Treasury Laws Amendment (ALRC Financial Services Interim Report) Regulations 2023 (Cth)

Treasury Laws Amendment (ALRC Financial Services Interim Report) Regulations 2023

I, General the Honourable David Hurley AC DSC (Retd), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.

Dated 26 October 2023

David Hurley
Governor‑General

By His Excellency’s Command

Stephen Jones

Assistant Treasurer

Minister for Financial Services

Contents

1Name

This instrument is the Treasury Laws Amendment (ALRC Financial Services Interim Report) Regulations 2023.

2Commencement

(1)
Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provisions	Commencement	Date/Details
1. The whole of this instrument	The later of: (a) the start of the day after this instrument is registered; and (b) the same time as Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 commences. However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.	1 November 2023 (paragraph (a) applies)

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2)
Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3Authority

This instrument is made under the following:
(a) ASIC Supervisory Cost Recovery Levy Act 2017;
(b) Australian Charities and Not‑for‑profits Commission Act 2012;
(c) Australian Crime Commission Act 2002;
(d) Australian Securities and Investments Commission Act 2001;
(e) Corporations (Aboriginal and Torres Strait Islander) Act 2006;
(f) Corporations Act 2001;
(g) Corporations (Fees) Act 2001;
(h) Family Law Act 1975;
(i) Financial Services Compensation Scheme of Last Resort Levy Act 2023;
(j) Life Insurance Act 1995;
(k) National Consumer Credit Protection Act 2009;
(l) National Greenhouse and Energy Reporting Act 2007;
(m) Payment Systems and Netting Act 1998;
(n) Retirement Savings Accounts Act 1997;
(o) Superannuation Industry (Supervision) Act 1993;
(p)Tax Agent Services Act 2009.

4Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1Main amendmentsPart 1Interpretation generally

Australian Securities and Investments Commission Regulations 2001

Regulation 2

Omit “In these Regulations, unless the contrary intention appears:”, substitute:
Note: A number of expressions used in these Regulations are defined in the Act or Part 1.2 (Interpretation) of the Corporations Act 2001: see subsection 5(2) of the Act.
In these Regulations:
2
Regulation 12A (definition of registrable superannuation entity)
Repeal the definition.

Corporations Regulations 2001

Regulation 1.0.02 (heading)

Repeal the heading, substitute:

1.0.02Definitions

Note: A number of expressions used in these Regulations are defined in the Act, including the following:
(a) financial product;
(b) financial service;
(c) managed investment scheme;
(d) superannuation entity;
(e) trustee.

Subregulation 1.0.02(1)

Repeal the following definitions:
(a)
definition of ABN;
(b)
definition of APFRN;
(c)
definition of approved deposit fund;
(d)
definition of Australian Passport Fund Registration Number;
(e) definition of choice product;
(f) definition of excluded ADF;
(g)
definition of exempt public sector superannuation scheme (EPSSS).
5
Subregulation 1.0.02(1) (paragraphs (b) and (c) of the definition of generic MySuper product)
Omit “(within the meaning of the SIS Act)”.
6
Subregulation 1.0.02(1) (definition of margin loan)
Repeal the definition.
7
Subregulation 1.0.02(1) (definition of minor fee)
Repeal the definition, substitute:
minor fee, for a standard margin lending facility, means a fee or cost for the facility that:
(a)
does not relate to the ordinary acquisition, operation or closure of the facility; and
(b)
is less than $10.

Subregulation 1.0.02(1)

Repeal the following definitions:
(a)
definition of MySuper product;
(b)
definition of pooled superannuation trust;
(c)
definition of regulated superannuation fund;
(d)
definition of retirement savings account;
(e)
definition of superannuation entity;
(f)
definition of trustee.

Subregulation 1.0.16(4) (note)

Repeal the note.

Regulation 7.1.05

Omit “within the meaning of the SIS Act”.

Subregulation 7.7.08A(1B)

Omit “margin loan”, substitute “standard margin lending facility”.

Regulation 7.9.06B

Omit “EPSSS” (wherever occurring), substitute “exempt public sector superannuation scheme”.

Paragraph 7.9.09(1)(e)

Omit “margin loan”, substitute “standard margin lending facility”.
14
Subdivision 4.2A of Division 4 of Part 7.9 (heading)
Omit “margin loan”, substitute “standard margin lending facility”.

Paragraphs 7.9.11(a) and (b)

Omit “margin loan”, substitute “standard margin lending facility”.

Regulation 7.9.11A (heading)

Omit “margin loan”, substitute “standard margin lending facility”.

Regulation 7.9.11A

Omit “margin loan”, substitute “standard margin lending facility”.
18
Subregulation 7.9.11B(1) (definition of Approved Securities List)
Omit “margin loan as security for the margin loan”, substitute “standard margin lending facility as security for the facility”.

Regulation 7.9.11C (heading)

Omit “margin loan”, substitute “standard margin lending facility”.

Regulation 7.9.11C

Omit “margin loan”, substitute “standard margin lending facility”.

Regulation 7.9.11D (heading)

Omit “margin loan”, substitute “standard margin lending facility”.

Subregulations 7.9.11D(1) and (2)

Omit “margin loan”, substitute “standard margin lending facility”.

Regulation 7.9.11E (heading)

Omit “margin loan”, substitute “standard margin lending facility”.

Subregulation 7.9.11E(1)

Omit “margin loan”, substitute “standard margin lending facility”.

Subparagraph 7.9.11E(3)(c)(i)

Omit “margin loan” (wherever occurring), substitute “standard margin lending facility”.

Regulation 7.9.11F (heading)

Omit “margin loan”, substitute “standard margin lending facility”.

Subregulation 7.9.11F(1)

Omit “margin loan”, substitute “standard margin lending facility”.

Regulation 7.9.11G (heading)

Omit “margin loan”, substitute “standard margin lending facility”.

Subregulation 7.9.11G(1)

Omit “margin loan”, substitute “standard margin lending facility”.

Regulation 7.9.11H (heading)

Omit “margin loan”, substitute “standard margin lending facility”.

Subregulation 7.9.11H(1)

Omit “margin loan”, substitute “standard margin lending facility”.

Subregulation 7.9.11H(2)

Omit “margin loan” (wherever occurring), substitute “standard margin lending facility”.

Paragraphs 7.9.11LA(a) and 7.9.11LB(a)

Omit “within the meaning of the Superannuation Industry (Supervision) Act 1993”.
34
Paragraphs 7.9.15DA(1A)(a), 7.9.15DB(2)(a), 7.9.15DC(2)(a) and 7.9.16L(2)(a)
Omit “margin loan”, substitute “standard margin lending facility”.
35
Subdivision 5.2 of Division 5 of Part 7.9 (heading)
Omit “ADFs”, substitute “approved deposit funds”.
36
Subdivision 5.6 of Division 5 of Part 7.9 (heading)
Omit “ADFs”, substitute “approved deposit funds”.

Subregulation 7.9.44(1)

Omit “EPSSS”, substitute “exempt public sector superannuation scheme”.

Subregulation 7.9.44(2)

Omit “EPSSS” (wherever occurring), substitute “exempt public sector superannuation scheme”.

Subregulation 7.9.44(4)

Omit “EPSSSs”, substitute “exempt public sector superannuation schemes”.

Regulation 7.9.45 (heading)

Omit “ADFs”, substitute “approved deposit funds”.

Subregulation 7.9.62(1)

Omit “ADF” (wherever occurring), substitute “approved deposit fund”.

Subparagraph 7.9.62(4)(g)(iii)

Omit “ADF”, substitute “approved deposit fund”.

43Clause 7A101 of Schedule 7A (note 1)

Repeal the note.

Clause 7A101 of Schedule 7A (note 2)

Omit “Note 2”, substitute “Note”.

Clause 1 of Schedule 8D (table 1)

Omit “PSTs” (wherever occurring), substitute “pooled superannuation trusts”.

Part 5A of Schedule 10A (heading)

Omit “margin loan”, substitute “standard margin lending facilities”.
47
Item 5A.2 of Schedule 10A (subsection 1013C(1) of the Corporations Act 2001)
Omit “margin loan”, substitute “standard margin lending facility”.
48
Item 10.1 of Schedule 10A (subsection 1017B(5E) of the Corporations Act 2001)
Omit “EPSSS” (wherever occurring), substitute “exempt public sector superannuation scheme”.

49
Item 13.1 of Schedule 10A (subsections 1017D(8) and (9) of the Corporations Act 2001)
Omit “EPSSS” (wherever occurring), substitute “exempt public sector superannuation scheme”.
50
Item 17.2 of Schedule 10A (subsection 1012I(2C) of the Corporations Act 2001)
Omit “EPSSS”, substitute “exempt public sector superannuation scheme”.

Schedule 10C (heading)

Omit “margin loan”, substitute “standard margin lending facility”.

Clause 1 of Schedule 10C (heading)

Omit “margin loan”, substitute “standard margin lending facility”.

Subclause 1(1) of Schedule 10C

Omit “margin loan”, substitute “standard margin lending facility”.

Clause 2 of Schedule 10C (heading)

Omit “margin loan”, substitute “standard margin lending facility”.

Subclause 2(1) of Schedule 10C

Omit “the margin loan”, substitute “the standard margin lending facility”.

Subclause 2(1) of Schedule 10C

Omit “margin loan product” (wherever occurring), substitute “standard margin lending facility”.

Subclauses 2(2) and (5) of Schedule 10C

Omit “margin loan” (wherever occurring), substitute “standard margin lending facility”.

Clause 2 of Schedule 10C (note)

Omit “margin loan”, substitute “standard margin lending facility”.

Clause 3 of Schedule 10C (heading)

Omit “the margin loan”, substitute “the standard margin lending facility”.

Clause 3 of Schedule 10C (heading)

Omit “margin loan product”, substitute “standard margin lending facility”.

Paragraph 3(a) of Schedule 10C

Omit “margin loan”, substitute “standard margin lending facility”.

Paragraph 3(b) of Schedule 10C

Omit “margin lending”, substitute “a standard margin lending facility”.

Paragraphs 3(d) to (h) of Schedule 10C

Omit “margin loan” (wherever occurring), substitute “standard margin lending facility”.

Clause 3 of Schedule 10C (note)

Omit “margin loan” (wherever occurring), substitute “standard margin lending facility”.

Clause 4 of Schedule 10C (heading)

Omit “margin loan product”, substitute “standard margin lending facility”.

Clause 4 of Schedule 10C

Omit “margin loan” (wherever occurring), substitute “standard margin lending facility”.

Clause 5 of Schedule 10C (heading)

Omit “margin loan product”, substitute “standard margin lending facility”.

Subclause 5(1) of Schedule 10C

Omit “margin loan” (first occurring), substitute “standard margin lending facility”.

Paragraph 5(1)(a) of Schedule 10C

Omit “margin lending”, substitute “a standard margin lending facility”.
70
Paragraphs 5(1)(a) and (c) to (g) of Schedule 10C
Omit “margin loan” (wherever occurring), substitute “standard margin lending facility”.

Clause 6 of Schedule 10C

Omit “margin loan” (wherever occurring), substitute “standard margin lending facility”.

Subclause 7(1) of Schedule 10C

Omit “a margin loan must include a description of the risks associated with margin lending to a borrower for the margin loan”, substitute “a standard margin lending facility must include a description of the risks associated with a standard margin lending facility to a borrower for the standard margin lending facility”.
73
Paragraphs 7(1)(b) to (e) and (g) to (h) of Schedule 10C
Omit “margin loan”, substitute “standard margin lending facility”.

Subclause 7(2) of Schedule 10C

Omit “margin loans”, substitute “standard margin lending facilities”.

Subclause 7(3) of Schedule 10C

Omit “margin lending”, substitute “standard margin lending facilities”.

Clauses 8 and 9 of Schedule 10C

Omit “margin loan” (wherever occurring), substitute “standard margin lending facility”.

Part 2Terms relating to external administration and property

Corporations Regulations 2001

Subregulation 5.3B.30(4)

Repeal the subregulation (including the note).

Regulation 5.6.74

Repeal the regulation, substitute:

5.6.74External administration matters—prescribed countries

For the purposes of subparagraph 581(2)(a)(iii) of the Act, the following countries are prescribed:
(a)
the Bailiwick of Jersey;
(b)
Canada;
(c)
the Independent State of Papua New Guinea;
(d)
Malaysia;
(e)
New Zealand;
(f)
the Republic of Singapore;
(g)
Switzerland;
(h)
the United Kingdom;
(i)
the United States of America.

Part 3Terms relating to managed investment schemes

Corporations Regulations 2001

Paragraph 7.9.64(1)(e)

Repeal the paragraph, substitute:
(e)
a managed investment product if, at the time the product is issued, the managed investment scheme to which the product relates is not liquid (or if the scheme is not a registered scheme at that time, would not be liquid if the scheme was a registered scheme at that time);

Part 4Terms relating to licensed trustee companies

Corporations Regulations 2001

Subregulation 5.3B.03(1)

Omit “the total liabilities of the company on the day the restructuring begins”, substitute “on the day the restructuring begins the total liabilities of the company to pay any admissible debts and claims”.

Subregulation 5.3B.03(5)

Repeal the subregulation.

Subregulation 5.5.03(6)

Repeal the subregulation.

Regulation 5D.4.01 (heading)

Omit “compensation arrangements”, substitute “arrangements for compensation”.

Subregulations 5D.4.01(2) and (3)

Repeal the subregulations, substitute:
(2)
For the purposes of section 601SAB of the Act, the obligations of the receiving company include the provision to retail clients of access to the following in relation to a complaint arising from the provision of traditional trustee services by the transferring company:
(a)
the arrangements for compensation the receiving company is required to have under subsection 912B(1) of the Act;
(b)
the dispute resolution system the receiving company is required to have under subparagraph 912A(1)(g)(i) of the Act.
85
Regulation 7.11.01 (definition of beneficial owner)
Omit “, within the meaning of Chapter 5D of the Act”.
86
Paragraphs 7.11.12(1)(a), 7.11.13(1)(a) and 7.11.21(3)(a)
Omit “, within the meaning of Chapter 5D of the Act”.

Subregulation 7.11.40(5)

Omit “, within the meaning of Chapter 5D of the Act”.

Part 5References to Panel

Australian Securities and Investments Commission Regulations 2001

Part 3 (heading)

Omit “Panel”, substitute “Takeovers Panel”.

Regulation 13

Omit “Panel” (wherever occurring), substitute “Takeovers Panel”.

Regulation 14

Omit “Panel”, substitute “Takeovers Panel”.

Regulation 15 (definition of brief)

Omit “Panel”, substitute “Takeovers Panel”.

Regulation 15 (definition of party)

Omit “Panel”, substitute “Takeovers Panel”.

Regulation 15 (definition of submission)

Omit “Panel”, substitute “Takeovers Panel”.

Regulation 16 (heading)

Omit “Panel”, substitute “Takeovers Panel”.

Regulation 16

Omit “Panel” (wherever occurring), substitute “Takeovers Panel”.

Regulation 18 (heading)

Omit “Panel”, substitute “Takeovers Panel”.

Regulations 18 to 23

Omit “Panel” (wherever occurring), substitute “Takeovers Panel”.

Regulation 24 (heading)

Omit “Panel”, substitute “Takeovers Panel”.

Regulations 24 to 26

Omit “Panel” (wherever occurring), substitute “Takeovers Panel”.

100

Regulation 27 (heading)

Omit “Panel”, substitute “Takeovers Panel”.

101

Regulations 27 and 28

Omit “Panel” (wherever occurring), substitute “Takeovers Panel”.

102

Regulation 30 (heading)

Omit “Panel”, substitute “Takeovers Panel”.

103

Regulations 30, 34 and 35

Omit “Panel” (wherever occurring), substitute “Takeovers Panel”.

104

Subregulation 37(3)

Omit “Panel”, substitute “Takeovers Panel”.

105

Regulation 38

Omit “Panel” (wherever occurring), substitute “Takeovers Panel”.

106

Regulation 39 (heading)

Omit “Panel”, substitute “Takeovers Panel”.

107

Regulations 39 to 41

Omit “Panel” (wherever occurring), substitute “Takeovers Panel”.

108

Regulation 42 (heading)

Omit “Panel”, substitute “Takeovers Panel”.

109

Regulation 42

Omit “Panel”, substitute “Takeovers Panel”.

110

Regulation 43

Omit “Panel” (wherever occurring), substitute “Takeovers Panel”.

111

Schedule 2

Omit “the Panel” (wherever occurring), substitute “the Takeovers Panel”.

Corporations Regulations 2001

112

Regulation 6.10.01 (heading)

Omit “Panel decision (Act s 657EA)”, substitute “Takeovers Panel decision”.

113

Regulation 6.10.01

Omit “Panel”, substitute “Takeovers Panel”.

Part 6Terms relating to financial services and markets

Australian Securities and Investments Commission Regulations 2001

114

Paragraph 2A(2)(b)

Repeal the paragraph, substitute:
(b)
the remainder of the Act applies in relation to:
(i)
a superannuation product; and
(ii)
an RSA; and
(iii)
a financial service that relates to a superannuation product; and
(iv)
a financial service that relates to an RSA.

115

Subregulation 2A(3)

Repeal the subregulation, substitute:
(3)
For an external Territory other than the Territory of Christmas Island and the Territory of Cocos (Keeling) Islands, the Act applies in relation to:
(a)
a superannuation product; and
(b)
an RSA; and
(c)
a financial service that relates to a superannuation product; and
(d)
a financial service that relates to an RSA.

116

Paragraph 2B(1)(i)

Omit “(within the meaning of section 763D of the Corporations Act)”.

117

Regulation 2BA

Omit “(within the meaning given by section 761EA of the Corporations Act)”.

118

Subparagraph 2BC(1)(b)(iv)

Omit “nor the rules”, substitute “nor the rules of a licensed market or of a licensed CS facility”.

119

Subregulation 2BC(2) (definition of rules)

Repeal the definition.

120

Paragraph 12N(2)(c)

Omit “(all within the meaning of Chapter 7 of the Corporations Act)”.

121

Paragraph 45(a)

Omit “financial product mentioned in paragraph 764A(1)(a) of the Corporations Act”, substitute “security”.

122

Paragraph 45(b)

Omit “financial product mentioned in paragraph 764A(1)(b) of the Corporations Act”, substitute “managed investment product”.

123

Paragraph 45(ba)

Omit “financial product mentioned in paragraph 764A(1)(bb) of the Corporations Act”, substitute “foreign passport fund product”.

Corporations Regulations 2001

124
Subregulation 1.0.02(1) (definition of capital guaranteed)
Omit “RSA product”, substitute “RSA”.
125
Subregulation 1.0.02(1) (subparagraph (a)(ii) of the definition of capital guaranteed fund)
Omit “RSA product”, substitute “RSA”.
126
Subregulation 1.0.02(1) (note to the definition of income stream financial product)
Omit “RSA products”, substitute “RSAs”.
127
Subregulation 1.0.02(1) (note to the definition of investment‑based financial product)
Omit “RSA products”, substitute “RSAs”.
128
Subregulation 1.0.02(1) (paragraph (a) of the definition of risk‑based financial product)
Repeal the paragraph, substitute:
(a)
a financial product that is a facility through which, or through the acquisition of which, a person manages financial risk; or
129
Subregulation 1.0.02(1) (definition of warrant)
Repeal the definition, substitute:
warrant means:
(a)
a derivative that is transferable; or
(b)
a financial product that is transferable and that would, apart from the effect of paragraph 761D(3)(c) of the Act, be a derivative, and is excluded by that paragraph only because it is:
(i)
a security mentioned in paragraph 92(5)(c) of the Act; or
(ii)
a legal or equitable right or interest mentioned in subparagraph 764A(1)(b)(ii) of the Act; or
(iii)
a legal or equitable right or interest mentioned in subparagraph 764A(1)(ba)(ii) of the Act; or
(iv)
a legal or equitable right or interest mentioned in subparagraph 764A(1)(bb)(ii) of the Act.

130

After regulation 1.0.02

Insert:

1.0.02AAMeaning of basic deposit product—prescription ofprior notice requirement

(1)
This regulation is made for the purposes of subparagraph (d)(ii) of the definition of basic deposit productin section 9 of the Act.

(2)
The prior notice requirement for an ADI included in the class of ADIs specified in subregulation (3) is a period of not more than 7 days before a withdrawal or transfer of funds from a facility made available by the ADI.
(3)
The class of ADIs is ADIs entitled under the Banking Act 1959 to use any of the following expressions in relation to their financial business:
(a)
credit union;
(b)
credit society;
(c)
credit co‑operative;
(d)
building society.

1.0.02ABMeaning of prescribed CS facility

For the purposes of the definition of prescribed CS facilityin section 9 of the Act, ASX Settlement and Transfer Corporation Pty Limited (also known as ‘ASTC’) is prescribed.

131

Regulation 1.0.05A

Repeal the regulation.

132

Regulation 1.0.22

Repeal the regulation, substitute:

1.0.22Meaning of this jurisdiction—specification of external Territories for specified provisions of Chapter 7 of the Act

For the purposes of subsection 5(9) of the Act, each of the external Territories is included in this jurisdiction for the purposes of Chapter 7 of the Act (except Parts 7.2 to 7.5 and Part 7.11) in relation to:
(a)
a superannuation product; and
(b)
an RSA; and
(c)
a financial service that relates to a superannuation product; and
(d)
a financial service that relates to an RSA.

133

Paragraph 5.3A.50(2)(o)

Omit “(within the meaning of Chapter 7 of the Act)”.

134

Paragraph 5.3A.50(2)(y) (note)

Omit “(within the meaning of Chapter 7 of the Act)”.

135

Paragraph 5.3A.50(2)(z) (note)

Omit “(within the meaning of Chapter 7 of the Act)”.

136

Paragraph 5.3A.50(2)(zc)

Repeal the paragraph, substitute:
(zc)
a contract, agreement or arrangement under which participants in a clearing and settlement facility may settle obligations on behalf of other participants in the facility;

137

Subparagraph 5D.1.02(1)(c)(ii)

Omit “any of the securities mentioned”, substitute “any of those things that have been given”.

138

Paragraph 5D.1.02(1)(c) (note)

Repeal the note.

139

Paragraph 5D.1.02(1)(e) (note)

Repeal the note.

140

After subregulation 5D.1.02(1)

Insert:
(1A)
Paragraph (1)(d) does not apply to a custodian that is a trustee establishing and operating a common fund.
141
Subregulation 5D.1.02(2) (definition of custodian)
Repeal the definition.

142

Regulations 7.1.03 to 7.1.03B

Repeal the regulations.

143

Subregulation 7.1.04(8)

Omit “for Chapter 7 of the Act”.

144

Subparagraph 7.1.06(1)(a)(v)

Repeal the subparagraph, substitute:
(v)
that is not a security, a managed investment product, a foreign passport fund product, an investment life insurance product, a superannuation product or an RSA; and
(va)
that is not a financial product mentioned in paragraph 764A(1)(ba), or (j) of the Act; and

145

Subparagraph 7.1.06(1)(f)(iii)

Repeal the subparagraph, substitute:
(iii)
that is not a security, a managed investment product, a foreign passport fund product, an investment life insurance product, a superannuation product or an RSA; and
(iiia)
that is not a financial product mentioned in paragraph 764A(1)(ba), or (j) of the Act; and

146

Subregulation 7.1.06A(1)

After “7.1.06(1)(a)(iv), (v)”, insert “, (va)”.

147

Subregulation 7.1.06A(1)

After “7.1.06(1)(f)(ii), (iii)”, insert “, (iiia)”.

148

Paragraph 7.1.09(1)(a)

Omit “financial product mentioned in paragraph 764A(1)(a) of the Act”, substitute “security”.

149

Paragraph 7.1.09(1)(b)

Omit “financial product mentioned in paragraph 764A(1)(b) of the Act”, substitute “managed investment product”.

150

Paragraph 7.1.09(1)(ea)

Omit “financial product mentioned in paragraph 764A(1)(bb) of the Act”, substitute “foreign passport fund product”.

151

Subregulation 7.1.18(1) (note)

Omit “RSA product”, substitute “RSA”.

152

Subregulation 7.1.19(1) (note)

Omit “RSA product”, substitute “RSA”.

153

Subregulation 7.1.19A(1) (note)

Omit “RSA product”, substitute “RSA”.

154

Subregulation 7.1.20(1) (note)

Omit “RSA product”, substitute “RSA”.

155

Subregulation 7.1.21(1) (note)

Omit “RSA product”, substitute “RSA”.

156

Paragraph 7.1.22(1)(a)

Omit “under section 761A of the Act”.

157

Subregulation 7.1.22(1) (note)

Omit “RSA product”, substitute “RSA”.

158

Subregulation 7.1.23(1) (note)

Omit “RSA product”, substitute “RSA”.

159

Subregulation 7.1.24(1) (note)

Omit “RSA product”, substitute “RSA”.

160

Subregulation 7.1.25(2) (note)

Omit “RSA product”, substitute “RSA”.

161

Regulation 7.1.26 (note)

Omit “RSA products”, substitute “RSAs”.

162

Subregulation 7.1.28(2) (note)

Omit “RSA product”, substitute “RSA”.

163

Subparagraph 7.1.29(5)(b)(iii)

Repeal the subparagraph, substitute:
(iii)
an employer‑sponsor; or

164

Subregulation 7.1.29(6)

Repeal the following definitions:
(a)
definition of employer sponsor;
(b)
definition of self managed superannuation fund.

165

Paragraph 7.1.33D(a)

Omit “(within the meaning of section 766D of the Act)”.

166

Regulation 7.1.33E (note)

Repeal the note, substitute:
Note: Paragraph (c) of this regulation refers to financial products described in paragraph 92(5)(c) of the Act and in subparagraphs 764A(1)(b)(ii) and (bb)(ii) of the Act.

167

Paragraph 7.1.40(1)(a)

Omit “(within the definition in section 761A of the Act)”.

168

Regulation 7.1.50

Omit “for the purposes of Chapter 7 of the Act”.

169

Paragraph 7.3.10(f)

Omit “under section 761A of the Act”.

170

Regulation 7.4.01 (heading)

Repeal the heading, substitute:

7.4.01Meaning of widely held market body—prescribed bodies corporate

171

Regulation 7.4.01

Omit “For section 850A of the Act”, substitute “For the purposes of paragraph 850A(b) of the Act”.

172

Regulation 7.5.01 (note)

Repeal the note.
173
Regulation 7.5A.70 (definition of OTC derivative transaction)
Omit “(within the meaning of Chapter 7 of the Act)”.

174

Paragraph 7.6.01(1)(h)

Repeal the paragraph, substitute:
(h)
a dealing in a financial product that consists only of an employer‑sponsor paying contributions on behalf of an employee into a superannuation product or RSA;

175

Paragraph 7.6.01(1)(hb)

Omit “RSA product” (wherever occurring), substitute “RSA”.

176

Subparagraph 7.6.01(1)(zb)(i)

Repeal the subparagraph, substitute:
(i)
relates to a deposit product, a facility for making non‑cash payments, an insurance product, an RSA or a superannuation product; or

177

Subparagraph 7.6.01(1)(zb)(ii)

Omit “a financial product referred to in paragraph 764A(1)(b) or (ba) of the Act”, substitute “a managed investment product, a financial product referred to in paragraph 764A(1)(ba) of the Act”.

178

Paragraphs 7.6.01C(1)(a) and (b)

Repeal the paragraphs, substitute:
(a)
a Financial Services Guide;
(b)
a Supplementary Financial Services Guide;

179

Paragraphs 7.6.01C(1)(d) and (e)

Repeal the paragraphs, substitute:
(d)
a Supplementary Product Disclosure Statement;
(e)
a Statement of Advice;

180

Regulation 7.6.02AAA (heading)

Omit “Compensation arrangements”, substitute “Arrangements for compensation”.

181

Regulation 7.6.02AA (heading)

Omit “compensation arrangements”, substitute “arrangements for compensation”.
182
Regulation 7.6.02AD (subsection 761G(4A) of the Corporations Act 2001)
Omit “For the purposes of this Chapter, if”, substitute “If”.
183
Subregulation 7.6.04(3) (definition of class of product advice)
Repeal the definition.
184
Subregulation 7.6.04(3) (note 1 to the definition of limited financial services)
Repeal the note.
185
Regulation 7.6.07A (heading to subsection 923C(10) of the Corporations Act 2001)
Omit “compensation arrangements”, substitute “arrangements for compensation”.
186
Regulation 7.6.07A (note to subsection 923C(10) of the Corporations Act 2001)
Omit “compensation arrangements”, substitute “arrangements for compensation”.

187

Regulation 7.6.08B (note)

Repeal the note.

188

Paragraph 7.7.02(5B)(b)

Omit “(within the meaning of section 766C of the Act)”.

189

Regulation 7.7.03A (heading)

Omit “compensation arrangements”, substitute “arrangements for compensation”.

190

Paragraph 7.7.03A(1)(a)

Omit “compensation arrangements”, substitute “arrangements for compensation”.

191

Paragraph 7.7.03A(1)(b)

Omit “requirements for compensation arrangements under section 912B of the Act”, substitute “requirements under section 912B of the Act for arrangements for compensation”.

192

Regulation 7.7.06B (heading)

Omit “compensation arrangements”, substitute “arrangements for compensation”.

193

Paragraph 7.7.06B(1)(a)

Omit “compensation arrangements”, substitute “arrangements for compensation”.

194

Paragraph 7.7.06B(1)(b)

Omit “requirements for compensation arrangements under section 912B of the Act”, substitute “requirements under section 912B of the Act for arrangements for compensation”.

195

Regulations 7.7.10B and 7.7.10C

Omit “section 761A”, substitute “section 9”.

196

Regulation 7.7A.07

Repeal the regulation.

197

Paragraph 7.7A.11C(1)(b)

Repeal the paragraph, substitute:
(b)
none of the products is a life risk insurance product covered by subsection 963B(2) of the Act and either:
(i)
the benefit ratio for the benefit is the same for the year in which the product or products are issued as it is for each year in which the product or products are continued; or
(ii)
the benefit ratio requirements and clawback requirements are satisfied in relation to the benefit; or

198

Paragraph 7.7A.11D(1)(b)

Repeal the paragraph, substitute:
(b)
none of the products is a life risk insurance product covered by subsection 963B(2) of the Act and either:
(i)
the benefit ratio for the benefit is the same for the year in which the product or products are issued as it is for each year in which the product or products are continued; or
(ii)
the benefit ratio requirements and clawback requirements are satisfied in relation to the benefit; or

199

Regulation 7.7A.12 (note 1)

Repeal the note.

200

Regulation 7.7A.12F (note)

Repeal the note.

201

Subregulation 7.7A.15A(1) (note)

Repeal the note.

202

Subregulation 7.8.07(4)

Omit “for section 766E of the Act”.

203

Paragraph 7.8.08A(1)(c)

Omit “(within the meaning given by subsection 761EA(11) of the Act)”.

204

Subregulation 7.8.08B(2)

Omit “(within the meaning given by subsection 761EA(2) of the Act)”.

205

Regulation 7.8.10

Omit “within the meaning of subsection 761EA(1) of the Act”.
206
Subregulation 7.8.12A(2) (subsection 989B(4) of the Corporations Act 2001 (definition of class of product advice))
Repeal the definition.
207
Subregulation 7.8.12A(2) (subsection 989B(4) of the Corporations Act 2001 (note 1 to the definition of limited financial service))
Repeal the note.
208
Subregulation 7.8.12A(2) (subsection 989B(4) of the Corporations Act 2001 (note 2 to the definition of limited financial service))
Omit “Note 2”, substitute “Note”.
209
Subregulation 7.8.14B(3) (subsection 990B(9) of the Corporations Act 2001 (definition of class of product advice))
Repeal the definition.
210
Subregulation 7.8.14B(3) (subsection 990B(9) of the Corporations Act 2001 (note 1 to the definition of limited financial services))
Repeal the note.
211
Subregulation 7.8.14B(3) (subsection 990B(9) of the Corporations Act 2001 (note 2 to the definition of limited financial services))
Omit “Note 2”, substitute “Note”.

212

Subregulation 7.8.20(1)

Repeal the subregulation, substitute:
(1)
For the purposes of subsection 991E(1) of the Act, section 991E of the Act does not apply in relation to the sale or purchase of the following financial products by the body corporate by which the financial products were made available:
(a)
a security made available in accordance with Chapters 5C and 6D of the Act;
(b)
a managed investment product made available in accordance with Chapters 5C, 7 and 8A of the Act;
(c)
a foreign passport fund product made available in accordance with Chapters 7 and 8A of the Act.

213

Regulation 7.8.20A

Omit “risk insurance product as defined in section 761A of the Act”, substitute “risk insurance product”.

214

Paragraph 7.8.21A(h)

Omit “(within the meaning of Part 7.7A of the Act)”.

215

Subparagraph 7.8.21A(i)(i)

Omit “section 761A”, substitute “section 9”.

216

Subregulations 7.8.23(1) and (2)

Omit “RSA product”, substitute “RSA”.
217
Regulation 7.8A.01 (definition of extended operation financial product)
Repeal the definition, substitute:
extended operation financial product means a financial product that:
(a)
is a financial product within the meaning of Division 2 of Part 2 of the ASIC Act; and
(b)
is not a financial product within the meaning of the Act.

218

Regulation 7.8A.02 (heading)

Repeal the heading, substitute:

7.8A.02Meaning of regulated person—prescribed persons

219

Subregulation 7.8A.02(1)

Omit “subsection 994A(1)”, substitute “subsection 994A(2)”.

220

Paragraph 7.8A.07(a)

Omit “within the meaning of section 961F of the Act”.
221
Subregulation 7.9.01(1) (definition of fund information)
Omit “RSA product”, substitute “RSA”.

222

Subregulation 7.9.01(1)

Repeal the following definitions:
(a)
definition of RSA;
(b)
definition of superannuation provider.

223

Division 2 of Part 7.9 (heading)

Omit “RSA products”, substitute “RSAs”.

224

Regulation 7.9.03

Omit “RSA products”, substitute “RSAs”.
225
Subdivision 2.3 of Division 2 of Part 7.9 (heading)
Omit “retirement savings account”, substitute “RSA”.

226

Regulation 7.9.05

Omit “RSA product”, substitute “RSA”.
227
Regulation 7.9.07FC (heading to section 1014EA of the Corporations Act 2001)
Omit “supplementary product disclosure statement”, substitute “Supplementary Product Disclosure Statement”.
228
Regulation 7.9.07FC (subsections 1014EA(3) and (4) of the Corporations Act 2001)
Omit “supplementary Product Disclosure Statement”, substitute “Supplementary Product Disclosure Statement”.

229Subregulation 7.9.07ZB(8)

Omit “(within the meaning of the SIS Act)” (wherever occurring).

230

Regulation 7.9.08C (heading)

Omit “RSA product”, substitute “RSA”.

231

Regulation 7.9.08C

Omit “an RSA product, as defined in section 761A of the Act”, substitute “an RSA”.

232

Paragraph 7.9.09(1)(b)

Omit “RSA products”, substitute “RSAs”.

233

Subregulation 7.9.09(2) (note)

Omit “RSA products”, substitute “RSAs”.

234

Subregulation 7.9.11M(2)

Omit “supplementary Product Disclosure Statement” (wherever occurring), substitute “Supplementary Product Disclosure Statement”.

235

Subparagraph 7.9.11P(3)(a)(iii)

Omit “within the meaning of the Superannuation Industry (Supervision) Act 1993”.

236

Subregulation 7.9.11U(2)

Omit “supplementary Product Disclosure Statement” (wherever occurring), substitute “Supplementary Product Disclosure Statement”.

237

Regulation 7.9.12

Omit “RSA products”, substitute “RSAs”.

238

Subparagraph 7.9.14(1)(a)(ii)

Omit “RSA product”, substitute “RSA”.

239

Subregulation 7.9.15DB(1) (note)

Repeal the note.

240

Regulation 7.9.19

Omit “RSA product”, substitute “RSA”.

241

Subregulation 7.9.30A(1)

Omit “within the meaning of subsection 761EA(1) of the Act”.

242

Regulation 7.9.43 (heading)

Omit “RSA products”, substitute “RSAs”.

243

Subregulation 7.9.44(1)

Omit “RSA product”, substitute “an RSA”.
244
Subdivision 5.12 of Division 5 of Part 7.9 (heading)
Omit “RSA products”, substitute “RSAs”.

245

Paragraph 7.9.49(b)

Omit “RSA products”, substitute “RSAs”.

246

Regulations 7.9.52 and 7.9.53

Omit “RSA product”, substitute “RSA”.

247

Regulation 7.9.56 (heading)

Omit “RSA products”, substitute “RSAs”.

248

Regulation 7.9.57

Omit “RSA product”, substitute “RSA”.

249

Subregulation 7.9.61AA(1)

Omit “section 761A”, substitute “section 9”.

250

Subregulation 7.9.61AA(1)

Omit “after the definition of self managed superannuation fund the following definition”, substitute “the following definition in the appropriate position”.

251

Subregulation 7.9.61AA(2)

Omit “section 761A”, substitute “section 9”.

252

Subregulation 7.9.61AA(2)

Omit “after the definition of Supplementary Product Disclosure Statement the following definition”, substitute “the following definition in the appropriate position”.

253

Paragraph 7.9.61D(1)(b)

Omit “RSA product”, substitute “RSA”.

254

Regulation 7.9.61E

Repeal the regulation, substitute:

7.9.61EMeaning of CGS depository interest information website

For the purposes of the definition of CGS depository interest information website in subsection 1020AH(1) of the Act, the website prescribed is 7.9.62(4)(e)(i) and (4)(h)(i)
Omit “RSA product”, substitute “RSA”.
256
Paragraph 7.9.63D(1)(b)
Omit “RSA product”, substitute “RSA”.
257
Subregulations 7.9.66(2) and 7.9.67(7)
Omit “RSA product”, substitute “RSA”.
258
Paragraph 7.9.72(a)
Omit “RSA product”, substitute “RSA”.
259
Paragraph 7.9.80B(a)
Omit “under section 761D of the Act”.
260
Paragraph 7.9.80B(b)
Repeal the paragraph, substitute:
(b)
a financial product that would, apart from the effect of paragraph 761D(3)(c) of the Act, be a derivative and is excluded from that paragraph only because it is a security described in paragraph 92(5)(c) of the Act; or
261
Regulation 7.9.86
Omit “RSA product”, substitute “RSA”.
262
Subregulation 7.9.89(1)
Omit “RSA product”, substitute “RSA”.
263
Regulation 7.9.90 (heading)
Omit “RSA products”, substitute “RSAs”.
264
Subregulation 7.9.90(2) (subsection 1017C(9) of the Corporations Act 2001 (paragraph (aa) of the definition of concerned person))
Omit “RSA product”, substitute “RSA”.
265
Subregulations 7.9.91(1) and (2)
Omit “RSA product”, substitute “RSA”.
266
Paragraph 7.9.92(2)(a)
Omit “RSA product”, substitute “RSA”.
267
Regulation 7.9.94
Omit “RSA product”, substitute “RSA”.
268
Regulation 7.10.01
Repeal the regulation, substitute:
7.10.01Meaning of Division 3 financial products—excluded superannuation products
For the purposes of paragraph (e) of the definition of Division 3 financial products in subsection 1042A(1) of the Act, superannuation products provided by a superannuation entity that is not a public offer entity are prescribed.
Note: This means that these superannuation products are not Division 3 financial products.
269
Regulation 7.11.01 (definition of company)
Repeal the definition.
270
Regulation 7.11.01 (paragraph (a) of the definition of issuer of a Division 4 financial product)
Repeal the paragraph, substitute:
(a)
the issuer in relation to the product; or
271
Regulation 7.11.23 (note)
Omit “for the Act”, substitute “: see regulation 1.0.02AB”.
272
Paragraphs 7.11.26(5)(a) and (b)
Repeal the paragraphs, substitute:
(a)
the authority mentioned in subregulations (1) and (2) is given to a participant (the transacting participant) in a financial market; and
(b)
under the market licensee’s operating rules, a participant in a clearing and settlement facility (the clearing participant) has the function of completing the relevant transaction;
273
Paragraph 8.2.02(1)(d)
Omit “compensation arrangements” (wherever occurring), substitute “arrangements for compensation”.
274
Paragraph 9.1.02(q)
Omit “(within the meaning of section 910A of the Act)”.
275
Regulation 9.4A.01 (definition of issuer)
Repeal the definition.
276
Subregulations 9.4A.02(1) and (2)
After “issuer”, insert “in relation to a financial product and”.
277
Subregulation 9.12.02(1)
Omit “participants”, substitute “CLS participants”.
278
Paragraphs 9.12.02(1)(a) and (b)
Omit “participants”, substitute “CLS participants”.
279
Paragraph 9.12.02(1)(b)
Omit “provision or transfer of a financial product mentioned in paragraph 764A(1)(a), (b), (ba), (c), (j) or (k) of the Act.”, substitute:
provision or transfer of:
(i)
a security, or a managed investment product; or
(ii)
a financial product mentioned in paragraph 764A(1)(ba), (c), (j) or (k) of the Act.
280
Subregulation 9.12.02(4)
Omit “participant”, substitute “CLS participant”.
281
Paragraph 9.12.02(4)(b)
Omit “within the meaning of section 761G of the Act”.
282
Paragraph 9.12.02(5)(a)
Omit “participant”, substitute “CLS participant”.
283
Subregulation 9.12.02(6) (paragraph (b) of the definition of Australian entity)
Omit “within the meaning of section 761A of the Corporations Act 2001”.
284
Subregulation 9.12.02(6)
Insert:
CLS participant in the facility operated by CLS Bank International means a person who, under the facility’s operating rules, is allowed to participate directly in the facility, with or without the authority of another such person.
285
Subregulation 9.12.02(6) (paragraph (b) of the definition of material regulatory action)
Omit “participants”, substitute “CLS participants”.
286
Subregulation 9.12.02(6) (definition of participant)
Repeal the definition.
287
Subclause 2(2) of Schedule 5C (subsection 324CH(6) of the Corporations Act 2001)
Omit “(within the meaning of section 761A of the Act)”.

288Schedule 8B

Repeal the Schedule.

289

Item 1 of Schedule 8C (heading)

Omit “Subsection 880B(1)”, substitute “Section 880B”.

290

Item 2 of Schedule 8C (heading)

Omit “Subsection 880B(1)”, substitute “Section 880B”.

291

Part 2 of Schedule 10A (heading)

Omit “RSA products”, substitute “RSAs”.
292Items 5A.1, 5B.1, 5C.1 and 5D.1 of Schedule 10A
Repeal the items.
293
Item 6.3 of Schedule 10A (paragraph 1012D(9A)(a) of the Corporations Act 2001)
Omit “RSA product”, substitute “RSA”.
294
Item 10.1 of Schedule 10A (subsection 1017B(5A) of the Corporations Act 2001)
Omit “RSA product”, substitute “RSA”.
295
Item 10.1 of Schedule 10A (subsection 1017B(5E) of the Corporations Act 2001)
Omit “RSA product” (wherever occurring), substitute “RSA”.
296
Item 10.2 of Schedule 10A (subsections 1017B(10) and (11) of the Corporations Act 2001)
Omit “RSA product”, substitute “RSA”.
297
Item 12.1 of Schedule 10A (subsections 1017D(3A) and (3B) of the Corporations Act 2001)
Omit “RSA product”, substitute “RSA”.
298
Item 12.1 of Schedule 10A (subsection 1017D(3C) of the Corporations Act 2001)
Omit “RSA product”, substitute “an RSA”.
299
Item 12.1 of Schedule 10A (paragraph 1017D(3D)(b) of the Corporations Act 2001)
Omit “RSA product”, substitute “RSA”.
300
Item 13.1 of Schedule 10A (subsection 1017D(8) of the Corporations Act 2001)
Omit “RSA product” (wherever occurring), substitute “RSA”.

301

Part 2 of Schedule 10BA

Repeal the Part.

Part 7Terms relating to mutual recognition of securities offers

Corporations Regulations 2001

302

Regulation 7.8A.04

Repeal the regulation, substitute:

7.8A.04Jurisdictional scope of Division

A person is not required by this Division to make a target market determination for a financial product if the product is:
(a)
a financial product that is not available for acquisition by issue, or by regulated sale, in this jurisdiction; or
(b)
securities (as defined in subsection 92(7) of the Act) offered under a recognised offer in relation to a recognised jurisdiction.

303

Regulation 8.1.02

Omit “For the definition of offeror of securities in subsection 1200A(1)”, substitute “For the purposes of subparagraph (c)(ii) of the definition of offer in section 9”.

304

Regulation 8.2.01 (note)

Omit “section 1200A(1)”, substitute “subsection 92(7)”.

Part 8Terms relating to Asia Region Funds Passport

Corporations Regulations 2001

305

Subregulation 2N.2.01(5)

Repeal the subregulation.

306

Paragraph 8A.5.10(3)(j)

Omit “home economy of the fund”, substitute “home economy for the fund”.
307
Subregulation 8A.5.10(5) (definition of participating economy)
Repeal the definition.

Part 9Other amendments

Corporations Regulations 2001

308Part 10.48 (the Part 10.48 inserted by item 32 of Schedule 1 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Regulations 2022)
Renumber as Part 10.49.
309
Regulation 10.48.01 (the regulation 10.48.01 inserted by item 32 of Schedule 1 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Regulations 2022)
Renumber as regulation 10.49.01.

Schedule 2Amendments of other instruments in the Treasury portfolio

ASIC Supervisory Cost Recovery Levy Regulations 2017

Subsection 4(1)

Repeal the following definitions:
(a)
definition of basic banking product;
(b)
definition of deal.

Subsection 4(1)

Insert:
dealing in a financial product has the meaning given by section 766C of the Corporations Act 2001 and deal in a financial product has a corresponding meaning.

Subsection 4(1)

Repeal the following definitions:
(a)
definition of participant;
(b)
definition of regulated CIS;
(c)
definition of relevant financial products.

Subsection 4(2)

Repeal the subsection, substitute:
(2)
Subject to the Act and this instrument, Part 1.2 (Interpretation) of the Corporations Act 2001 applies for the purposes of this instrument as if the provisions of this instrument were provisions of that Act.
Note: Part 1.2 of the Corporations Act 2001 includes the Dictionary in section 9 of that Act, so the definitions in that section apply for the purposes of this instrument unless the Act or this instrument otherwise provides.

Paragraphs 15(2)(a) and (b)

Repeal the paragraphs, substitute:
(a)
a disclosing entity with securities (within the meaning of subsection 92(3) of the Corporations Act 2001) that are quoted on a prescribed financial market (within the meaning of that Act); or
(b)
an entity controlled by such a disclosing entity.

Subsection 15(4)

Repeal the subsection.

Subparagraph 42(1)(b)(iii)

Omit “(within the meaning of section 910A of the Corporations Act 2001)”.

Subsection 43(3)

Omit “(within the meaning of section 910A of the Corporations Act 2001)”.

Paragraph 43(3)(a)

Omit “(within the meaning of section 910A of that Act)”.

Paragraph 48(3)(aa)

After “prescribed financial market”, insert “(within the meaning of the Corporations Act 2001)”.

Subsections 48(4) and 51(4)

Omit “has the meaning given by section 761A of the Corporations Act 2001 for the purposes of Chapter 7 of that Act (disregarding Part 7.11 of that Chapter)”, substitute “has the same meaning as in subsection 92(5) of the Corporations Act 2001”.

Subsection 67(5) (definition of securities)

Repeal the definition, substitute:
securities has the same meaning as in subsection 92(5) of the Corporations Act 2001.

Paragraph 72B(1)(b)

Omit “(within the meaning of section 910A of the Corporations Act 2001)”.

Subparagraph 72B(1)(b)(i)

Omit “(within the meaning of section 910A of that Act)”.

Australian Charities and Not‑for‑profits Commission Regulations 2022

Subsection 45.25(5) (definition of insolvent)

Omit “has the meaning given by subsection 95A(2) of”, substitute “has the same meaning as in”.

Corporations (Fees) Regulations 2001

Subregulation 1B(1)

Omit “(1) In these Regulations”, substitute:
Note: A number of expressions used in these Regulations are defined in the Act or Part 1.2 (Interpretation) of the Corporations Act: see subsection 4(2) of the Act.
In these Regulations:

Subregulation 1B(1)

Repeal the following definitions:
(a)
definition of ASIC Act;
(b)
definition of Passport Rules.
18
Subregulation 1B(1) (definition of retail financial services licence)
Repeal the definition, substitute:
retail financial services licence means an Australian financial services licence that covers the provision of a financial service to a retail client, whether or not the licence also covers the provision of a financial service to a wholesale client.

Subregulation 1B(2)

Repeal the subregulation.
20
Subregulation 9A(5) (definition of relevant provider)
Repeal the definition.
21
Clause 1 of Schedule 1 (table items 79A and 79B)
Omit “(within the meaning of subsection 1212(1))”.

22Clause 1 of Schedule 1 (table item 109)

Omit “Panel”, substitute “Takeovers Panel”.

Corporations (FinTech Sandbox Australian Financial Services Licence Exemption) Regulations 2020

Section 5 (definition of RSA)

Repeal the definition.

Paragraph 11(2)(d)

Omit “(within the meaning of the Life Insurance Act 1995)”.

Financial Services Compensation Scheme of Last Resort Levy Regulations 2023

25
Subsection 4(1) (definition of basic banking product)
Repeal the definition.
26
Subsection 4(1) (definition of financial product)
Omit “same meaning as in Chapter 7”, substitute “meaning given by Division 3 of Part 7.1”.

Subsection 4(1)

Repeal the following definitions:
(a)
definition of personal advice;
(b)
definition of retail client.

Subsection 4(1) (definition of security)

Omit “section 761A of the Corporations Act 2001 for the purposes of Chapter 7 of that Act (disregarding Part 7.11 of that Chapter)”, substitute “subsection 92(5) of the Corporations Act 2001”.

Subsection 4(2)

Repeal the subsection, substitute:
(2)
Subject to the Act and this instrument, Part 1.2 (Interpretation) of the Corporations Act 2001 applies for the purposes of this instrument as if the provisions of this instrument were provisions of that Act.
Note: Part 1.2 of the Corporations Act 2001 includes the Dictionary in section 9 of that Act, so the definitions in that section apply for the purposes of this instrument unless the Act or this instrument otherwise provides.
30
Subsection 12(1) (table item 3, column headed “The person’s entity metric is:”)
Omit “(within the meaning of section 910A of the Corporations Act 2001)”.
31
Subsection 12(1) (table item 3, column headed “The person’s entity metric is:”, paragraph (a))
Omit “(within the meaning of section 910A of that Act)”.

Life Insurance Regulations 1995

32
Subregulation 4.00A(2) (paragraph (b) of the definition of derivative)
Omit “that Chapter”, substitute “that Act”.

National Consumer Credit Protection (FinTech Sandbox Australian Credit Licence Exemption) Regulations 2020

Subsection 10(4) (definition of retail client)

Omit “Chapter 7 of”.
34
Subsection 10(4) (definition of wholesale client)
Omit “Chapter 7 of”.

National Consumer Credit Protection Regulations 2010

Subregulation 3(1) (definition of AFCA)

Omit “as in Chapter 7 of the Corporations Act 2001”, substitute “as in the Corporations Act”.

Subregulation 3(1) (definition of AFCA scheme)

Repeal the definition.

Subregulation 11A(3)

Omit “Chapter 7 of”.

Paragraphs 23B(4)(a) and 23C(4)(a)

Omit “Chapter 7 of”.

Payment Systems and Netting Regulations 2001

Subparagraph 6(2)(a)(i)

Omit “Chapter 7 of”.

Retirement Savings Accounts Regulations 1997

Subregulation 1.03(1) (definition of AFCA)

Omit “Chapter 7 of”.
41
Subregulation 1.03(1) (definition of AFCA scheme)
Omit “Chapter 7 of”.

Regulation 2.18A (note)

Omit “RSA product”, substitute “RSA”.

Subregulation 6.10A(3)

Omit “Chapter 7 of”.

Superannuation Industry (Supervision) Regulations 1994

Subregulation 1.03(1) (definition of AFCA)

Omit “Chapter 7 of”.
45
Subregulation 1.03(1) (definition of AFCA scheme)
Repeal the definition.
46
Subregulation 1.03(1) (definition of registered company auditor)
Omit “section 9 of”.
47
Subregulation 13.15A(2) (paragraph (b) of the definition of derivative)
Omit “that Chapter”, substitute “that Act”.

Subregulation 13.17D(4)

Omit “Chapter 7 of”.

Tax Agent Services Regulations 2022

Paragraph 26(1)(j)

Omit “section 761A of”.

Subparagraph 26(1)(n)(ii)

Omit “section 910A of”.

Paragraphs 207(e) and 208(e) of Schedule 2

Repeal the paragraphs, substitute:
(e)
is, or was within the last 90 days:
(i)
a financial services licensee within the meaning of the Corporations Act 2001; or
(ii)
a representative of a financial services licensee mentioned in paragraph (a) of the definition of representative in section 9 of the Corporations Act 2001.

Paragraph 209(d) of Schedule 2

Repeal the paragraph, substitute:
(d)
is, or was within the last 90 days:
(i)
a financial services licensee within the meaning of the Corporations Act 2001; or
(ii)
a representative of a financial services licensee mentioned in paragraph (a) of the definition of representative in section 9 of the Corporations Act 2001.

Paragraph 210(c) of Schedule 2

Repeal the paragraph, substitute:
(c)
is, or was within the last 90 days:
(i)
a financial services licensee within the meaning of the Corporations Act 2001; or
(ii)
a representative of a financial services licensee mentioned in paragraph (a) of the definition of representative in section 9 of the Corporations Act 2001.

Schedule 3Amendments of instruments in other portfolios

Australian Crime Commission Regulations 2018

Clause 2 of Schedule 9 (table item 8)

Omit “Chapter 7 of”.

Corporations (Aboriginal and Torres Strait Islander) Regulations 2017

2
Clause 4 of Schedule 4 (table item 9A, column headed “Provision”)
Omit “Section 489F”, substitute “Section 500AAA”.

Clause 4 of Schedule 4 (table items 27 and 28)

Repeal the items.

Clause 4 of Schedule 4 (after table item 30)

Insert:

30A	Subsection 590(8) (paragraph (g) of the definition of relevant day)	Repeal the paragraph.
30B	Subsection 590(8) (paragraph (j) of the definition of relevant day)	Omit “subsection 601AA(4) or 601AB(3)”, substitute “subsection 546‑1(4) or 546‑5(3) of the CATSI Act”.

Family Law (Superannuation) Regulations 2001

Paragraph 60(2)(b)

Omit “Chapter 7 of”.

National Greenhouse and Energy Reporting Regulations 2008

Paragraph 6.57(5)(b)

Omit “section 761A of”.