Commonwealth Consolidated Regulations Commonwealth Consolidated RegulationsFor section 1444 of the Act, a reference in subsection 1438(1) of the Act to financial products in a class of products that are first issued by a person after the FSR commencement does not include financial products in a class of products if the person who is, or will be, the product issuer first made an offer to issue a financial product in that class of products before the FSR commencement.