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Corporations Regulations 2001

Authoritative Version
  • - F2021C00834
  • In force - Superseded Version
  • View Series
SR 2001 No. 193 Regulations as amended, taking into account amendments up to Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2021
Principal Regulations. These Regulations repeal the Corporations Regulations 1990 and the Partnerships and Associations Application Order 1999 (No. 1)
Administered by: Treasury
Registered 24 Aug 2021
Start Date 01 Jul 2021
End Date 24 Aug 2021
Table of contents.

Commonwealth Coat of Arms of Australia

Corporations Regulations 2001

Statutory Rules No. 193, 2001

made under the

Corporations Act 2001

Compilation No. 166

Compilation date:                              1 July 2021

Includes amendments up to:            F2021L00848

Registered:                                         24 August 2021

This compilation is in 7 volumes

Volume 1:       regulations 1.0.01–6D.5.03

Volume 2:       regulations 7.1.02–7.6.08E

Volume 3:       regulations 7.7.01–8A.7.20

Volume 4:       regulations 9.1.01–12.9.03

Volume 5:       Schedules 1, 2 and 2A

Volume 6:       Schedules 3–13

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 1 July 2021 (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                                                                               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)). 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 9.4A—Register and index                                                                                    12

9.4A.01................. Definitions for Part 9.4A.................................................. 12

9.4A.02................. Register and index must be kept up to date: subsection 1306(4A) of the Act          12

Part 9.4AB—Infringement notices                                                                            13

9.4AB.01............... Prescribed offences (Act s 1317DAN)............................. 13

9.4AB.02............... Prescribed civil penalty provisions (Act s 1317DAN)..... 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 9.10—Fees imposed by the Corporations (Fees) Act 2001 and the Corporations (Review Fees) Act 2003                                                                                                     16

9.10.01.................. Penalty for failure to pay review fee on time—prescribed penalty (Act s 1364)      16

Part 9.12—Matters relating to regulations                                                           17

9.12.01.................. Exemptions from Chapter 7.............................................. 17

9.12.02.................. Exemption from provisions of Chapter 7—CLS Bank..... 17

9.12.03.................. Partial exemption of foreign‑based market licensees from certain notification obligations.......................................................................................... 18

9.12.04.................. Exemption from provisions of Chapter 7—compliance with ASIC exemptions      19

9.12.04.................. Exemption from provisions of Chapter 7—carbon unit auctions             20

9.12.05.................. Exemption from provisions of Chapter 7—gas trading exchange            20

Chapter 10—Repeals, transitional matters and application provisions   21

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 38

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.......................................................................................... 51

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

10.2.40A............... Need for an Australian financial services licence.............. 52

10.2.41.................. Reference to second principal: section 911B of the Act.... 52

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 53

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

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

Division 14—Financial services disclosure                                                     56

10.2.48.................. Obligation to give Financial Services Guide for service arranged before application of Part 7.7 of the Act............................................................. 56

10.2.48A............... Obligation to give a Financial Services Guide for a custodial and depository service.......................................................................................... 56

10.2.49.................. Obligation to give Financial Services Guide in relation to existing clients               57

10.2.50.................. Content of Financial Services Guide for an authorised representative that is a regulated principal or a representative of a regulated principal......... 57

10.2.50A............... Treatment of arrangements under which a person can instruct another person to acquire a financial product............................................................... 58

Division 15Other provisions relating to conduct etc                            59

10.2.51.................. Sale offers that need disclosure......................................... 59

10.2.52.................. Offers that do not need disclosure: small scale offerings.. 59

10.2.52A............... Offers that do not need disclosure.................................... 59

10.2.53.................. Money other than loans: financial services licensee who formerly held dealer’s licence.......................................................................................... 60

10.2.54.................. Money other than loans: financial services licensee who formerly held futures broker’s licence............................................................................... 60

10.2.55.................. Money other than loans: financial services licensee who was formerly a registered insurance broker............................................................................... 61

10.2.56.................. Money other than loans: financial services licensee who ceases to be licensed        62

10.2.57.................. Loan money: financial services licensee who formerly held dealer’s licence            62

10.2.58.................. Other property of clients: financial services licensee who formerly held dealer’s licence.......................................................................................... 63

10.2.59.................. Other property of clients: financial services licensee who formerly held futures broker’s licence............................................................................... 63

10.2.60.................. Special provisions relating to insurance: financial services licensee who was formerly a registered insurance broker............................................... 63

10.2.61.................. Obligation to report: financial services licensee who formerly held a futures broker’s licence.......................................................................................... 64

10.2.62.................. Reporting in relation to dealings in derivatives: financial services licensee who formerly held a dealer’s licence............................................................... 65

10.2.63.................. Financial statements of financial services licensee: general 65

10.2.64.................. Financial statements of financial services licensees who were certain regulated principals.......................................................................................... 66

10.2.65.................. Auditors: certain financial services licensee who formerly held dealer’s licence      67

10.2.66.................. Auditors: certain financial services licensees who held a futures broker’s licence   68

10.2.67.................. Auditor’s report in certain matters: financial services licensee who formerly held a dealer’s licence............................................................................... 70

10.2.68.................. Auditor’s report on certain matters: financial services licensee who formerly held a futures broker’s licence................................................................. 70

10.2.69.................. Auditor’s report on certain matters: financial services licensee who was formerly a registered insurance broker............................................................... 71

10.2.70.................. Priority to clients’ orders: financial services licensee who held a dealers licence     71

10.2.71.................. Sequencing of instructions to deal through licensed markets: financial services licensee who formerly held a futures brokers licence............................. 71

10.2.72.................. Records relating to instructions to deal through licensed markets: financial services licensee who held a futures brokers licence.................................... 72

10.2.73.................. Dealing with non‑licensees: financial services licensee who held a dealers licence  72

10.2.73A............... Advertising for financial products.................................... 73

10.2.73B................ Freezing accounts............................................................. 73

Division 16Product disclosure provisions for existing products during transition period                                                                                                                      74

10.2.74.................. Financial products in the same class................................. 74

10.2.75.................. References to financial services licensee........................... 75

10.2.76.................. References to retail client.................................................. 76

10.2.77.................. References to issue of product.......................................... 76

10.2.78.................. References to Product Disclosure Statement: offer previously accepted  76

10.2.79.................. References to Product Disclosure Statement: managed investment products           77

10.2.80.................. Lodgment of Product Disclosure Statement after lodgment of notice       77

10.2.81.................. Ongoing disclosure........................................................... 77

10.2.82.................. Money received for financial product before the product is issued: general             77

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         78

10.2.84.................. Confirmation of transactions............................................. 78

10.2.85.................. Dispute resolution requirements: financial products......... 78

10.2.86.................. Dispute resolution requirements: regulated principals....... 78

10.2.87A............... Meaning of financial product advice: exempt document or statement      79

Division 17Arrangements relating to enforcement of matters by ASIC          80

10.2.88.................. Definition.......................................................................... 80

10.2.89.................. Financial services law....................................................... 80

10.2.90.................. ASIC may have regard to prior conduct and events.......... 80

10.2.91.................. Power to act in relation to relevant old legislation............. 81

Division 18Specific kinds of documents in existence before FSR commencement       82

10.2.92.................. Banning orders made before FSR commencement........... 82

10.2.93.................. Banning orders made under relevant old legislation after FSR commencement       82

10.2.94.................. Banning orders made under the Act after FSR commencement               83

10.2.94A............... Prohibitions under paragraphs 827(1)(d) and 1192(1)(d) of the old Corporations Act made before FSR commencement.............................................. 84

10.2.94B................ Prohibitions under paragraphs 827(1)(d) and 1192(1)(d) of the old Corporations Act made after FSR commencement................................................. 84

10.2.95.................. Undertakings.................................................................... 85

10.2.96.................. Registers in existence before FSR commencement........... 85

10.2.97.................. Registers created after FSR commencement..................... 86

10.2.98.................. Registers, documents and things kept before FSR commencement          86

10.2.98A............... Licenses, registration, etc in force before FSR commencement                86

Division 19Extension of limitation periods                                                 88

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....................................................... 88

Division 20Rules for dealing with liability during transition period   89

10.2.100................ Application of Division 20............................................... 89

10.2.101................ Definitions for Division 20............................................... 89

10.2.102................ Liability of responsible person: general rules.................... 90

10.2.103................ Conduct by a person who operates as representative and principal          91

10.2.104................ Operation of regulations 10.2.102 and 10.2.103............... 92

Division 21Title and transfer                                                                             93

10.2.105................ Loss or destruction of certificates..................................... 93

10.2.106................ Instrument of transfer....................................................... 93

10.2.107................ Trustee etc may be registered as owner of shares............. 93