Document ID: chunk:federal_register_of_legislation:C2005C00499:clause:1_1438:p1
Version: federal_register_of_legislation:C2005C00499
Segment Type: clause
Provision Reference: sch 1 cl 1438 (pt 1/2)
Character Range: 152757–155558

1438  New product disclosure provisions do not apply to existing products during transition period

 (1) This section applies to all financial products issued by a person, other than financial products in a class of products that are first issued by the person after the FSR commencement.

 (2) For the purposes of this section, the new product disclosure provisions in relation to a financial product to which this section applies are the provisions of Part 7.9 of the amended Corporations Act that, apart from this section, would apply in relation to the financial product (whether those provisions apply to the issuer of the product or to another person or persons), other than the following provisions:
 (a) section 1017C (information for existing holders of superannuation products and RSA products);
 (b) section 1017DA (trustees of superannuation entities—regulations may specify additional obligations to provide information), and regulations made for the purposes of that section;
 (c) section 1017E (dealing with money received for financial product before the product is issued);
 (d) section 1017F (confirming transactions);
 (e) sections 1019A and 1019B (cooling‑off period for return of financial product);
 (f) sections 1020B and 1020C (short selling of securities, managed investment products and certain other financial products);
 (g) section 1020D (Part cannot be contracted out of).

 (3) Subject to subsection (4), the new product disclosure provisions do not apply in relation to a financial product to which this section applies during the period (the transition period) starting on the FSR commencement and ending on whichever of the following first occurs:
 (a) the end of the period of 2 years starting on the FSR commencement;
 (b) the date specified in a notice lodged with ASIC by the issuer of the product that relates to the product, or a class of financial products that includes the product, and that satisfies the following requirements:
 (i) the notice must indicate that the issuer of the product wants the new product disclosure provisions to apply in relation to the product from a date specified in the notice;
 (ii) the date specified in the notice is the FSR commencement or a later date;
 (iii) the date specified in the notice is at least 28 days after the notice is lodged with ASIC.

Note 1: A notice under paragraph (b) may be lodged during the period between the commencement of this section and the FSR commencement, or it may be lodged after the FSR commencement.

Note 2: Subject to Division 2, the provisions covered by paragraphs (2)(a) to (f) apply from the FSR commencement in relation to all financial products to which they purport to apply.

 (4) If the date specified in a notice lodged with ASIC in accordance with paragraph (3)(b) is the FSR