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 1—Preliminary 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 2—Transitional 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 3—Status 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 4—Assistance 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 5—Special 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 6—Self‑listing 35
10.2.21.................. Status of arrangements for self‑listing.............................. 35
10.2.22.................. Status of exemption relating to self‑listing........................ 35
Division 7—Decisions 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 9—Claims 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 10—Status of netting markets 42
10.2.31.................. Netting markets................................................................. 42
10.2.32.................. Netting market approval granted before the FSR commencement 42
Division 11—Status of listed securities 43
10.2.33.................. Securities of exempt stock markets................................... 43
Division 12—Miscellaneous 44
10.2.34.................. Preservation of nomination of body corporate as SEGC.. 44
Division 13—Regulated 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 15—Other 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 16—Product 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................