Corporations Amendment Regulations 2003 (No. 2) (Cth)

Corporations Amendment Regulations 2003 (No. 2)1

Statutory Rules 2003 No. 482

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

Dated 7 April 2003

PETER HOLLINGWORTH

Governor-General

By His Excellency’s Command

IAN CAMPBELL

Parliamentary Secretary to the Treasurer

1Name of Regulations

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

2Commencement

These Regulations commence on gazettal.

3Amendment of Corporations Regulations 2001

Schedule 1 amends the Corporations Regulations 2001.

Schedule 1Amendment

(regulation 3)

  

[1]After regulation 7.1.33B

insert

7.1.33COff-market offers for financial products

1. (1)

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

   1. (a)

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

   2. (b)

      person 2 acquired the financial product as a retail client.

2. (2)

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

   1. (a)

      either:

      1. (i)

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

      2. (ii)

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

         1. (A)

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

         2. (B)

            the method by which the estimate was reached; and

   2. (b)

      that the offer remains open for a period that is:

      1. (i)

         at least 1 month; and

      2. (ii)

         not more than 12 months;

   unless the offer is withdrawn in writing before the end of that period.

3. (3)

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

Notes

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

2. Notified in the Commonwealth of Australia Gazette