation or needs
949B Regulations may impose disclosure requirements in certain situations
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Division 6—Miscellaneous
951A Part cannot be contracted out of
951B Exemptions and modifications by ASIC
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Division 7—Enforcement
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Subdivision A—Offences
952A Overview
952B Definitions
952C Offence of failing to give a disclosure document or statement
952D Offence of giving a disclosure document or statement knowing it to be defective
952E Offence of giving a defective disclosure document or statement (whether or not known to be defective)
952F Offences of financial services licensee knowingly providing defective disclosure material to an authorised representative
952G Offences of financial services licensee providing disclosure material to an authorised representative (whether or not known to be defective)
952H Offence of financial services licensee failing to ensure authorised representative gives disclosure documents or statements as required
952I Offences if a Financial Services Guide (or Supplementary FSG) does not comply with certain requirements
952J Offence if a Statement of Advice does not comply with certain requirements
952K Offence if authorised representative gives out unauthorised Financial Services Guide (or Supplementary FSG)
952L Offences if financial services licensee or authorised representative becomes aware that a Financial Services Guide (or Supplementary FSG) is defective
952M Offence of unauthorised alteration of Financial Services Guide or Supplementary Financial Services Guide
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Subdivision B—Civil liability
953A Definitions
953B Civil action for loss or damage
953C Additional powers of court to make orders
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Part 7.8—Other provisions relating to conduct etc. connected with financial products and financial services, other than financial product disclosure
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Division 1—Preliminary
980A Matters covered by this Part
980B General approach to offence provisions
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Division 2—Dealing with clients’ money
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Subdivision A—Money other than loans
981A Money to which Subdivision applies
981B Obligation to pay money into an account
981C Regulations may deal with various matters relating to accounts maintained for the purposes of section 981B
981D Money related to derivatives may be used for general margining etc. purposes
981E Protection of money from attachment etc.
981F Regulations may deal with how money to be dealt with if licensee ceases to be licensed etc.
981G Account provider not liable merely because of licensee’s contravention
981H Money to which Subdivision applies taken to be held in trust
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Subdivision B—Loan money
982A Money to which this Subdivision applies
982B Obligation to pay money into an account
982C Licensee to give client statement setting out terms of loan etc.
982D Permitted use of loan
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Subdivision C—Powers of Court
983A Court may freeze certain accounts
983B Interim order freezing accounts
983C Duty of person to whom order directed to make full disclosure
983D Further orders and directions
983E Power of Court to make order relating to payment of money
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Division 3—Dealing with other property of clients
984A Property to which Division applies
984B How property to which this Division applies is to be dealt with
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Division 4—Special provisions relating to insurance
985A Definitions etc.
985B Status of amounts paid to financial services licensees in respect of contracts of insurance
985C Regulations may impose other requirements etc. if financial services licensee is not the insurer
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Division 5—Obligations to report
986A Reporting in relation to money to which Subdivision A or B of Division 2 applies or property to which Division 3 applies
986B Reporting in relation to dealings in derivatives
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Division 6—Financial records, statements and audit
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Subdivision A—Preliminary
987A Application of Division
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Subdivision B—Financial records of financial services licensees
988A Obligation to keep financial records
988B Records to be kept so that profit and loss statements and balance sheet can be prepared and audited
988C Language of records
988D Location of records
988E Particular categories of information to be shown in records
988F Regulations may impose additional requirements
988G Records taken to be made with licensee’s authority
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Subdivision C—Financial statements of financial services licensees
989A Meaning of financial year
989B Financial services licensee to prepare and lodge annual profit and loss statement and balance sheet
989C Requirements as to contents and applicable accounting principles
989D Time of lodgment
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Subdivision D—Appointment etc. of auditors
990A Certain provisions of this Subdivision do not apply to a body corporate (other than a proprietary company) to which section 327 applies
990B Appointment of auditor by licensee
990C When a person or firm is ineligible to act as auditor
990D Ineligible person or firm must not consent to act or disqualify themselves etc.
990E Duration of appointment of auditors
990F Removal of auditors
990G Resignation of auditors—requirements for resignation
990H Resignation of auditors—when resignation takes effect
990I Auditor’s right of access to records, information etc.
990J Auditor’s fees and expenses
990K Auditor to report on certain matters
990L Qualified privilege for auditor etc.
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Division 7—Other rules about conduct
991A Financial services licensee not to engage in unconscionable conduct
991B Financial services licensee to give priority to clients’ orders
991C Regulations may deal with various matters relating to instructions to deal through licensed markets
991D Regulations may require records to be kept in relation to instructions to deal on licensed markets and foreign markets
991E Obligations of financial services licensee in relation to dealings with non-licensees
991F Dealings involving employees of financial services licensees
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Division 8—Miscellaneous
992A Prohibition on hawking of certain financial products
992AA Prohibition of hawking of managed investment products
992B Exemptions and modifications by ASIC
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Division 9—Enforcement
993A Overview
993B Offence of failing to pay client money into an account as required
993C Offence of failing to comply with requirements relating to client money account
993D Offence of failing to pay loan money into an account as required
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Part 7.9—Financial product disclosure and other provisions relating to issue and sale of financial products
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Division 1—Preliminary
1010A Part generally does not apply to securities
1010B Part does not apply to financial products not issued in the course of a business
1010C Special provisions about meaning of sale and offer
1010D General approach to offence provisions
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Division 2—Product Disclosure Statements
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Subdivision A—Preliminary
1011A Jurisidictional scope of Division
1011B Definitions
1011C Treatment of offers of options over financial products
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Subdivision B—Requirement for a Product Disclosure Statement to be given
1012A Obligation to give Product Disclosure Statement—personal advice recommending particular financial product
1012B Obligation to give Product Disclosure Statement—situations related to issue of financial products
1012C Obligation to give Product Disclosure Statement—offers related to sale of financial products
1012D Situations in which Product Disclosure Statement is not required
1012E Small scale offerings of managed investment and other prescribed financial products (20 issues or sales in 12 months)
1012F Product Disclosure Statement for certain superannuation products may be provided later
1012G Product Disclosure Statement may sometimes be provided later
1012H Obligation to take reasonable steps to ensure that Product Disclosure Statement is given to person electing to be covered by group financial product
1012I Obligation to give employer a Product Disclosure Statement in relation to certain superannuation products and RSA products
1012IA Treatment of arrangements under which a person can instruct another person to acquire a financial product
1012J Information must be up to date
1012K Anti-avoidance determinations
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Subdivision C—Preparation and content of Product Disclosure Statements
1013A Who must prepare Product Disclosure Statement
1013B Title of Product Disclosure Statement
1013C Product Disclosure Statement content requirements
1013D Product Disclosure Statement content—main requirements
1013DA Information about ethical considerations etc.
1013E General obligation to include other information that might influence a decision to acquire
1013F General limitations on extent to which information is required to be included
1013G Product Disclosure Statement must be dated
1013H Requirements if Product Disclosure Statement states or implies that financial product will be able to be traded
1013I Extra requirements if Product Disclosure Statement relates to managed investment products that are ED securities
1013J Requirements if Statement has been lodged with ASIC
1013K Requirements relating to consents to certain statements
1013L Product Disclosure Statement may consist of 2 or more separate documents given at same time
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Subdivision D—Supplementary Product Disclosure Statements
1014A What a Supplementary Product Disclosure Statement is
1014B Title of Supplementary Product Disclosure Statement
1014C Form of Supplementary Product Disclosure Statement
1014D Effect of giving person a Supplementary Product Disclosure Statement
1014E Situation in which only a Supplementary Product Disclosure Statement need be given
1014F Application of other provisions in relation to Supplementary Product Disclosure Statements
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Subdivision E—Other requirements relating to Product Disclosure Statements and Supplementary Product Disclosure Statements
1015A Subdivision applies to Product Disclosure Statements and Supplementary Product Disclosure Statements
1015B Some Statements must be lodged with ASIC
1015C How a Statement is to be given
1015D Notice, retention and access requirements for Statement that does not need to be lodged
1015E Altering a Statement after its preparation and before giving it to a person
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Subdivision F—Other rights and obligations related to Product Disclosure Statements
1016A Provisions relating to use of application forms
1016B If Statement lodged with ASIC, financial product is not to be issued or sold before specified period
1016C Minimum subscription condition must be fulfilled before issue or sale
1016D Condition about ability to trade on a market must be fulfilled before issue or sale
1016E Choices open to person making the offer if disclosure condition not met or Product Disclosure Statement defective
1016F Remedies for person acquiring financial product under defective Product Disclosure Document
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Division 3—Other disclosure obligations of the issuer of a financial product
1017A Obligation to give additional information on request
1017B Ongoing disclosure of material changes and significant events
1017C Information for existing holders of superannuation products and RSA products
1017D Periodic statements for retail clients for financial products that have an investment component
1017DA Trustees of superannuation entities—regulations may specify additional obligations to provide information
1017E Dealing with money received for financial product before the product is issued
1017F Confirming transactions
1017G Certain product issuers and regulated persons must meet appropriate dispute resolution requirements
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Division 4—Advertising for financial products
1018A Advertising or other promotional material for financial product must refer to Product Disclosure Statement
1018B Prohibition on advertising personal offers covered by section 1012E
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Division 5—Cooling-off periods
1019A Situations in which this Division applies
1019B Cooling-off period for return of financial product
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Division 6—Miscellaneous
1020A Offers etc. relating to certain managed investment schemes not to be made in certain circumstances
1020B Short selling of securities, managed investment products and certain other financial products
1020C ASIC’s power to prohibit short selling in certain cases
1020D Part cannot be contracted out of
1020E Stop orders by ASIC
1020F Exemptions and modifications by ASIC
1020G Exemptions and modifications by regulations
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Division 7—Enforcement
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Subdivision A—Offences
1021A Overview
1021B Definitions
1021C Offence of failing to give etc. a disclosure document or statement
1021D Offence of preparer of defective disclosure document or statement giving the document or statement knowing it to be defective
1021E Offence of preparer of defective disclosure document or statement giving the document or statement (whether or not known to be defective)
1021F Offence of regulated person (other than preparer) giving disclosure document or statement knowing it to be defective
1021G Offence of financial services licensee failing to ensure authorised representative gives etc. disclosure documents or statements as required
1021H Offences if a Product Disclosure Statement (or Supplementary PDS) does not comply with certain requirements
1021I Offence of giving disclosure document or statement that has not been prepared by the appropriate person
1021J Offences if preparer etc. of disclosure document or statement becomes aware that it is defective
1021K Offence of unauthorised alteration of Product Disclosure Statement (or Supplementary PDS)
1021L Offences of giving, or failing to withdraw, consent to inclusion of defective statement
1021M Offences relating to keeping and providing copies of Product Disclosure Statements (or Supplementary PDSs)
1021N Offence of failing to provide additional information requested under section 1017A
1021O Offences of issuer or seller of financial product failing to pay money into an account as required
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Subdivision B—Civil liability
1022A Definitions
1022B Civil action for loss or damage
1022C Additional powers of court to make orders
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Part 7.10—Market misconduct and other prohibited conduct relating to financial products and financial services
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Division 1—Preliminary
1040A Content of Part
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Division 2—The prohibited conduct (other than insider trading prohibitions)
1041A Market manipulation
1041B False trading and market rigging—creating a false or misleading appearance of active trading etc.
1041C False trading and market rigging—artificially maintaining etc. trading price
1041D Dissemination of information about illegal transactions
1041E False or misleading statements
1041F Inducing persons to deal
1041G Dishonest conduct
1041H Misleading or deceptive conduct (civil liability only)
1041I Civil action for loss or damage for contravention of sections 1041E to 1041H
1041J Sections of this Division have effect independently of each other
1041K Division applies to certain conduct to the exclusion of State Fair Trading Acts provisions
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Division 3—The insider trading prohibitions
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Subdivision A—Preliminary
1042A Definitions
1042B Application of Division
1042C When information is generally available
1042D When a reasonable person would take information to have a material effect on price or value of Division 3 financial products
1042E Division 3 financial products taken to be able to be traded despite suspensions or section 794D directions
1042F Inciting, inducing or encouraging an act or omission constitutes procuring the omission
1042G Information in possession of officer of body corporate
1042H Information in possession of partner or employee of partnership
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Subdivision B—The prohibited conduct
1043A Prohibited conduct by person in possession of inside information
1043B Exception for withdrawal from registered scheme
1043C Exception for underwriters
1043D Exception for acquisition pursuant to legal requirement
1043E Exception for information communicated pursuant to a legal requirement
1043F Chinese wall arrangements by bodies corporate
1043G Chinese wall arrangements by partnerships etc.
1043H Exception for knowledge of person’s own intentions or activities
1043I Exception for bodies corporate
1043J Exception for officers or agents of body corporate
1043K Transactions by holder of financial services licence or a representative of the holder of such a licence
1043L A specific situation in which a compensation order under section 1317HA may be made
1043M Defences to prosecution for an offence
1043N Relief from civil liability
1043O Powers of Court
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Division 4—General defences and relief
1044A General defence or relief for publishers
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Part 7.11—Title and transfer
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Division 1—Title to certain securities
1070A Nature of shares and certain other interests in a company or registered scheme
1070B Numbering of shares
1070C Matters to be specified in share certificate
1070D Loss or destruction of title documents for certain securities
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Division 2—Transfer of certain securities
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Subdivision A—General provisions
1071A Application of the Subdivision to certain securities
1071B Instrument of transfer
1071C Occupation need not appear in transfer document, register etc.
1071D Registration of transfer at request of transferor
1071E Notice of refusal to register transfer
1071F Remedy for refusal to register transfer or transmission
1071G Certification of transfers
1071H Duties of company with respect to issue of certificates
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Subdivision B—Special provisions for shares
1072A Transmission of shares on death (replaceable rule—see section 135)
1072B Transmission of shares on bankruptcy (replaceable rule—see section 135)
1072C Rights of trustee of estate of bankrupt shareholder
1072D Transmission of shares on mental incapacity (replaceable rule—see section 135)
1072E Trustee etc. may be registered as owner of shares
1072F Registration of transfers (replaceable rule—see section 135)
1072G Additional general discretion for directors of proprietary companies to refuse to register transfers (replaceable rule—see section 135)
1072H Notices relating to non-beneficial and beneficial ownership of shares
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Division 3—Transfer of certain securities effected otherwise than through a prescribed CS facility
1073A Application of the Division to certain securities
1073B Definitions
1073C Application of Division to certain bodies as if they were companies
1073D Regulations may govern transfer of certain securities
1073E ASIC may extend regulations to securities not otherwise covered
1073F Operation of this Division and regulations made for its purposes
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Division 4—Transfer of financial products effected through prescribed CS facility
1074A Financial products to which this Division applies
1074B Definitions
1074C Operating rules of prescribed CS facility may deal with transfer of title
1074D Valid and effective transfer if operating rules complied with
1074E Regulations may govern transfer of financial products in accordance with operating rules of prescribed CS facility
1074F Issuer protected from civil liability for person’s contravention of prescribed CS facility’s certificate cancellation rules
1074G Operation of this Division and regulations made for its purposes
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Division 5—Exemptions and modifications
1075A ASIC’s power to exempt and modify
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Part 7.12—Miscellaneous
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Division 1—Qualified privilege
1100A Qualified privilege for information given to ASIC
1100B Qualified privilege for the conduct of market licensees and CS facility licensees
1100C Qualified privilege for information given to market licensees and CS facility licensees etc.
1100D Extension of protections given by this Division
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Division 2—Other matters
1101A Approved codes of conduct
1101B Power of Court to make certain orders
1101C Preservation and disposal of records etc.
1101D Destruction of records by ASIC
1101E Concealing etc. of books
1101F Falsification of records
1101G Precautions against falsification of records
1101GA How Part 9.3 applies to books required to be kept by this Chapter etc.
1101H Contravention of Chapter does not generally affect validity of transactions etc.
1101I Gaming and wagering laws do not affect validity of contracts relating to financial products
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1101J Delegation
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Part 2—Consequential amendments
Australian Securities and Investments Commission Act 2001
12BAA Definition of financial product
12BAB Meaning of financial service
Division 4—Requirements to disclose information about financial products
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Part 9—The Corporations and Markets Advisory Committee
186 Application of Division 2 of Part 7
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Part 14—The Parliamentary Joint Committee on Corporations and Financial Services
Corporations Act 2001
17 Associates of composite person that carries on a financial services business
350 Forms for documents to be lodged with ASIC
703A Operating a clearing and settlement facility is not offering securities etc.
726 Offering securities in a body that does not exist
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Part 6D.5—Miscellaneous
742 Exemptions and modifications by regulations
1317DA Definitions
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1317HA Compensation orders—financial services civil penalty provisions
Reserve Bank Act 1959
25M Payments System Board’s report to the Minister
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Schedule 2—Continuous disclosure
Corporations Act 2001
111AFA Managed investment products held by 100 or more persons
111AQA Product Disclosure Statement relief
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Chapter 6CA—Continuous disclosure
674 Continuous disclosure—listed disclosing entity bound by a disclosure requirement in market listing rules
675 Continuous disclosure—other disclosing entities
676 Sections 674 and 675—when information is generally available
677 Sections 674 and 675—material effect on price or value
678 Application of Criminal Code to offences based on subsection 674(2), 674(5) or 675(2)
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Schedule 3—Other miscellaneous amendments
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Part 1—Technical and other minor amendments
Australian Securities and Investments Commission Act 2001
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Part 10—The Takeovers Panel
Corporations Act 2001
12 References in Chapters 6 to 6C, and other references relating to voting power and takeovers etc.
88B Qualified accountants
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Division 2—The Takeovers Panel
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Part 2—Telephone monitoring during takeovers
Corporations Act 2001
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Subdivision D—Telephone monitoring
648J Requirement to record telephone calls made during bid period
648K Requirement to notify holder that call is being recorded
648L Identifying recordings
648M Index of recordings
648N Keeping the index and storing the recordings
648P Retention and destruction of index and recordings
648Q Access to index and recordings
648R Copying the index or recording
648S Tampering with the index or recording
648T Index and recording to be a book for some purposes
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648U Application of Criminal Code applies to offences
Notes to the STYLEREF ShortT \* MERGEFORMAT Financial Services Reform Act 2001
