Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 10.2.87A

Meaning of financial product advice: exempt document or statement

             (1)  For subsection 1409(1) of the Act, this regulation applies to a document or statement about a financial product during the transition period that ceases on the earlier of:

                     (a)  the date that Part 7.9 of the Act applies to the regulated person; and

                     (b)  2 years after the FSR commencement.

             (2)  The following documents and statements are prescribed under paragraph (b) of the definition of exempt document or statement in subsection 766B(9) of the Act:

                     (a)  in relation to an interest in a managed investment scheme to which Division 2 of Part 7.9 of the Act does not apply--a disclosure document lodged under Chapter 6D of the Act;

                     (b)  in relation to a derivative to which Division 2 of Part 7.9 of the Act does not apply--information mentioned in section 1210 of the old Corporations Act;

                     (c)  in relation to a superannuation product to which Division 2 of Part 7.9 of the Act does not apply--information mentioned in section 153 or 159 of the SIS Act or Part 2 of the SIS Regulations as in force immediately before the FSR commencement;

                     (d)  in relation to an RSA product to which Division 2 of Part 7.9 of the Act does not apply--information mentioned in section 56 of the RSA Act, as in force immediately before the FSR commencement;

                     (e)  in relation to an investment life insurance product or a life risk insurance product--a document or statement that contains information given in accordance with Circular G.I.1, issued by the Insurance and Superannuation Commission in February 1996.



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