Financial Services Reform Act 2001

In force

Administered by

Department of the Treasury

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C2004C04104 C01

15 December 2001 - 10 March 2002

Table of contents

1 Short title [see Note 1]
2 Commencement [see Note 1]
3 Schedule(s)
Schedule 1—Financial Services and Markets
- Part 1—Main amendments
  - Corporations Act 2001
Chapter 7—Financial services and markets
Part 7.1—Preliminary
- Division 1—Object of Chapter and outline of Chapter
  - 760A Object of Chapter
  - 760B Outline of Chapter
- Division 2—Definitions
- Division 3—What is a financial product?
- Division 4—When does a person provide a financial service?
- Division 5—What is a financial market?
  - 767A What is a financial market?
- Division 6—What is a clearing and settlement facility?
  - 768A What is a clearing and settlement facility?
- Division 7—General provisions relating to civil and criminal liability
Part 7.2—Licensing of financial markets
- Division 1—Preliminary
  - 790A Definition
- Division 2—Requirement to be licensed
- Division 3—Regulation of market licensees
- Division 4—The Australian market licence
- Division 5—Other matters
Part 7.3—Licensing of clearing and settlement facilities
- Division 1—Requirement to be licensed
- Division 2—Regulation of CS facility licensees
- Division 3—The Australian CS facility licence
- Division 4—Other matters
Part 7.4—Limits on involvement with licensees
- Division 1—Limit on control of certain licensees
- Division 2—Individuals who are not fit and proper are disqualified
- Division 3—Miscellaneous
  - 854A Record-keeping and giving of information
  - 854B Exemptions and modifications by regulations
Part 7.5—Compensation regimes for financial markets
- Division 1—Preliminary
  - 880A Part does not apply to markets licensed under special provisions about overseas markets
  - 880B Definitions
- Division 2—When there must be a compensation regime
- Division 3—Approved compensation arrangements
- Division 4—NGF Compensation regime
- Division 5—Provisions common to both kinds of compensation arrangements
- Division 6—Miscellaneous
  - 893A Exemptions and modifications by regulations
Part 7.6—Licensing of providers of financial services
- Division 1—Preliminary
  - 910A Definitions
- Division 2—Requirement to be licensed or authorised
- Division 3—Obligations of financial services licensees
- Division 4—Australian financial services licences
- Division 5—Authorised representatives
- Division 6—Liability of financial services licensees for representatives
- Division 8—Banning or disqualification of persons from providing financial services
  - Subdivision A—Banning orders
  - Subdivision B—Disqualification by the Court
    - 921A Disqualification by the Court
- Division 9—Registers relating to financial services
  - 922A Registers relating to financial services
  - 922B Inspection of Registers
- 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
- Division 11—Agreements with unlicensed persons relating to the provision of financial services
  - Subdivision A—Agreements affected
    - 924A Agreements with certain unlicensed persons
  - Subdivision B—Effect on agreements
Part 7.7—Financial services disclosure
- Division 1—Preliminary
- Division 2—Person provided with financial service as retail client to be given a Financial Services Guide
- Division 3—Additional requirements for personal advice provided to a retail client
- 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
- Division 6—Miscellaneous
  - 951A Part cannot be contracted out of
  - 951B Exemptions and modifications by ASIC
- Division 7—Enforcement
  - Subdivision A—Offences
  - Subdivision B—Civil liability
Part 7.8—Other provisions relating to conduct etc. connected with financial products and financial services, other than financial product disclosure
- Division 1—Preliminary
  - 980A Matters covered by this Part
  - 980B General approach to offence provisions
- Division 2—Dealing with clients’ money
- 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
- Division 4—Special provisions relating to insurance
- 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
- Division 6—Financial records, statements and audit
- Division 7—Other rules about conduct
- Division 8—Miscellaneous
- Division 9—Enforcement
Part 7.9—Financial product disclosure and other provisions relating to issue and sale of financial products
- Division 1—Preliminary
- Division 2—Product Disclosure Statements
- Division 3—Other disclosure obligations of the issuer of a financial product
- 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
- Division 5—Cooling-off periods
  - 1019A Situations in which this Division applies
  - 1019B Cooling-off period for return of financial product
- Division 6—Miscellaneous
- Division 7—Enforcement
  - Subdivision A—Offences
  - Subdivision B—Civil liability
Part 7.10—Market misconduct and other prohibited conduct relating to financial products and financial services
- Division 1—Preliminary
  - 1040A Content of Part
- Division 2—The prohibited conduct (other than insider trading prohibitions)
- Division 3—The insider trading prohibitions
  - Subdivision A—Preliminary
  - Subdivision B—The prohibited conduct
- Division 4—General defences and relief
  - 1044A General defence or relief for publishers
Part 7.11—Title and transfer
- Division 1—Title to certain securities
- Division 2—Transfer of certain securities
  - Subdivision A—General provisions
  - Subdivision B—Special provisions for shares
- Division 3—Transfer of certain securities effected otherwise than through a prescribed CS facility
- Division 4—Transfer of financial products effected through prescribed CS facility
- Division 5—Exemptions and modifications
  - 1075A ASIC’s power to exempt and modify
Part 7.12—Miscellaneous
- Division 1—Qualified privilege
- Division 2—Other matters
- Division 4—Requirements to disclose information about financial products
Part 9—The Corporations and Markets Advisory Committee
- 186 Application of Division 2 of Part 7
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
Part 6D.5—Miscellaneous
- 742 Exemptions and modifications by regulations
- 1317DA Definitions
- 1317HA Compensation orders—financial services civil penalty provisions
  - Reserve Bank Act 1959
- 25M Payments System Board’s report to the Minister
Schedule 2—Continuous disclosure
- Corporations Act 2001
- 111AFA Managed investment products held by 100 or more persons
- 111AQA Product Disclosure Statement relief
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)
Schedule 3—Other miscellaneous amendments
- Part 1—Technical and other minor amendments
  - Australian Securities and Investments Commission Act 2001
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
- Division 2—The Takeovers Panel
  - Part 2—Telephone monitoring during takeovers
    - Corporations Act 2001
  - Subdivision D—Telephone monitoring

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