Corporations Amendment Regulations 2005 (No. 3) (Cth)
Corporations Amendment Regulations 2005 (No. 3) 1
Select Legislative Instrument 2005 No. 139
I, PHILIP MICHAEL JEFFERY, 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 15 June 2005
P. M. JEFFERY
Governor-General
By His Excellency’s Command
CHRIS PEARCE
Parliamentary Secretary to the Treasurer
These Regulations are the
Corporations Amendment Regulations 2005 (No. 3) .
These Regulations commence on the day after they are registered.
Schedule 1 amends the
Corporations Regulations 2001 .
(regulation 3)
insert
7.9.16JA Application of Division 4C to financial products — temporary arrangements For paragraph 1020G (1) (a) of the Act:
(a) an issuer of a superannuation product to which this Division applies does not have to provide the information mentioned in subparagraph 1013D (1) (d) (iii) of the Act in a Product Disclosure Statement issued before 1 July 2005; and
(b) an issuer of a financial product, other than a superannuation product to which this Division applies, does not have to provide the information mentioned in subparagraph 1013D (1) (d) (iii) of the Act in a Product Disclosure Statement issued before 1 July 2006.
omit product disclosure statements
insert Product Disclosure Statements
omit other than a superannuation product or a managed investment product
insert other than a superannuation product, a managed investment product or an investment life insurance product
omit 1 July 2007.
insert 1 July 2007;
insert
(d) for an investment life insurance product:
(i) if the periodic statement is not an exit statement — a periodic statement in relation to a reporting period commencing on or after 1 July 2005; and
(ii) if the periodic statement is an exit statement — a periodic statement issued on or after 1 July 2006.
insert
(1A) However, for a periodic statement mentioned in an item of the table that is issued for the financial product mentioned in the item, and issued at a time described in the item, the prescribed details set out in paragraph (1) (b) are not required to be included if the statement includes, or is accompanied by, statements to the effect that:
(a) amounts for fees, expenses or charges have been deducted from a common fund to which the product relates in relation to the reporting period; and
(b) those deductions are borne indirectly by the holders of the product, and may affect the return to the holders; and
(c) further information about the deductions can be obtained by contacting the issuer of the product.
1 | Periodic statement other than exit statement | Superannuation product to which Division 4C of this Part applies | in relation to a reporting period commencing before 1 July 2005 |
2 | Exit statement | Superannuation product to which Division 4C of this Part applies | before 1 July 2006 |
3 | Periodic statement other than exit statement | Financial product other than superannuation product to which Division 4C of this Part applies | in relation to a reporting period commencing before 1 July 2006 |
4 | Exit statement | Financial product other than superannuation product to which Division 4C of this Part applies | before 1 July 2007 |
1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the
Legislative Instruments Act 2003 . See
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