Federal Register of Legislation - Australian Government

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Corporations Regulations 2001

Authoritative Version
  • - F2015C00303
  • In force - Superseded Version
  • View Series
SR 2001 No. 193 Regulations as amended, taking into account amendments up to Treasury Laws Amendment (2015 Measures No. 1) Regulation 2015
Principal Regulations. These Regulations repeal the Corporations Regulations 1990 and the Partnerships and Associations Application Order 1999 (No. 1)
Administered by: Treasury
Registered 09 Apr 2015
Start Date 31 Mar 2015
End Date 18 Jun 2015
Table of contents.

Corporations Regulations 2001

Statutory Rules No. 193, 2001

made under the

Corporations Act 2001

Compilation No. 113

Compilation date:                              31 March 2015

Includes amendments up to:            SLI No. 39, 2015

Registered:                                         9 April 2015

This compilation is in 7 volumes

Volume 1:       regulations 1.0.01–6D.5.02

Volume 2:       regulations 7.1.02–7.6.08E

Volume 3:       regulations 7.7.01–8.4.02

Volume 4:       regulations 9.1.01–12.9.03

Volume 5:       Schedules 1, 2 and 2A

Volume 6:       Schedules 3–12

Volume 7:       Endnotes

Each volume has its own contents

 

About this compilation

This compilation

This is a compilation of the Corporations Regulations 2001 that shows the text of the law as amended and in force on 31 March 2015 (the compilation date).

This compilation was prepared on 31 March 2015.

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on ComLaw (www.comlaw.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on ComLaw for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on ComLaw for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

  

  

  


Contents

Chapter 9—Miscellaneous                                                                                    1

Part 9.1—Registers and registration of documents                                           1

9.1.01.................... Prescribed registers............................................................. 1

9.1.02.................... Prescribed information........................................................ 2

Part 9.2—Registration of auditors and liquidators                                           7

Division 2—Registration                                                                                             7

9.2.01.................... Practical experience in auditing (Act s 1280(2))................. 7

9.2.02.................... Prescribed universities and institutions (Act ss 1280(2A) and 1282(2))  7

9.2.03.................... Prescribed courses (Act s 1280(2A))................................. 9

Division 2A—Conditions on registration                                                         11

9.2.08.................... Kinds of conditions (Act s 1289A)................................... 11

Part 9.2A—Authorised audit companies                                                               12

Division 1—Registration                                                                                           12

9.2A.01................. Application for registration as authorised audit company (Act s 1299A) 12

9.2A.03................. Annual statements by authorised audit company (Act s 1299G)              13

Part 9.4—Penalty notice offences and penalties                                                16

9.4.01.................... Prescribed offences (Act s 1313)...................................... 16

9.4.02.................... Prescribed penalties (Act s 1313)..................................... 16

9.4.03.................... Late payment of review fee—prescribed offence and penalty (Act s 1313 and 1364)              16

Part 9.4A—Register and index                                                                                    18

9.4A.01................. Definitions for Part 9.4A.................................................. 18

9.4A.02................. Register and index must be kept up to date: subsection 1306(4A) of the Act          18

Part 9.5—Delegation of powers and functions under the Act                  19

9.5.01.................... Prescribed functions (Law s 1345A(1))........................... 19

Part 9.7—Unclaimed property                                                                                     20

9.7.01.................... Entitlement to unclaimed property..................................... 20

Part 9.12—Matters relating to regulations                                                           22

9.12.01.................. Exemptions from Chapter 7.............................................. 22

9.12.02.................. Exemption from provisions of Chapter 7—CLS Bank..... 22

9.12.03.................. Partial exemption of foreign‑based market licensees from certain notification obligations       24

9.12.04.................. Exemption from provisions of Chapter 7—compliance with ASIC exemptions      26

9.12.04.................. Exemption from provisions of Chapter 7—carbon unit auctions             26

9.12.05.................. Exemption from provisions of Chapter 7—gas trading exchange            27

Chapter 10—Repeals                                                                                               28

Part 10.1—Old Corporations Regulations                                                            28

10.1.01.................. Repeal of Corporations Regulations 1990....................... 28

10.1.02.................. Repeal of Partnerships and Associations Application Order 1999 (No. 1)             28

Part 10.2—Transitional arrangements relating to Financial Services Reform legislation             29

Division 1Preliminary                                                                                            29

10.2.01.................. Application of Part 10.2.................................................... 29

10.2.02.................. Definitions........................................................................ 29

10.2.02A............... References to transition periods........................................ 29

10.2.02B................ References to the application of Division 2 of Part 7.9 of the Act            30

Division 1A—Treatment of proposed markets that have not started to operate by the FSR commencement                                                                                     31

10.2.02C................ Proposed markets............................................................. 31

Division 2Transitional arrangements relating to business rules or listing rules          32

Subdivision 2.1—Business rules                                                                           32

10.2.03.................. Amendment of business rules of securities exchange before FSR commencement  32

10.2.04.................. Amendment of SCH business rules before FSR commencement            33

10.2.05.................. Amendment of SEGC business rules before FSR commencement          34

10.2.06.................. Amendment of business rules of futures body before FSR commencement            35

Subdivision 2.2—Listing rules                                                                              36

10.2.07.................. Amendment of listing rules of securities exchange before FSR commencement      36

Division 3Status of directions and notices                                                  38

10.2.08.................. Direction to securities exchange to comply with ongoing requirements   38

10.2.09.................. Notice to securities exchange of need to prohibit trading.. 38

10.2.10.................. Notice to securities exchange prohibiting trading.............. 38

10.2.11.................. Direction to futures exchange—orderly market................ 39

Division 4Assistance to ASIC                                                                            40

10.2.12.................. Obligations of securities exchange: disciplinary action..... 40

10.2.13.................. Obligations of securities exchange: particulars of contravention              40

10.2.14.................. Obligations of securities exchange: information about listed disclosing entity         41

10.2.15.................. Obligations of securities clearing house: disciplinary action 41

10.2.16.................. Obligations of futures body: disciplinary action............... 42

10.2.17.................. Obligations of futures body: particulars of contravention. 42

10.2.18.................. Obligations of clearing house for futures exchange: information about listed disclosing entity               43

Division 5Special reports                                                                                     44

10.2.19.................. Special report by securities exchange about compliance with ongoing requirements               44

10.2.20.................. Special report by securities exchange about compliance with ongoing requirements: ASIC requirements.......................................................................................... 44

Division 5A—Transactions by holder of financial services licence or a representative of the holder of such a licence                                                                                        45

10.2.20A............... References to financial service licensee............................. 45

Division 5B—Obligation to pay money into account                                 46

10.2.20B................ Financial products quoted on Australian Stock Exchange Limited           46

Division 6Self‑listing                                                                                               48

10.2.21.................. Status of arrangements for self‑listing.............................. 48

10.2.22.................. Status of exemption relating to self‑listing........................ 48

Division 7Decisions about membership of futures exchange            49

10.2.23.................. Status of notice to applicant.............................................. 49

10.2.24.................. Status of notice to ASIC................................................... 49

Division 8—National Guarantee Fund                                                              50

10.2.25.................. Status of claim against the National Guarantee Fund........ 50

10.2.26.................. Entitlement to make claim against the National Guarantee Fund              51

10.2.27.................. Status of future claim against the National Guarantee Fund 52

10.2.27A............... Expenditure of excess funds from National Guarantee Fund 53

Division 9Claims against fidelity funds                                                        54

10.2.28.................. Status of claim against fidelity fund.................................. 54

10.2.29.................. Entitlement to make claim against fidelity fund................. 54

10.2.29A............... Status of incomplete claim against fidelity fund................ 55

10.2.30.................. Status of future claim against fidelity fund........................ 55

Division 10Status of netting markets                                                             57

10.2.31.................. Netting markets................................................................. 57

10.2.32.................. Netting market approval granted before the FSR commencement            57

Division 11Status of listed securities                                                              59

10.2.33.................. Securities of exempt stock markets................................... 59

Division 12Miscellaneous                                                                                     60

10.2.34.................. Preservation of nomination of body corporate as SEGC.. 60

Division 13Regulated principals                                                                      61

10.2.35.................. Definitions........................................................................ 61

10.2.35A............... Streamlined licensing procedure for certain regulated principals              62

10.2.36.................. Persons who are not covered by section 1433 of the Act. 63

10.2.37.................. Variation of conditions on financial services licence......... 63

10.2.38.................. Persons taken to be regulated principals: giving of incidental advice and previously exempt persons     64

10.2.39.................. Reference to offer covered by Australian financial services licence: section 911A of the Act  74

10.2.40.................. Reference to financial services licensee: section 911A of the Act            75

10.2.40A............... Need for an Australian financial services licence.............. 75

10.2.41.................. Reference to second principal: section 911B of the Act.... 76

10.2.42.................. Reference to financial services licensee: section 916D of the Act            76

10.2.43.................. Status of insurance agent: section 1436A of the Act......... 76

10.2.44A............... Obligation to cite licence number in documents................ 76

10.2.46.................. When Australian financial services licence may be granted 77

10.2.46A............... When Australian financial services licence may be varied 78

10.2.47.................. Dispute resolution requirements: no external dispute resolution scheme  79

10.2.47A............... Modification of pre‑FSR authority................................... 79

Division 14—Financial services disclosure                                                     81

10.2.48.................. Obligation to give Financial Services Guide for service arranged before application of Part 7.7 of the Act.......................................................................................... 81

10.2.48A............... Obligation to give a Financial Services Guide for a custodial and depository service              82

10.2.49.................. Obligation to give Financial Services Guide in relation to existing clients               83

10.2.50.................. Content of Financial Services Guide for an authorised representative that is a regulated principal or a representative of a regulated principal............................... 83

10.2.50A............... Treatment of arrangements under which a person can instruct another person to acquire a financial product.......................................................................................... 85

Division 15Other provisions relating to conduct etc                            86

10.2.51.................. Sale offers that need disclosure......................................... 86

10.2.52.................. Offers that do not need disclosure: small scale offerings.. 86

10.2.52A............... Offers that do not need disclosure.................................... 87

10.2.53.................. Money other than loans: financial services licensee who formerly held dealer’s licence          87

10.2.54.................. Money other than loans: financial services licensee who formerly held futures broker’s licence             88

10.2.55.................. Money other than loans: financial services licensee who was formerly a registered insurance broker     89

10.2.56.................. Money other than loans: financial services licensee who ceases to be licensed        91

10.2.57.................. Loan money: financial services licensee who formerly held dealer’s licence            91

10.2.58.................. Other property of clients: financial services licensee who formerly held dealer’s licence         92

10.2.59.................. Other property of clients: financial services licensee who formerly held futures broker’s licence            92

10.2.60.................. Special provisions relating to insurance: financial services licensee who was formerly a registered insurance broker............................................................................... 93

10.2.61.................. Obligation to report: financial services licensee who formerly held a futures broker’s licence 94

10.2.62.................. Reporting in relation to dealings in derivatives: financial services licensee who formerly held a dealer’s licence.......................................................................................... 95

10.2.63.................. Financial statements of financial services licensee: general 96

10.2.64.................. Financial statements of financial services licensees who were certain regulated principals      96

10.2.65.................. Auditors: certain financial services licensee who formerly held dealer’s licence      98

10.2.66.................. Auditors: certain financial services licensees who held a futures broker’s licence   100

10.2.67.................. Auditor’s report in certain matters: financial services licensee who formerly held a dealer’s licence       102

10.2.68.................. Auditor’s report on certain matters: financial services licensee who formerly held a futures broker’s licence........................................................................................ 103

10.2.69.................. Auditor’s report on certain matters: financial services licensee who was formerly a registered insurance broker........................................................................................ 104

10.2.70.................. Priority to clients’ orders: financial services licensee who held a dealers licence     104

10.2.71.................. Sequencing of instructions to deal through licensed markets: financial services licensee who formerly held a futures brokers licence.................................................... 105

10.2.72.................. Records relating to instructions to deal through licensed markets: financial services licensee who held a futures brokers licence................................................................ 105

10.2.73.................. Dealing with non‑licensees: financial services licensee who held a dealers licence  106

10.2.73A............... Advertising for financial products.................................. 107

10.2.73B................ Freezing accounts........................................................... 108

Division 16Product disclosure provisions for existing products during transition period      109

10.2.74.................. Financial products in the same class............................... 109

10.2.75.................. References to financial services licensee......................... 111

10.2.76.................. References to retail client................................................ 111

10.2.77.................. References to issue of product........................................ 112

10.2.78.................. References to Product Disclosure Statement: offer previously accepted  112

10.2.79.................. References to Product Disclosure Statement: managed investment products           113

10.2.80.................. Lodgment of Product Disclosure Statement after lodgment of notice       113

10.2.81.................. Ongoing disclosure......................................................... 113

10.2.82.................. Money received for financial product before the product is issued: general             114

10.2.83.................. Money received for financial product before the product is issued: requirement before application of subsection 37(2) of Insurance (Agents and Brokers) Act 1984               115

10.2.84.................. Confirmation of transactions........................................... 115

10.2.85.................. Dispute resolution requirements: financial products....... 115

10.2.86.................. Dispute resolution requirements: regulated principals..... 115

10.2.87.................. Dispute resolution requirements: no external dispute resolution scheme  116

10.2.87A............... Meaning of financial product advice: exempt document or statement      116

Division 17Arrangements relating to enforcement of matters by ASIC          118

10.2.88.................. Definition........................................................................ 118

10.2.89.................. Financial services law..................................................... 118

10.2.90.................. ASIC may have regard to prior conduct and events........ 118

10.2.91.................. Power to act in relation to relevant old legislation........... 119

Division 18Specific kinds of documents in existence before FSR commencement       121

10.2.92.................. Banning orders made before FSR commencement......... 121

10.2.93.................. Banning orders made under relevant old legislation after FSR commencement       122

10.2.94.................. Banning orders made under the Act after FSR commencement               123

10.2.94A............... Prohibitions under paragraphs 827(1)(d) and 1192(1)(d) of the old Corporations Act made before FSR commencement............................................................... 124

10.2.94B................ Prohibitions under paragraphs 827(1)(d) and 1192(1)(d) of the old Corporations Act made after FSR commencement............................................................... 124

10.2.95.................. Undertakings.................................................................. 125

10.2.96.................. Registers in existence before FSR commencement......... 126

10.2.97.................. Registers created after FSR commencement................... 127

10.2.98.................. Registers, documents and things kept before FSR commencement          127

10.2.98A............... Licenses, registration, etc in force before FSR commencement                128

Division 19Extension of limitation periods                                               130

10.2.99.................. Application of items 111 and 121 of the Financial Services Reform (Consequential Provisions) Act 2001 to amendments of the Australian Securities and Investments Commission Act 2001   130

Division 20Rules for dealing with liability during transition period   131

10.2.100................ Application of Division 20............................................. 131

10.2.101................ Definitions for Division 20............................................. 131

10.2.102................ Liability of responsible person: general rules.................. 132

10.2.103................ Conduct by a person who operates as representative and principal          134

10.2.104................ Operation of regulations 10.2.102 and 10.2.103............. 135

Division 21Title and transfer                                                                           137

10.2.105................ Loss or destruction of certificates................................... 137

10.2.106................ Instrument of transfer..................................................... 137

10.2.107................ Trustee etc may be registered as owner of shares........... 138

10.2.108................ Registration of transfer at request of transferor............... 138

10.2.109................ Notice of refusal to register transfer................................ 139

10.2.110................ Duties of company with respect to issue of certificates: allotment of shares or debentures or making interests available.......................................................................... 139

10.2.111................ Duties of company with respect to issue of certificates: transfer of shares, debentures or interests         140

10.2.112................ Notices relating to non‑beneficial and beneficial ownership of shares     141

10.2.113................ What is a sufficient transfer of marketable securities or marketable rights: general  142

10.2.114................ Sufficient transfer by authorised trustee corporation....... 143

10.2.115................ Determination of who holds quoted securities for the purposes of a meeting: determination made before FSR commencement............................................................... 143

Division 22Transitional matters under relevant old legislation: Financial Transaction Reports Act 1988                                                                                                         145

10.2.116................ Cash dealer..................................................................... 145

10.2.117................ Exempt cash transaction.................................................. 145

Division 23Transitional matters under relevant old legislation: Income Tax Assessment Act 1936                                                                                                                    146

10.2.118................ Offshore banking units................................................... 146

Division 24Transitional matters under relevant old legislation: Insurance Act 1973              147

10.2.119................ Insurers carrying on class of insurance business............ 147

Division 24A—Transitional matters under relevant old legislation: Insurance (Agents and Brokers) Act 1984                                                                                                         148

10.2.119A............. Debts of broker in relation to premiums etc.................... 148

10.2.119B.............. Disqualifications made before FSR commencement....... 148

10.2.119C.............. Disqualifications made after FSR commencement.......... 149

Division 25Transitional matters under relevant old legislation: Marine Insurance Act 1909             150

10.2.120................ Marine policy effected through broker............................ 150

Division 25A—Transitional matters under relevant old legislation: Retirement Savings Accounts Regulations 1997                                                                              151

10.2.120A............. Continuation of RSA Regulations during transition period 151

Division 25B—Transitional matters under relevant old legislation: Superannuation Industry (Supervision) Regulations 1994                                                152

10.2.120B.............. Continuation of SIS Regulations during transition period 152

Division 26Transitional matters under relevant old legislation: Superannuation (Resolution of Complaints) Act 1993                                                                     153

10.2.121................ Life insurance broker...................................................... 153

Division 27Transitional matters under the Act (other than Chapter 7)           154

10.2.122................ Solvency and insolvency................................................ 154

10.2.123................ Managed investment products held by 100 or more persons 154

10.2.124................ When a managed investment scheme must be registered 154

10.2.125................ Responsible entity to be a public company and hold an Australian financial services licence  155

10.2.126................ Duties of officers of responsible entity........................... 155

10.2.127................ Voidable contracts.......................................................... 155

10.2.128................ Situations not giving rise to relevant interests................. 156

10.2.129................ Bidder’s statement content.............................................. 156

10.2.130................ Continuous disclosure: other disclosing entities............. 157

10.2.131................ Sale offers that need disclosure: securities issued before FSR commencement        157

10.2.132................ Offers that do not need disclosure: offer to sophisticated investor through licensed dealer      158

10.2.133................ Prospectus content: general disclosure test..................... 158

10.2.134................ Prospectus content—specific disclosures....................... 158

10.2.135................ Registers......................................................................... 159

Division 27A—Transitional matters under other legislation              160

10.2.135A............. References to authorised foreign exchange dealers......... 160

Division 28Retail clients and wholesale clients                                      161

10.2.136................ Securities before the FSR commencement...................... 161

10.2.137................ Incomplete financial services.......................................... 162

10.2.138................ Professional investors..................................................... 163

Division 29—Effect on definitions in old Corporations Act of transition to licensed markets and licensed CS facilities                                                                                          165

10.2.139................ Approved foreign bank................................................... 165

10.2.140................ Eligible exchange‑traded options.................................... 165

10.2.141................ Futures law..................................................................... 165

10.2.142................ Member organisation...................................................... 166

10.2.143................ Non‑broker..................................................................... 166

10.2.144................ Non‑dealer...................................................................... 167

10.2.145................ Securities law.................................................................. 167

10.2.146................ Marketable parcel............................................................ 167

Division 30—Effect on certain conduct of transition to licensed markets and licensed CS facilities     169

10.2.147................ Own account dealings and transactions: futures contracts 169

10.2.148................ Conditions of dealers licence.......................................... 169

10.2.149................ Persons who are not clients............................................ 169

10.2.150................ Dealings and transactions on a dealer’s own account..... 170

10.2.151................ Dealer to give priority to clients’ orders.......................... 170

10.2.152................ Dealers’ financial records............................................... 170

10.2.153................ Auditor to report to ASIC on certain matters.................. 170

10.2.154................ Qualified privilege for auditor......................................... 171

10.2.155................ Court may freeze certain bank accounts of dealers and former dealers     171

10.2.156................ Interpretation—registers................................................. 171

10.2.157................ Conditions of futures broker’s licence: membership of futures organisation           172

10.2.158................ Futures organisation to be informed about conditions of futures brokers licence     173

10.2.159................ Licensee to notify breach of licence condition................. 173

10.2.160................ Register of Futures Licensees......................................... 174

10.2.161................ Excluded clients.............................................................. 174

10.2.162................ Segregation of client money and property....................... 174

10.2.163................ Accounts to be kept by futures brokers.......................... 175

10.2.164................ Property in custody of futures broker............................. 175

10.2.165................ Auditor to report to ASIC in certain cases...................... 176

10.2.166................ Defamation..................................................................... 176

10.2.167................ Power of Court to restrain dealings with futures broker’s bank accounts                177

10.2.168................ Power of Court to restrain dealings with futures broker’s bank accounts                177

10.2.169................ Sequence of transmission and execution of orders......... 177

10.2.170................ Dealings by employees of futures brokers and futures advisers              178

Division 31Effect on fundraising of transition to licensed markets and licensed CS facilities              179

10.2.171................ Sale offers that need disclosure....................................... 179

10.2.172................ Prospectus content—specific disclosures....................... 179

10.2.173................ Issuing or transferring the securities under a disclosure document          180

10.2.174................ Choices open to person making an offer if disclosure document condition not met or disclosure document defective.......................................................................... 180

10.2.175................ Restrictions on advertising and publicity........................ 180

Division 32—Effect on product disclosure of transition to licensed markets and licensed CS facilities                                                                                                                    181

10.2.176................ Offers that do not need disclosure.................................. 181

10.2.177................ Prospectus content—general disclosure test................... 181

10.2.178................ Prospectus content—specific disclosures....................... 181

10.2.179................ Futures broker to give certain information to prospective client               182

Division 33—Effect on Corporations Regulations 2001 of transition of financial service providers and transition to licensed markets and licensed CS facilities 183

10.2.180................ Licence conditions—investment advice to retail investors 183

10.2.181................ Exemption from licensing—certain dealings................... 183

10.2.182................ Exemption from licensing—managed investment schemes 183

10.2.183................ Exempt dealer................................................................. 184

10.2.184................ Exempt securities and interests....................................... 184

10.2.185................ Transactions in prescribed circumstances....................... 184

10.2.186................ Exempted transaction...................................................... 184

10.2.187................ Charging brokerage on principal transactions................. 185

10.2.188................ Exemption from subsection 844(2) of old Corporations Act 185

10.2.189................ Exemption: Part 8.3 of old Corporations Act—certain futures contracts  185

10.2.190................ Exemption of certain transactions from subsection 1206(1) of old Corporations Act              186

10.2.191................ Exemption of certain transactions from subsection 1207(1) of the old Corporations Act        186

10.2.192................ Which futures broker to comply with subsection 1207(1) of old Corporations Act in relation to certain transactions..................................................................... 187

10.2.193................ Exemption of certain transactions from paragraphs 1207(1)(g) and (h) of old Corporations Act            187

Division 34—Effect on certain instruments of transition of financial service providers and transition to licensed markets and licensed CS facilities                         188

10.2.194................ References to certain matters........................................... 188

Division 35—Streamlined licensing                                                                   190

10.2.195................ Suspension or cancellation of streamlined licence........... 190

Division 36—Insurance multi‑agents                                                               191

10.2.196................ Application by holder of qualified licence....................... 191

Division 37—Hawking of managed investment products                      192

10.2.197................ Hawking interest in managed investment scheme........... 192

10.2.198................ Hawking financial product—other arrangements............ 192

Division 38—Security bonds issued before FSR commencement      194

10.2.199................ Security bonds................................................................ 194

Division 39—Disclosure documents                                                                  195

10.2.200................ Disclosure documents—cooling‑off period.................... 195

Division 40—Telephone monitoring during takeovers                           196

10.2.201................ Telephone monitoring..................................................... 196

10.2.201A............. References to financial services licensees....................... 196

Division 41—Requirements if Product Disclosure Statement is not in existence              197

10.2.202................ Documents equivalent to Product Disclosure Statement. 197

Division 42—Dealing with money received for financial product before the product is issued                198

10.2.203................ Payment of money into account...................................... 198

Division 43—Arrangements related to deposits with stock exchanges  199

10.2.204................ Withdrawals from trust account...................................... 199

Division 44—Superannuation to which arrangements apply under the Family Law Act 1975                200

10.2.205................ Application of amendments............................................ 200

Division 45—Arrangements relating to certain reporting periods  202

10.2.206................ Fund information for retail clients for financial products that have an investment component: superannuation........................................................................................ 202

10.2.207................ Periodic statements for retail clients for financial products that have an investment component               202

Division 46—Arrangements relating to passbook accounts                203

10.2.208................ Periodic statements......................................................... 203

10.2.209................ Confirmation of transactions........................................... 203

Division 47—Agreements with unlicensed persons relating to the provision of financial services         204

10.2.210................ Agreements..................................................................... 204

Division 48—Arrangements for Lloyd’s                                                        205

10.2.211................ Lloyd’s........................................................................... 205

Division 49—Hawking of certain financial products                               206

10.2.212................ Hawking of managed investment products..................... 206

Division 50—Warrants or options to acquire issued securities         207

10.2.213................ Warrants or options to acquire issued securities............. 207

Division 52—Winding up of fidelity funds if market ceases to operate 208

10.2.215................ Winding up of fidelity funds if market ceases to operate 208

Part 10.5—Transitional provisions relating to the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004                                209

10.5.01.................. Adoption of auditing standards made by accounting profession before commencement (Act ss 1455(1) and (3)).................................................................................. 209

Part 10.15—Transitional provisions relating to the Corporations Amendment (Financial Market Supervision) Act 2010                                                                                  213

10.15.01................ Application of Part 10.15................................................ 213

10.15.02................ Amendments not to apply to certain operators of licensed markets          213

10.15.03................ Transfer of documents.................................................... 213

10.15.04................ Notifications, consents, waivers, etc............................... 214

10.15.05................ Notification given by participant to operator of licensed market               215

10.15.06................ Registers......................................................................... 216

Part 10.18—Transitional provisions relating to Corporations Amendment (Further Future of Financial Advice Measures) Act 2012                                                                      217

Part 10.19—Transitional matters relating to MySuper measures        218

10.19.01................ Changes to product disclosure statements and periodic statements          218

Part 10.20—Transitional matters relating to relevant providers and persons who control body corporate licensees                                                                                                                 220

Division 1—Introduction                                                                                        220

10.20.01................ Simplified outline of this Part......................................... 220

10.20.02................ Object of this Part........................................................... 221

10.20.03................ Definitions...................................................................... 221

Division 2—General application provision for Schedule 8D               222

10.20.04................ General application provision for Schedule 8D.............. 222

Division 3—Pre‑existing and new relevant providers and controllers during the transitional period 223

10.20.05................ Application of this Division............................................ 223

10.20.06................ Notices under section 922D—initial lodgement of information               224

10.20.07................ Notices under section 922D—later notice about educational qualifications and professional memberships........................................................................................ 225

10.20.08................ Notices under section 922H—important changes before 30 April 2015  226

10.20.09................ Notices under section 922H—other changes before 30 September 2015 226

10.20.10................ Notices under section 922J—pre‑existing body corporate licensees        227

10.20.11................ Notices under section 922J—controllers during transition period            227

10.20.12................ Notices under section 922K—ceasing to control a pre‑existing body corporate licensees        228

10.20.13................ Change in matter within 30 business days...................... 228

10.20.14................ Application of regulations 10.20.06 to 10.20.13............. 228

Division 4—Other application provisions                                                      229

10.20.15................ Application—relevant provider numbers........................ 229

10.20.16................ Application—register of relevant providers.................... 229

10.20.17................ Application—prescribed registers................................... 229

Chapter 12—Financial sector reform                                                   230

Part 12.1—Preliminary                                                                                                   230

12.1.01.................. Definitions for Chapter 12.............................................. 230

12.1.02.................. Application of this Chapter to previous governing Codes etc  231

12.1.03.................. Interpretation of applied provisions................................ 231

Part 12.2—Transitional matters—general                                                          233

Division 2—Other matters                                                                                     233

12.2.08.................. Lodgment of certain documents with ASIC.................... 233

12.2.10.................. Certain appointments of auditors continue...................... 233

12.2.12.................. Converted shares............................................................ 233

Part 12.4—Notice of meetings of certain bodies corporate                      234

12.4.01.................. Application of Part.......................................................... 234

12.4.02.................. Modification of certain provisions of Act....................... 234

12.4.03.................. Members etc may elect to be notified of meetings........... 235

12.4.04.................. Notice of meetings to be published in press.................... 236

12.4.05.................. Copies of notices to be displayed.................................... 237

12.4.06.................. Members may request notice of meetings at any time..... 237

12.4.07.................. Records to be kept about notices..................................... 237

Part 12.5—Determinations and declarations in relation to certain instruments  239

12.5.01.................. Definition for Part 12.5................................................... 239

12.5.02.................. Application, variation, revocation and modification........ 239

12.5.03.................. Effect of determinations and declarations........................ 240

12.5.04.................. Publication of determinations and declarations............... 240

12.5.05.................. When determinations and declarations take effect........... 241

12.5.06.................. Inspection and purchase of copies of instruments........... 241

Part 12.6—Financial reporting by certain bodies corporate                   242

12.6.01.................. Application of Part.......................................................... 242

12.06.01A............. Annual financial reporting.............................................. 242

12.6.02.................. Modification of certain provisions of Act....................... 242

12.6.03.................. Members etc may elect to receive reports........................ 243

12.6.04.................. Copies of reports to be available to members.................. 244

12.6.05.................. Records to be kept about notices..................................... 244

Part 12.7—Other disclosure                                                                                         245

Division 1—Preliminary                                                                                          245

12.7.01.................. Definitions for Part 12.7................................................. 245

12.7.02.................. Declarations by ASIC..................................................... 245

Division 2—Continued application of certain provisions                      247

12.7.03.................. Continuation of certain provisions of previous governing Codes            247

12.7.04.................. Continuation of ASIC transitional standards.................. 248

12.7.05.................. Exemption from, and modification of, certain provisions 248

12.7.06.................. Certain provisions of the Friendly Societies Code cease to apply to FSR licensee   249

Part 12.8—Shares in certain bodies corporate                                                 250

Division 1—Preliminary                                                                                          250

12.8.02.................. Application of Part 12.8.................................................. 250

12.8.03.................. What is a member share.................................................. 250

12.8.04.................. Declarations by ASIC..................................................... 251

Division 2—Member shares                                                                                  252

12.8.05.................. Notice requirements........................................................ 252

12.8.06.................. Registers of members..................................................... 252

12.8.06A............... Member shares—liability to pay calls............................. 254

12.8.07.................. Disclosure in annual returns........................................... 254

12.8.08.................. Member shares—numbering and certificates.................. 255

12.8.09.................. Member shares—unclaimed property............................. 255

Division 3—Certain shares in transferring building societies and credit unions              256

12.8.10.................. Definitions for Division 3............................................... 256

12.8.11.................. Transferring building societies may issue shares equivalent to membership shares 256

12.8.12.................. Transferring credit unions may issue shares equivalent to withdrawable shares      257

Part 12.9—Winding up and deregistration of certain transferring financial institutions             258

12.9.01.................. Application of Part 12.9.................................................. 258

12.9.02.................. Winding up..................................................................... 258

12.9.03.................. Deregistration................................................................. 258


Chapter 9Miscellaneous

Part 9.1Registers and registration of documents

  

9.1.01  Prescribed registers

                   For subsections 1274A(2), (3) and (4) of the Act, the following registers are prescribed:

                     (a)  the register of companies registered under section 118 or 601BD of the Act or the registration of which is continued by section 1378 of the Act;

                     (b)  the register of Disqualified Company Directors and Other Officers kept under section 1274AA of the Act;

                     (c)  the Australian Register of Company Charges kept under section 265 of the Act;

                     (d)  the register of registered Australian bodies kept under Division 1 of Part 5B.2 of the Act;

                     (e)  the register of foreign companies registered under Division 2 of Part 5B.2 of the Act;

                      (f)  the register of names reserved under section 152 of the Act;

                     (g)  the Register of Licence Holders kept under section 789 of the Act;

                     (h)  the register of managed investment schemes registered under section 601EB of the Act;

                      (i)  the Register of Futures Licensees kept under section 1155 of the Act;

                      (j)  the Register of Auditors kept under section 1285 of the Act;

                     (k)  the Register of Liquidators kept under section 1286 of the Act;

                      (l)  the Register of Official Liquidators kept under section 1286 of the Act;

                    (m)  the register in respect of financial services licensees mentioned in subsection 922A(2) of the Act;

                     (n)  the register in respect of authorised representatives of financial services licensees mentioned in subsection 922A(2) of the Act;

                     (o)  the register in respect of persons against whom a banning order or disqualification order is made mentioned in subsection 922A(2) of the Act;

                     (p)  the register relating to trustees for debenture holders kept under section 283BCA of the Act;

                     (q)  the register of relevant providers mentioned in regulation 7.6.06B.

9.1.02  Prescribed information

                   For subsections 1274A(3) and (4) of the Act, the following information is prescribed:

                     (a)  in relation to each company registered under section 118 or 601BD of the Act or the registration of which is continued by section 1378 of the Act:

                              (i)  its full name, the date of its registration and its registration number;

                             (ii)  whether it is a public company or a proprietary company;

                            (iii)  whether it is a company limited by shares, a company limited by guarantee, a company limited by both shares and guarantee, an unlimited company or a no liability company;

                            (iv)  its contact address;

                          (iva)  its principal place of business;

                             (v)  its registered office;

                            (vi)  its officers;

                           (vii)  any scheme of arrangement it has entered into with its creditors, its placement under voluntary administration or a deed of company arrangement or receivership or its liquidation;

                          (viii)  its paid‑up and unpaid capital;

                            (ix)  its deregistration;

                             (x)  any charges on its property that have been lodged with ASIC or entered in the Australian Register of Company Charges;

                     (b)  in relation to the Register of Disqualified Company Directors and Other Officers—orders and notices registered under section 1274AA of the Act;

                     (c)  in relation to the Australian Register of Company Charges—each charge registered under subsection 265(2) of the Act;

                     (d)  in relation to each body registered in the register of registered Australian bodies:

                              (i)  its full name, the date of its incorporation and its registration number;

                             (ii)  the class of the body in its place of origin and whether the liability of members of the body is limited;

                            (iii)  its contact address;

                          (iiia)  its principal place of business;

                            (iv)  its registered office;

                             (v)  its registered office or principal place of business in its place of origin;

                            (vi)  its officers;

                           (vii)  any scheme of arrangement it has entered into with its creditors, its placement under voluntary administration or a deed of company arrangement or receivership or its liquidation;

                          (viii)  its paid‑up and unpaid capital;

                            (ix)  its deregistration;

                             (x)  any charges on its property that have been lodged with ASIC or entered in the Australian Register of Company Charges;

                     (e)  in relation to each company entered in the register of foreign companies:

                              (i)  its full name, the date and place of its incorporation or registration in its place of origin and its registration number;

                             (ii)  the class of the foreign company in its place of origin and whether the liability of its members is limited;

                            (iii)  its contact address;

                          (iiia)  its principal place of business;

                            (iv)  its registered office;

                             (v)  its registered office or principal place of business in its place of origin;

                            (vi)  its officers;

                           (vii)  its agent;

                          (viii)  any scheme of arrangement it has entered into with its creditors, its placement under voluntary administration or a deed of company arrangement or receivership or its liquidation;

                            (ix)  its paid‑up and unpaid capital;

                             (x)  its deregistration;

                            (xi)  any charges on its property that have been lodged with ASIC or entered in the Australian Register of Company Charges;

                      (f)  in relation to the register of reserved or registered names—a name entered in that register, the number allocated to that name and the date on which the entry was made;

                     (g)  in relation to the Register of Licence Holders—each licence holder registered under section 783 or 784 of the Act;

                     (h)  in relation to each registered scheme:

                              (i)  the ARSN of the scheme;

                             (ii)  the name of the scheme;

                            (iii)  the date of registration of the scheme;

                          (iiia)  its contact address;

                          (iiib)  its principal place of business;

                            (iv)  the name and address of the registered office of the responsible entity of the scheme;

                             (v)  the name and address of the auditor of the scheme’s compliance plan;

                            (vi)  the date of any amendment of the constitution or compliance plan of the scheme;

                           (vii)  any deregistration or winding up of the scheme;

                          (viii)  the name and address of the auditor of the scheme;

                      (i)  in relation to the Register of Futures Licensees—the name of each registered futures licensee;

                      (j)  in relation to the Register of Auditors—the name of each registered auditor;

                     (k)  in relation to the Register of Liquidators—the name of each registered liquidator;

                      (l)  in relation to the Register of Official Liquidators—the name of each registered official liquidator;

                    (m)  in relation to the register in respect of financial services licensees mentioned in subsection 922A(2) of the Act:

                              (i)  all of the information in the register which ASIC considers appropriate for a person to search in accordance with subsection 1274A(3) of the Act; or

                             (ii)  all of the information in the register which ASIC considers appropriate to make available in accordance with subsection 1274A(4) of the Act;

                     (n)  in relation to the register in respect of authorised representatives of financial services licensees mentioned in subsection 922A(2) of the Act:

                              (i)  all of the information in the register which ASIC considers appropriate for a person to search in accordance with subsection 1274A(3) of the Act; or

                             (ii)  all of the information in the register which ASIC considers appropriate to make available in accordance with subsection 1274A(4) of the Act;

                     (o)  in relation to the register in respect of persons against whom a banning order or disqualification order is made mentioned in subsection 922A(2) of the Act:

                              (i)  all of the information in the register which ASIC considers appropriate for a person to search in accordance with subsection 1274A(3) of the Act; or

                             (ii)  all of the information in the register which ASIC considers appropriate to make available in accordance with subsection 1274A(4) of the Act;

                     (p)  in relation to the register relating to trustees for debenture holders kept under section 283BCA of the Act:

                              (i)  all of the information in the register which ASIC considers appropriate for a person to search in accordance with subsection 1274A(3) of the Act; or

                             (ii)  all of the information in the register which ASIC considers appropriate to make available in accordance with subsection 1274A(4) of the Act;

                     (q)  in relation to the register of relevant providers (within the meaning of section 922C of the Act as notionally inserted by Schedule 8D to these Regulations):

                              (i)  all of the information in the register (other than a relevant provider’s date and place of birth) which ASIC considers appropriate for a person to search in accordance with subsection 1274A(3) of the Act; or

                             (ii)  all of the information in the register (other than a relevant provider’s date and place of birth) which ASIC considers appropriate to make available in accordance with subsection 1274A(4) of the Act.

Part 9.2Registration of auditors and liquidators

Division 2Registration

9.2.01  Practical experience in auditing (Act s 1280(2))

                   For subparagraph 1280(2)(b)(ii) of the Act, each of the following is prescribed practical experience in auditing:

                     (a)  during the 5 years immediately before the date of the application, at least 3 000 hours work in auditing under the direction of a registered company auditor, including:

                              (i)  appraising the operations of companies and forming opinions on the matters specified in sections 307, 308 and 309 of the Act; and

                             (ii)  at least 750 hours spent supervising audits of companies;

                     (b)  practical experience that, in the opinion of ASIC, is equivalent to the practical experience mentioned in paragraph (a);

                     (c)  work of the kind and duration mentioned in paragraph (a) that was done under previous laws corresponding to sections 307, 308 and 309 of the Act.

9.2.02  Prescribed universities and institutions (Act ss 1280(2A) and 1282(2))

                   For paragraph 1280(2A)(a) and subparagraph 1282(2)(a)(ii) of the Act:

                     (a)  the universities mentioned in Part 1 of the table are prescribed; and

                     (b)  the institution mentioned in Part 2 of the table is prescribed.

 

Part 1

University

101

Australian Catholic University

102

Australian National University

103

Bond University

104

Central Queensland University

105

Charles Darwin University

106

Charles Sturt University

107

Curtin University of Technology

108

Deakin University

109

Edith Cowan University

110

Griffith University

111

Flinders University of South Australia

112

James Cook University

113

La Trobe University

114

Macquarie University

115

Monash University

116

Murdoch University

117

Queensland University of Technology

118

Royal Melbourne Institute of Technology University

119

Southern Cross University

120

Swinburne University of Technology

121

University of Adelaide

122

University of Ballarat

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