Commonwealth Numbered Regulations - Explanatory Statements

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CORPORATIONS AMENDMENT REGULATIONS 2002 (NO. 8) 2002 NO. 265

STATUTORY RULES 2002 No. 265

Issued by authority of the Parliamentary Secretary to the Treasurer

Corporations Act 2001

Corporations Amendment Regulations 2002 (No. 8)

Section 1364 of the Corporations Act 2001 (the Act) provides that the Governor-General may make regulations prescribing matters required or permitted by the Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act.

The purpose of the Regulations is to amend Regulation 7.8.22 of the Corporations Amendment Regulations 2002 (No. 3), as contained in Statutory Rules 2002 No. 41, which prescribes the hours that financial product providers can pursue consumer sales of certain products (hawking) via such avenues as telemarketing. Such activities are currently prohibited except during the hours of 8am to 9pm on all days but Christmas Day, Good Friday and Easter Sunday. The Regulations extend the prohibition of these activities to any Sunday.

The prohibition follows agreement in the Senate on 16 September 2002, during debate on a motion of disallowance, which in part related to Regulation 7.8.22. During the debate it was suggested that such activities are potentially intrusive given they involve unsolicited approaches to people to market financial products, and that this should not be permitted on any Sunday.

The Regulations commenced on gazettal.