Document ID: chunk:federal_register_of_legislation:C2005C00499:clause:1_1438:p2
Version: federal_register_of_legislation:C2005C00499
Segment Type: clause
Provision Reference: sch 1 cl 1438 (pt 2/2)
Character Range: 155328–157713

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 commencement, there is no transition period in relation to the financial product or products to which the notice relates.

 (5) A notice (the first notice) lodged with ASIC in accordance with paragraph (3)(b):
 (a) may, by a further notice lodged with ASIC, be varied to specify a different date (the new date), but only if:
 (i) that further notice is lodged with ASIC at least 28 days before the date specified in the first notice; and
 (ii) the new date is at least 28 days after that further notice is lodged with ASIC; and
 (b) may, by a further notice lodged with ASIC, be revoked, but only if that further notice is lodged with ASIC at least 28 days before the date specified in the first notice.
A date that was specified in a notice before its variation or revocation in accordance with this subsection is to be disregarded for the purposes of the other provisions of this section.

 (6) If the issuer of a financial product lodges a notice with ASIC in accordance with paragraph (3)(b) that covers the product, the issuer must comply with any applicable requirements determined in writing by ASIC for the purposes of this subsection in relation to the following matters:
 (a) informing people about the notice and its significance; and
 (b) informing people about any subsequent variation or revocation of the notice.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

 (7) A determination by ASIC for the purposes of subsection (6):
 (a) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901; and
 (b) may cover all financial products or one or more classes of financial products; and
 (c) may make different provision in relation to different classes of financial products.

 (8) Subject to the regulations, ASIC must take reasonable steps to ensure that, during the period of 2 years starting on the FSR commencement, information is available:
 (a) on the Internet; and
 (b) at offices of ASIC;
about notices that have been lodged in accordance with paragraph (3)(b). The information must be updated to take account of variations and revocations of such notices.