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Corporations Amendment Regulations 2003 (No. 2)

Authoritative Version
  • - F2003B00058
  • No longer in force
SR 2003 No. 48 Regulations as made
These Regulations amend the Corporations Regulations 2001.
Administered by: Treasury
General Comments: This instrument was backcaptured in accordance with Section 36 of the Legislative Instruments Act 2003
Made 07 Apr 2003
Registered 01 Jan 2005
Tabled HR 13 May 2003
Tabled Senate 13 May 2003
Gazetted 08 Apr 2003
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

Corporations Amendment Regulations 2003 (No. 2)1

Statutory Rules 2003 No. 482

I, PETER JOHN HOLLINGWORTH, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Corporations Act 2001.

Dated 7 April 2003

PETER HOLLINGWORTH

Governor-General

By His Excellency’s Command

IAN CAMPBELL

Parliamentary Secretary to the Treasurer


1              Name of Regulations

                These Regulations are the Corporations Amendment Regulations 2003 (No. 2).

2              Commencement

                These Regulations commence on gazettal.

3              Amendment of Corporations Regulations 2001

                Schedule 1 amends the Corporations Regulations 2001.


Schedule 1        Amendment

(regulation 3)

  

[1]           After regulation 7.1.33B

insert

7.1.33C  Off-market offers for financial products

         (1)   For paragraph 766A (1) (f) of the Act, a person (person 1) provides a financial service if:

                (a)    person 1 makes an unsolicited offer to purchase a financial product from another person (person 2) other than through a licensed financial market; and

               (b)    person 2 acquired the financial product as a retail client.

         (2)   For paragraph 766A (2) (b) of the Act, a person to whom subregulation (1) applies (as person 1) is taken not to provide a financial service if person 1 tells person 2, in a clear and concise written statement that is part of the offer:

                (a)    either:

                          (i)    the market value of each financial product and the total market value of all financial products covered by the offer, as at the date that the offer is issued, and the date and time that each value is determined; or

                         (ii)    if information about the market value of a financial product is not available on the day of issue:

                                   (A)     a fair estimate of the value of the product as at the date that the offer is issued; and

                                   (B)     the method by which the estimate was reached; and

               (b)    that the offer remains open for a period that is:

                          (i)    at least 1 month; and

                         (ii)    not more than 12 months;

                        unless the offer is withdrawn in writing before the end of that period.

         (3)   For subregulation (2), the market value or estimated value of a financial product must be expressed in Australian dollars.

Notes

1.       These Regulations amend Statutory Rules 2001 No. 193, as amended by 2001 Nos. 208, 318 and 319 (rr 7.9.10 and 7.9.11 were disallowed by the Senate on 16 September 2002); 2002 Nos. 15, 16 (rr 7.9.10, 7.9.11 (1), 7.9.11 (1) (a), 7.9.11 (1) (b) and 7.9.11 (2) were disallowed by the Senate on 16 September 2002), 41, 53, 126, 145, 182, 265 and 282; 2003 No. 31.

2.       Notified in the Commonwealth of Australia Gazette on 8 April 2003.