Federal Register of Legislation - Australian Government

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Corporations Regulations 2001

Authoritative Version
  • - F2016C00736
  • In force - Superseded Version
  • View Series
SR 2001 No. 193 Regulations as amended, taking into account amendments up to Tax and Superannuation Laws Amendment (2016 Measures No. 2) Regulation 2016
Principal Regulations. These Regulations repeal the Corporations Regulations 1990 and the Partnerships and Associations Application Order 1999 (No. 1)
Administered by: Treasury
Registered 12 Jul 2016
Start Date 01 Jul 2016
End Date 28 Oct 2016
Table of contents.

Corporations Regulations 2001

Statutory Rules No. 193, 2001

made under the

Corporations Act 2001

Compilation No. 124

Compilation date:                              1 July 2016

Includes amendments up to:            F2016L00710

Registered:                                         12 July 2016

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

 

This compilation includes a commenced amendment made by SLI No. 101, 2013

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 1 July 2016 (the compilation date).

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 the Legislation Register (www.legislation.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 the Legislation Register 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.

Editorial changes

For more information about any editorial changes made in this compilation, see 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 the Legislation Register 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........................................................ 1

Part 9.2—Registration of auditors and liquidators                                           5

Division 2—Registration                                                                                             5

9.2.01.................... Practical experience in auditing (Act s 1280(2))................. 5

9.2.02.................... Prescribed universities and institutions (Act ss 1280(2A) and 1282(2))  5

9.2.03.................... Prescribed courses (Act s 1280(2A))................................. 6

Division 2A—Conditions on registration                                                           8

9.2.08.................... Kinds of conditions (Act s 1289A)..................................... 8

Part 9.2A—Authorised audit companies                                                                 9

Division 1—Registration                                                                                             9

9.2A.01................. Application for registration as authorised audit company (Act s 1299A) 9

9.2A.03................. Annual statements by authorised audit company (Act s 1299G)              10

Part 9.4—Penalty notice offences and penalties                                                12

9.4.01.................... Prescribed offences (Act s 1313)...................................... 12

9.4.02.................... Prescribed penalties (Act s 1313)..................................... 12

9.4.03.................... Late payment of review fee—prescribed offence and penalty (Act s 1313 and 1364).......................................................................................... 12

Part 9.4A—Register and index                                                                                    13

9.4A.01................. Definitions for Part 9.4A.................................................. 13

9.4A.02................. Register and index must be kept up to date: subsection 1306(4A) of the Act          13

Part 9.5—Delegation of powers and functions under the Act                  14

9.5.01.................... Prescribed functions (Law s 1345A(1))........................... 14

Part 9.7—Unclaimed property                                                                                     15

9.7.01.................... Entitlement to unclaimed property..................................... 15

Part 9.12—Matters relating to regulations                                                           16

9.12.01.................. Exemptions from Chapter 7.............................................. 16

9.12.02.................. Exemption from provisions of Chapter 7—CLS Bank..... 16

9.12.03.................. Partial exemption of foreign‑based market licensees from certain notification obligations.......................................................................................... 17

9.12.04.................. Exemption from provisions of Chapter 7—compliance with ASIC exemptions      18

9.12.04.................. Exemption from provisions of Chapter 7—carbon unit auctions             19

9.12.05.................. Exemption from provisions of Chapter 7—gas trading exchange            19

Chapter 10—Repeals, transitional matters and application provisions   20

Part 10.1—Old Corporations Regulations                                                            20

10.1.01.................. Repeal of Corporations Regulations 1990....................... 20

10.1.02.................. Repeal of Partnerships and Associations Application Order 1999 (No. 1)             20

Part 10.2—Transitional arrangements relating to Financial Services Reform legislation                                                                                                                                      21

Division 1Preliminary                                                                                            21

10.2.01.................. Application of Part 10.2.................................................... 21

10.2.02.................. Definitions........................................................................ 21

10.2.02A............... References to transition periods........................................ 21

10.2.02B................ References to the application of Division 2 of Part 7.9 of the Act            21

Division 1A—Treatment of proposed markets that have not started to operate by the FSR commencement                                                                                     22

10.2.02C................ Proposed markets............................................................. 22

Division 2Transitional arrangements relating to business rules or listing rules          23

Subdivision 2.1—Business rules                                                                           23

10.2.03.................. Amendment of business rules of securities exchange before FSR commencement  23

10.2.04.................. Amendment of SCH business rules before FSR commencement            23

10.2.05.................. Amendment of SEGC business rules before FSR commencement          24

10.2.06.................. Amendment of business rules of futures body before FSR commencement            25

Subdivision 2.2—Listing rules                                                                              25

10.2.07.................. Amendment of listing rules of securities exchange before FSR commencement      25

Division 3Status of directions and notices                                                  27

10.2.08.................. Direction to securities exchange to comply with ongoing requirements   27

10.2.09.................. Notice to securities exchange of need to prohibit trading.. 27

10.2.10.................. Notice to securities exchange prohibiting trading.............. 27

10.2.11.................. Direction to futures exchange—orderly market................ 27

Division 4Assistance to ASIC                                                                            28

10.2.12.................. Obligations of securities exchange: disciplinary action..... 28

10.2.13.................. Obligations of securities exchange: particulars of contravention              28

10.2.14.................. Obligations of securities exchange: information about listed disclosing entity         28

10.2.15.................. Obligations of securities clearing house: disciplinary action 29

10.2.16.................. Obligations of futures body: disciplinary action............... 29

10.2.17.................. Obligations of futures body: particulars of contravention. 29

10.2.18.................. Obligations of clearing house for futures exchange: information about listed disclosing entity.......................................................................................... 30

Division 5Special reports                                                                                     31

10.2.19.................. Special report by securities exchange about compliance with ongoing requirements.......................................................................................... 31

10.2.20.................. Special report by securities exchange about compliance with ongoing requirements: ASIC requirements..................................................................... 31

Division 5A—Transactions by holder of financial services licence or a representative of the holder of such a licence                                                                   32

10.2.20A............... References to financial service licensee............................. 32

Division 5B—Obligation to pay money into account                                 33

10.2.20B................ Financial products quoted on Australian Stock Exchange Limited           33

Division 6Self‑listing                                                                                               35

10.2.21.................. Status of arrangements for self‑listing.............................. 35

10.2.22.................. Status of exemption relating to self‑listing........................ 35

Division 7Decisions about membership of futures exchange            36

10.2.23.................. Status of notice to applicant.............................................. 36

10.2.24.................. Status of notice to ASIC................................................... 36

Division 8—National Guarantee Fund                                                              37

10.2.25.................. Status of claim against the National Guarantee Fund........ 37

10.2.26.................. Entitlement to make claim against the National Guarantee Fund              37

10.2.27.................. Status of future claim against the National Guarantee Fund 38

10.2.27A............... Expenditure of excess funds from National Guarantee Fund 39

Division 9Claims against fidelity funds                                                        40

10.2.28.................. Status of claim against fidelity fund.................................. 40

10.2.29.................. Entitlement to make claim against fidelity fund................. 40

10.2.29A............... Status of incomplete claim against fidelity fund................ 40

10.2.30.................. Status of future claim against fidelity fund........................ 41

Division 10Status of netting markets                                                             42

10.2.31.................. Netting markets................................................................. 42

10.2.32.................. Netting market approval granted before the FSR commencement            42

Division 11Status of listed securities                                                              43

10.2.33.................. Securities of exempt stock markets................................... 43

Division 12Miscellaneous                                                                                     44

10.2.34.................. Preservation of nomination of body corporate as SEGC.. 44

Division 13Regulated principals                                                                      45

10.2.35.................. Definitions........................................................................ 45

10.2.35A............... Streamlined licensing procedure for certain regulated principals              46

10.2.36.................. Persons who are not covered by section 1433 of the Act. 46

10.2.37.................. Variation of conditions on financial services licence......... 46

10.2.38.................. Persons taken to be regulated principals: giving of incidental advice and previously exempt persons............................................................................. 47

10.2.39.................. Reference to offer covered by Australian financial services licence: section 911A of the Act.......................................................................................... 52

10.2.40.................. Reference to financial services licensee: section 911A of the Act            52

10.2.40A............... Need for an Australian financial services licence.............. 53

10.2.41.................. Reference to second principal: section 911B of the Act.... 53

10.2.42.................. Reference to financial services licensee: section 916D of the Act            53

10.2.43.................. Status of insurance agent: section 1436A of the Act......... 53

10.2.44A............... Obligation to cite licence number in documents................ 53

10.2.46.................. When Australian financial services licence may be granted 54

10.2.46A............... When Australian financial services licence may be varied 54

10.2.47.................. Dispute resolution requirements: no external dispute resolution scheme  55

10.2.47A............... Modification of pre‑FSR authority................................... 55

Division 14—Financial services disclosure                                                     57

10.2.48.................. Obligation to give Financial Services Guide for service arranged before application of Part 7.7 of the Act............................................................. 57

10.2.48A............... Obligation to give a Financial Services Guide for a custodial and depository service.......................................................................................... 57

10.2.49.................. Obligation to give Financial Services Guide in relation to existing clients               58

10.2.50.................. Content of Financial Services Guide for an authorised representative that is a regulated principal or a representative of a regulated principal......... 58

10.2.50A............... Treatment of arrangements under which a person can instruct another person to acquire a financial product............................................................... 59

Division 15Other provisions relating to conduct etc                            60

10.2.51.................. Sale offers that need disclosure......................................... 60

10.2.52.................. Offers that do not need disclosure: small scale offerings.. 60

10.2.52A............... Offers that do not need disclosure.................................... 60

10.2.53.................. Money other than loans: financial services licensee who formerly held dealer’s licence.......................................................................................... 61

10.2.54.................. Money other than loans: financial services licensee who formerly held futures broker’s licence............................................................................... 61

10.2.55.................. Money other than loans: financial services licensee who was formerly a registered insurance broker............................................................................... 62

10.2.56.................. Money other than loans: financial services licensee who ceases to be licensed        63

10.2.57.................. Loan money: financial services licensee who formerly held dealer’s licence            63

10.2.58.................. Other property of clients: financial services licensee who formerly held dealer’s licence.......................................................................................... 64

10.2.59.................. Other property of clients: financial services licensee who formerly held futures broker’s licence............................................................................... 64

10.2.60.................. Special provisions relating to insurance: financial services licensee who was formerly a registered insurance broker............................................... 64

10.2.61.................. Obligation to report: financial services licensee who formerly held a futures broker’s licence.......................................................................................... 65

10.2.62.................. Reporting in relation to dealings in derivatives: financial services licensee who formerly held a dealer’s licence............................................................... 66

10.2.63.................. Financial statements of financial services licensee: general 66

10.2.64.................. Financial statements of financial services licensees who were certain regulated principals.......................................................................................... 67

10.2.65.................. Auditors: certain financial services licensee who formerly held dealer’s licence      68

10.2.66.................. Auditors: certain financial services licensees who held a futures broker’s licence   69

10.2.67.................. Auditor’s report in certain matters: financial services licensee who formerly held a dealer’s licence............................................................................... 71

10.2.68.................. Auditor’s report on certain matters: financial services licensee who formerly held a futures broker’s licence................................................................. 71

10.2.69.................. Auditor’s report on certain matters: financial services licensee who was formerly a registered insurance broker............................................................... 72

10.2.70.................. Priority to clients’ orders: financial services licensee who held a dealers licence     72

10.2.71.................. Sequencing of instructions to deal through licensed markets: financial services licensee who formerly held a futures brokers licence............................. 72

10.2.72.................. Records relating to instructions to deal through licensed markets: financial services licensee who held a futures brokers licence.................................... 73

10.2.73.................. Dealing with non‑licensees: financial services licensee who held a dealers licence  73

10.2.73A............... Advertising for financial products.................................... 74

10.2.73B................ Freezing accounts............................................................. 74

Division 16Product disclosure provisions for existing products during transition period                                                                                                                      75

10.2.74.................. Financial products in the same class................................. 75

10.2.75.................. References to financial services licensee........................... 76

10.2.76.................. References to retail client.................................................. 77

10.2.77.................. References to issue of product.......................................... 77

10.2.78.................. References to Product Disclosure Statement: offer previously accepted  77

10.2.79.................. References to Product Disclosure Statement: managed investment products           78

10.2.80.................. Lodgment of Product Disclosure Statement after lodgment of notice       78

10.2.81.................. Ongoing disclosure........................................................... 78

10.2.82.................. Money received for financial product before the product is issued: general             78

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         79

10.2.84.................. Confirmation of transactions............................................. 79

10.2.85.................. Dispute resolution requirements: financial products......... 79

10.2.86.................. Dispute resolution requirements: regulated principals....... 79

10.2.87.................. Dispute resolution requirements: no external dispute resolution scheme  80

10.2.87A............... Meaning of financial product advice: exempt document or statement      80

Division 17Arrangements relating to enforcement of matters by ASIC          81

10.2.88.................. Definition.......................................................................... 81

10.2.89.................. Financial services law....................................................... 81

10.2.90.................. ASIC may have regard to prior conduct and events.......... 81

10.2.91.................. Power to act in relation to relevant old legislation............. 82

Division 18Specific kinds of documents in existence before FSR commencement       83

10.2.92.................. Banning orders made before FSR commencement........... 83

10.2.93.................. Banning orders made under relevant old legislation after FSR commencement       83

10.2.94.................. Banning orders made under the Act after FSR commencement               84

10.2.94A............... Prohibitions under paragraphs 827(1)(d) and 1192(1)(d) of the old Corporations Act made before FSR commencement.............................................. 85

10.2.94B................ Prohibitions under paragraphs 827(1)(d) and 1192(1)(d) of the old Corporations Act made after FSR commencement................................................. 85

10.2.95.................. Undertakings.................................................................... 86

10.2.96.................. Registers in existence before FSR commencement........... 86

10.2.97.................. Registers created after FSR commencement..................... 87

10.2.98.................. Registers, documents and things kept before FSR commencement          87

10.2.98A............... Licenses, registration, etc in force before FSR commencement                87

Division 19Extension of limitation periods                                                 89

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....................................................... 89

Division 20Rules for dealing with liability during transition period   90

10.2.100................ Application of Division 20............................................... 90

10.2.101................ Definitions for Division 20............................................... 90

10.2.102................ Liability of responsible person: general rules.................... 91

10.2.103................ Conduct by a person who operates as representative and principal          92

10.2.104................ Operation of regulations 10.2.102 and 10.2.103............... 93

Division 21Title and transfer                                                                             94

10.2.105................ Loss or destruction of certificates..................................... 94

10.2.106................ Instrument of transfer....................................................... 94

10.2.107................ Trustee etc may be registered as owner of shares............. 94

10.2.108................ Registration of transfer at request of transferor................. 95

10.2.109................ Notice of refusal to register transfer.................................. 95

10.2.110................ Duties of company with respect to issue of certificates: allotment of shares or debentures or making interests available................................................. 95

10.2.111................ Duties of company with respect to issue of certificates: transfer of shares, debentures or interests............................................................................. 96

10.2.112................ Notices relating to non‑beneficial and beneficial ownership of shares     97

10.2.113................ What is a sufficient transfer of marketable securities or marketable rights: general  97

10.2.114................ Sufficient transfer by authorised trustee corporation......... 98

10.2.115................ Determination of who holds quoted securities for the purposes of a meeting: determination made before FSR commencement..................................... 98

Division 22Transitional matters under relevant old legislation: Financial Transaction Reports Act 1988                                                                                99

10.2.116................ Cash dealer....................................................................... 99

10.2.117................ Exempt cash transaction.................................................... 99

Division 23Transitional matters under relevant old legislation: Income Tax Assessment Act 1936                                                                                                100

10.2.118................ Offshore banking units................................................... 100

Division 24Transitional matters under relevant old legislation: Insurance Act 1973                                                                                                                    101

10.2.119................ Insurers carrying on class of insurance business............ 101

Division 24A—Transitional matters under relevant old legislation: Insurance (Agents and Brokers) Act 1984                                                                            102

10.2.119A............. Debts of broker in relation to premiums etc.................... 102

10.2.119B.............. Disqualifications made before FSR commencement....... 102

10.2.119C.............. Disqualifications made after FSR commencement.......... 102

Division 25Transitional matters under relevant old legislation: Marine Insurance Act 1909                                                                                                         104

10.2.120................ Marine policy effected through broker............................ 104

Division 25A—Transitional matters under relevant old legislation: Retirement Savings Accounts Regulations 1997                                                         105

10.2.120A............. Continuation of RSA Regulations during transition period 105

Division 25B—Transitional matters under relevant old legislation: Superannuation Industry (Supervision) Regulations 1994                                                106

10.2.120B.............. Continuation of SIS Regulations during transition period 106

Division 26Transitional matters under relevant old legislation: Superannuation (Resolution of Complaints) Act 1993                                     107

10.2.121................ Life insurance broker...................................................... 107

Division 27Transitional matters under the Act (other than Chapter 7)           108

10.2.122................ Solvency and insolvency................................................ 108

10.2.123................ Managed investment products held by 100 or more persons 108

10.2.124................ When a managed investment scheme must be registered 108

10.2.125................ Responsible entity to be a public company and hold an Australian financial services licence........................................................................................ 108

10.2.126................ Duties of officers of responsible entity........................... 109

10.2.127................ Voidable contracts.......................................................... 109

10.2.128................ Situations not giving rise to relevant interests................. 109

10.2.129................ Bidder’s statement content.............................................. 110

10.2.130................ Continuous disclosure: other disclosing entities............. 110

10.2.131................ Sale offers that need disclosure: securities issued before FSR commencement        110

10.2.132................ Offers that do not need disclosure: offer to sophisticated investor through licensed dealer........................................................................................ 110

10.2.133................ Prospectus content: general disclosure test..................... 111

10.2.134................ Prospectus content—specific disclosures....................... 111

10.2.135................ Registers......................................................................... 111

Division 27A—Transitional matters under other legislation              112

10.2.135A............. References to authorised foreign exchange dealers......... 112

Division 28Retail clients and wholesale clients                                      113

10.2.136................ Securities before the FSR commencement...................... 113

10.2.137................ Incomplete financial services.......................................... 113

10.2.138................ Professional investors..................................................... 114

Division 29—Effect on definitions in old Corporations Act of transition to licensed markets and licensed CS facilities                                                               116

10.2.139................ Approved foreign bank................................................... 116

10.2.140................ Eligible exchange‑traded options.................................... 116

10.2.141................ Futures law..................................................................... 116

10.2.142................ Member organisation...................................................... 116

10.2.143................ Non‑broker..................................................................... 117

10.2.144................ Non‑dealer...................................................................... 117

10.2.145................ Securities law.................................................................. 117

10.2.146................ Marketable parcel............................................................ 118

Division 30—Effect on certain conduct of transition to licensed markets and licensed CS facilities                                                                                                  119

10.2.147................ Own account dealings and transactions: futures contracts 119

10.2.148................ Conditions of dealers licence.......................................... 119

10.2.149................ Persons who are not clients............................................ 119

10.2.150................ Dealings and transactions on a dealer’s own account..... 119

10.2.151................ Dealer to give priority to clients’ orders.......................... 119

10.2.152................ Dealers’ financial records............................................... 120

10.2.153................ Auditor to report to ASIC on certain matters.................. 120

10.2.154................ Qualified privilege for auditor......................................... 120

10.2.155................ Court may freeze certain bank accounts of dealers and former dealers     120

10.2.156................ Interpretation—registers................................................. 120

10.2.157................ Conditions of futures broker’s licence: membership of futures organisation           121

10.2.158................ Futures organisation to be informed about conditions of futures brokers licence     121

10.2.159................ Licensee to notify breach of licence condition................. 122

10.2.160................ Register of Futures Licensees......................................... 122

10.2.161................ Excluded clients.............................................................. 122

10.2.162................ Segregation of client money and property....................... 122

10.2.163................ Accounts to be kept by futures brokers.......................... 123

10.2.164................ Property in custody of futures broker............................. 123

10.2.165................ Auditor to report to ASIC in certain cases...................... 123

10.2.166................ Defamation..................................................................... 124

10.2.167................ Power of Court to restrain dealings with futures broker’s bank accounts                124

10.2.168................ Power of Court to restrain dealings with futures broker’s bank accounts                124

10.2.169................ Sequence of transmission and execution of orders......... 124

10.2.170................ Dealings by employees of futures brokers and futures advisers              125

Division 31Effect on fundraising of transition to licensed markets and licensed CS facilities                                                                                                  126

10.2.171................ Sale offers that need disclosure....................................... 126

10.2.172................ Prospectus content—specific disclosures....................... 126

10.2.173................ Issuing or transferring the securities under a disclosure document          126

10.2.174................ Choices open to person making an offer if disclosure document condition not met or disclosure document defective........................................ 126

10.2.175................ Restrictions on advertising and publicity........................ 127

Division 32—Effect on product disclosure of transition to licensed markets and licensed CS facilities                                                                                                  128

10.2.176................ Offers that do not need disclosure.................................. 128

10.2.177................ Prospectus content—general disclosure test................... 128

10.2.178................ Prospectus content—specific disclosures....................... 128

10.2.179................ Futures broker to give certain information to prospective client               128

Division 33—Effect on Corporations Regulations 2001 of transition of financial service providers and transition to licensed markets and licensed CS facilities      129

10.2.180................ Licence conditions—investment advice to retail investors 129

10.2.181................ Exemption from licensing—certain dealings................... 129

10.2.182................ Exemption from licensing—managed investment schemes 129

10.2.183................ Exempt dealer................................................................. 129

10.2.184................ Exempt securities and interests....................................... 129

10.2.185................ Transactions in prescribed circumstances....................... 130

10.2.186................ Exempted transaction...................................................... 130

10.2.187................ Charging brokerage on principal transactions................. 130

10.2.188................ Exemption from subsection 844(2) of old Corporations Act 130

10.2.189................ Exemption: Part 8.3 of old Corporations Act—certain futures contracts  130

10.2.190................ Exemption of certain transactions from subsection 1206(1) of old Corporations Act........................................................................................ 131

10.2.191................ Exemption of certain transactions from subsection 1207(1) of the old Corporations Act........................................................................................ 131

10.2.192................ Which futures broker to comply with subsection 1207(1) of old Corporations Act in relation to certain transactions...................................................... 132

10.2.193................ Exemption of certain transactions from paragraphs 1207(1)(g) and (h) of old Corporations Act.................................................................................. 132

Division 34—Effect on certain instruments of transition of financial service providers and transition to licensed markets and licensed CS facilities 133

10.2.194................ References to certain matters........................................... 133

Division 35—Streamlined licensing                                                                   135

10.2.195................ Suspension or cancellation of streamlined licence........... 135

Division 36—Insurance multi‑agents                                                               136

10.2.196................ Application by holder of qualified licence....................... 136

Division 37—Hawking of managed investment products                      137

10.2.197................ Hawking interest in managed investment scheme........... 137

10.2.198................ Hawking financial product—other arrangements............ 137

Division 38—Security bonds issued before FSR commencement      138

10.2.199................ Security bonds................................................................ 138

Division 39—Disclosure documents                                                                  139

10.2.200................ Disclosure documents—cooling‑off period.................... 139

Division 40—Telephone monitoring during takeovers                           140

10.2.201................ Telephone monitoring..................................................... 140

10.2.201A............. References to financial services licensees....................... 140

Division 41—Requirements if Product Disclosure Statement is not in existence              141

10.2.202................ Documents equivalent to Product Disclosure Statement. 141

Division 42—Dealing with money received for financial product before the product is issued                                                                                                                    142

10.2.203................ Payment of money into account...................................... 142

Division 43—Arrangements related to deposits with stock exchanges  143

10.2.204................ Withdrawals from trust account...................................... 143

Division 44—Superannuation to which arrangements apply under the Family Law Act 1975                                                                                                                    144

10.2.205................ Application of amendments............................................ 144

Division 45—Arrangements relating to certain reporting periods  145

10.2.206................ Fund information for retail clients for financial products that have an investment component: superannuation................................................................ 145

10.2.207................ Periodic statements for retail clients for financial products that have an investment component........................................................................................ 145

Division 46—Arrangements relating to passbook accounts                146

10.2.208................ Periodic statements......................................................... 146

10.2.209................ Confirmation of transactions........................................... 146

Division 47—Agreements with unlicensed persons relating to the provision of financial services                                                                                                   147

10.2.210................ Agreements..................................................................... 147

Division 48—Arrangements for Lloyd’s                                                        148

10.2.211................ Lloyd’s........................................................................... 148

Division 49—Hawking of certain financial products                               149

10.2.212................ Hawking of managed investment products..................... 149

Division 50—Warrants or options to acquire issued securities         150

10.2.213................ Warrants or options to acquire issued securities............. 150

Division 52—Winding up of fidelity funds if market ceases to operate 151

10.2.215................ Winding up of fidelity funds if market ceases to operate 151

Part 10.5—Transitional provisions relating to the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004  152

10.5.01.................. Adoption of auditing standards made by accounting profession before commencement (Act ss 1455(1) and (3))......................................................... 152

Part 10.15—Transitional provisions relating to the Corporations Amendment (Financial Market Supervision) Act 2010                                                                155

10.15.01................ Application of Part 10.15................................................ 155

10.15.02................ Amendments not to apply to certain operators of licensed markets          155

10.15.03................ Transfer of documents.................................................... 155

10.15.04................ Notifications, consents, waivers, etc............................... 156

10.15.05................ Notification given by participant to operator of licensed market               156

10.15.06................ Registers......................................................................... 157

Part 10.18—Transitional provisions relating to Corporations Amendment (Further Future of Financial Advice Measures) Act 2012                                          158

Part 10.19—Transitional matters relating to MySuper measures        159

10.19.01................ Changes to product disclosure statements and periodic statements          159

Part 10.20—Transitional matters relating to relevant providers and persons who control body corporate licensees                                                                             160

Division 1—Introduction                                                                                        160

10.20.01................ Simplified outline of this Part......................................... 160

10.20.02................ Object of this Part........................................................... 160

10.20.03................ Definitions...................................................................... 161

Division 2—General application provision for Schedule 8D               162

10.20.04................ General application provision for Schedule 8D.............. 162

Division 3—Pre‑existing and new relevant providers and controllers during the transitional period                                                                                                      163

10.20.05................ Application of this Division............................................ 163

10.20.06................ Notices under section 922D—initial lodgement of information               163

10.20.07................ Notices under section 922D—later notice about educational qualifications and professional memberships................................................................... 164

10.20.08................ Notices under section 922H—important changes before 30 April 2015  165

10.20.09................ Notices under section 922H—other changes before 30 September 2015 165

10.20.10................ Notices under section 922J—pre‑existing body corporate licensees        165

10.20.11................ Notices under section 922J—controllers during transition period            166

10.20.12................ Notices under section 922K—ceasing to control a pre‑existing body corporate licensees........................................................................................ 166

10.20.13................ Change in matter within 30 business days...................... 166

10.20.14................ Application of regulations 10.20.06 to 10.20.13............. 166

Division 4—Other application provisions                                                      167

10.20.15................ Application—relevant provider numbers........................ 167

10.20.16................ Application—register of relevant providers.................... 167

10.20.17................ Application—prescribed registers................................... 167

Part 10.21—Application provisions relating to the Corporations Amendment (Central Clearing and Single‑Sided Reporting) Regulation 2015         168

10.21.01................ First application of 7.5A.73—existing phase 3 reporting entities             168

Part 10.22—Application provisions related to the Corporations Amendment (Financial Services Information Lodgement Periods) Regulation 2015 169

10.22.01................ Application of amendment of paragraph 7.6.04(1)(c)..... 169

10.22.02................ Application of modification of subsections 916F(1) and (3) 169

Part 10.23—Application provisions relating to the Corporations Amendment (Remuneration Disclosures) Regulation 2016                                                                   170

10.23.01................ Application—remuneration disclosures.......................... 170

Chapter 12—Financial sector reform                                                   171

Part 12.1—Preliminary                                                                                                   171

12.1.01.................. Definitions for Chapter 12.............................................. 171

12.1.02.................. Application of this Chapter to previous governing Codes etc  171

12.1.03.................. Interpretation of applied provisions................................ 172

Part 12.2—Transitional matters—general                                                          174

Division 2—Other matters                                                                                     174

12.2.08.................. Lodgment of certain documents with ASIC.................... 174

12.2.10.................. Certain appointments of auditors continue...................... 174

12.2.12.................. Converted shares............................................................ 174

Part 12.4—Notice of meetings of certain bodies corporate                      175

12.4.01.................. Application of Part.......................................................... 175

12.4.02.................. Modification of certain provisions of Act....................... 175

12.4.03.................. Members etc may elect to be notified of meetings........... 175

12.4.04.................. Notice of meetings to be published in press.................... 176

12.4.05.................. Copies of notices to be displayed.................................... 177

12.4.06.................. Members may request notice of meetings at any time..... 177

12.4.07.................. Records to be kept about notices..................................... 177

Part 12.5—Determinations and declarations in relation to certain instruments  178

12.5.01.................. Definition for Part 12.5................................................... 178

12.5.02.................. Application, variation, revocation and modification........ 178

12.5.03.................. Effect of determinations and declarations........................ 179

12.5.04.................. Publication of determinations and declarations............... 179

12.5.05.................. When determinations and declarations take effect........... 179

12.5.06.................. Inspection and purchase of copies of instruments........... 179

Part 12.6—Financial reporting by certain bodies corporate                   180

12.6.01.................. Application of Part.......................................................... 180

12.06.01A............. Annual financial reporting.............................................. 180

12.6.02.................. Modification of certain provisions of Act....................... 180

12.6.03.................. Members etc may elect to receive reports........................ 180

12.6.04.................. Copies of reports to be available to members.................. 181

12.6.05.................. Records to be kept about notices..................................... 181

Part 12.7—Other disclosure                                                                                         182

Division 1—Preliminary                                                                                          182

12.7.01.................. Definitions for Part 12.7................................................. 182

12.7.02.................. Declarations by ASIC..................................................... 182

Division 2—Continued application of certain provisions                      183

12.7.03.................. Continuation of certain provisions of previous governing Codes            183

12.7.04.................. Continuation of ASIC transitional standards.................. 183

12.7.05.................. Exemption from, and modification of, certain provisions 184

12.7.06.................. Certain provisions of the Friendly Societies Code cease to apply to FSR licensee   184

Part 12.8—Shares in certain bodies corporate                                                 185

Division 1—Preliminary                                                                                          185

12.8.02.................. Application of Part 12.8.................................................. 185

12.8.03.................. What is a member share.................................................. 185

12.8.04.................. Declarations by ASIC..................................................... 185

Division 2—Member shares                                                                                  187

12.8.05.................. Notice requirements........................................................ 187

12.8.06.................. Registers of members..................................................... 187

12.8.06A............... Member shares—liability to pay calls............................. 188

12.8.07.................. Disclosure in annual returns........................................... 188

12.8.08.................. Member shares—numbering and certificates.................. 189

12.8.09.................. Member shares—unclaimed property............................. 189

Division 3—Certain shares in transferring building societies and credit unions              190

12.8.10.................. Definitions for Division 3............................................... 190

12.8.11.................. Transferring building societies may issue shares equivalent to membership shares 190

12.8.12.................. Transferring credit unions may issue shares equivalent to withdrawable shares      190

Part 12.9—Winding up and deregistration of certain transferring financial institutions                                                                                                                                    192

12.9.01.................. Application of Part 12.9.................................................. 192

12.9.02.................. Winding up..................................................................... 192

12.9.03.................. Deregistration................................................................. 192


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 informatio