Commonwealth Consolidated Regulations Commonwealth Consolidated RegulationsStatutory Rules No. 192, 2001
Compilation No. 47
Compilation date: 1 July 2022
Includes amendments up to: F2022L00831
Registered: 8 July 2022
About this compilation
This compilation
This is a compilation of the Australian Securities and Investments Commission Regulations 2001 that shows the text of the law as amended and in force on 1 July 2022 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.
Self-repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Part 1--Preliminary 1
1 Name of Regulations...................................................................................... 1
2 Definitions..................................................................................................... 1
2A Territorial application of Act....................................................................... 1
2AC Professional accounting bodies................................................................ 2
2B Financial products: credit facility................................................................. 2
2BA Declared financial product........................................................................ 3
2BB Specific things that are not financial products--Australian carbon credit units and eligible international emissions units.................................................................................... 3
2BC Specific things that are not financial products--certain tradeable water rights 4
2BD Specific things that are not financial products--guarantees issued by the NHFIC 4
2C Meaning of financial service--off-market offers for financial products...... 5
2D Circumstances in which a person is taken to be provided a traditional trustee company service 5
2DA Prescribed amount--acquiring financial services as a consumer.............. 5
2E Prescribed requirements for definition of assert a right to payment............ 5
2F Prescribed requirements for warning statements.......................................... 5
Part 2--General 6
3A Professional standards schemes.................................................................. 6
3B Deferred sales for add-on insurance products--when consumer enters into a commitment 9
3 Prescribed agencies (Act s 18(2)(d))............................................................ 10
4 Form of notice requiring assistance and appearance for examination........... 10
5 Notice to produce books.............................................................................. 10
6 Evidence of authority................................................................................... 10
7 Summons to witnesses to appear before Commission................................. 11
8 Allowances and expenses payable to examinees and witnesses................... 11
8AAAA Delegation........................................................................................ 11
8AA Prescribed professional disciplinary and other bodies............................ 11
8A Commission may disclose confidential information to certain bodies corporate 12
8AAA Annual reports.................................................................................... 12
8B Prescribed body......................................................................................... 14
11 Summons to witnesses to appear before Disciplinary Board..................... 14
12 Allowances and expenses payable for attendance at hearings of Disciplinary Board 14
Part 2A--Deferred sales model exemptions 15
12A Definitions.............................................................................................. 15
12B Deferred sales model exemptions............................................................ 16
12C Meaning of add-on comprehensive motor vehicle or vessel insurance product 16
12D Meaning of add-on compulsory third party motor vehicle insurance product 17
12E Meaning of add-on home and contents insurance product..................... 17
12F Meaning of add-on home building insurance product............................ 18
12G Meaning of add-on landlord insurance product..................................... 18
12H Meaning of add-on limited motor vehicle or vessel insurance product.. 19
12J Meaning of add-on transport and delivery insurance product................ 19
12K Meaning of add-on travel insurance product.......................................... 19
12L Meaning of business-related add-on insurance product......................... 20
12M Meaning of superannuation-related add-on insurance product............ 20
Part 2B--Financial Services and Credit Panels 21
12N Circumstances in which ASIC must convene a Financial Services and Credit Panel 21
12P Allowances and expenses payable for attendance at hearings of a Financial Services and Credit Panel.......................................................................................................... 22
Part 3--Panel Procedures 23
Division 1--Preliminary 23
13 Objects of this Part..................................................................................... 23
14 Application of this Part.............................................................................. 23
15 Definitions for Part 3................................................................................. 23
16 Powers of Panel......................................................................................... 23
Division 2--Applications 25
18 Reference of matters to the Commission by the Panel................................ 25
19 Making of applications............................................................................... 25
20 Consideration of applications..................................................................... 25
Division 3--Decisions to conduct proceedings 26
21 Notice of decision...................................................................................... 26
22 Decision to hold inquiry............................................................................. 26
Division 4--Submissions 27
23 Expressions of interest by non-parties....................................................... 27
24 Panel may accept submissions from persons expressing interest............... 27
25 Submissions............................................................................................... 27
26 Disregard of certain submissions............................................................... 27
27 Abuse of Panel procedures to be noted...................................................... 28
28 Lodgment and distribution of submissions................................................ 28
30 Panel may invite further submissions......................................................... 28
34 Submissions that are not lodged in time..................................................... 28
Division 5--Conferences 29
35 Purpose of conferences.............................................................................. 29
37 Conduct of conferences.............................................................................. 29
38 Procedures at conferences.......................................................................... 29
39 Addresses to the Panel at conferences........................................................ 30
40 Witnesses................................................................................................... 30
41 Misbehaviour at conferences...................................................................... 30
Division 6--Other matters 31
42 Summons to witnesses by the Panel.......................................................... 31
43 Allowances and expenses payable for attendances..................................... 31
Part 5--Clearing and settlement facilities 32
45 Meaning of clearing and settlement facility................................................ 32
46 Conduct that does not constitute operating a clearing and settlement facility 32
47 Financial transaction reports....................................................................... 33
Part 6--Application and transitional provisions 34
Division 1--Application of amendments made by the Treasury Laws Amendment (Acquisition as Consumer--Financial Thresholds) Regulations 2020 34
48 Application--prescribed amount for acquiring financial services as a consumer 34
Schedule 1--Forms 35
Form 1--Notice requiring appearance at an examination or reasonable assistance in connection with an investigation 35
Form 2--Notice requiring the production of books 37
Form 3--Summons to witness 38
Schedule 2--Witnesses fees and allowances for expenses 39
Schedule 3--Bodies corporate to which information may be disclosed 40
Part 1--Australian bodies corporate 40
Part 2--Foreign bodies corporate 41
Endnotes 44
Endnote 1--About the endnotes 44
Endnote 2--Abbreviation key 45
Endnote 3--Legislation history 46
Endnote 4--Amendment history 50
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
Abbreviation key--Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history--Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.
If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to the amendment history.
|
ad = added or inserted |
o = order(s) |
|
am = amended |
Ord = Ordinance |
|
amdt = amendment |
orig = original |
|
c = clause(s) |
par = paragraph(s)/subparagraph(s) |
|
C[x] = Compilation No. x |
/sub-subparagraph(s) |
|
Ch = Chapter(s) |
pres = present |
|
def = definition(s) |
prev = previous |
|
Dict = Dictionary |
(prev ... ) = previously |
|
disallowed = disallowed by Parliament |
Pt = Part(s) |
|
Div = Division(s) |
r = regulation(s)/rule(s) |
|
ed = editorial change |
reloc = relocated |
|
exp = expires/expired or ceases/ceased to have |
renum = renumbered |
|
effect |
rep = repealed |
|
F = Federal Register of Legislation |
rs = repealed and substituted |
|
gaz = gazette |
s = section(s)/subsection(s) |
|
LA = Legislation Act 2003 |
Sch = Schedule(s) |
|
Sdiv = Subdivision(s) |
|
|
(md) = misdescribed amendment can be given |
SLI = Select Legislative Instrument |
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effect |
SR = Statutory Rules |
|
(md not incorp) = misdescribed amendment |
Sub-Ch = Sub-Chapter(s) |
|
cannot be given effect |
SubPt = Subpart(s) |
|
mod = modified/modification |
underlining = whole or part not |
|
No. = Number(s) |
commenced or to be commenced |
Endnote 3--Legislation history
|
Number and year |
FRLI registration or gazettal |
Commencement |
Application, saving and transitional provisions |
|
192, 2001 |
13 July 2001 |
15 July 2001 (gaz 2001, No S285) |
|
|
317, 2001 |
15 Oct 2001 |
11 Mar 2002 (r 2 and gaz 2001, No GN42) |
-- |
|
39, 2002 |
7 Mar 2002 |
11 Mar 2002 (r 2) |
-- |
|
124, 2002 |
14 June 2002 |
11 Mar 2002 (r 2) |
-- |
|
107, 2003 |
4 June 2003 |
4 June 2003 (r 2) |
-- |
|
102, 2004 |
28 May 2004 |
28 May 2004 (r 2) |
-- |
|
210, 2004 |
9 July 2004 |
9 July 2004 (r 2) |
-- |
|
397, 2004 |
23 Dec 2004 |
r 1-3 and Sch 1: 23 Dec 2004 (r 2) |
-- |
|
101, 2006 |
10 May 2006 (F2006L01443) |
11 May 2006 (r 2) |
-- |
|
119, 2007 |
14 May 2007 (F2007L01269) |
15 May 2007 (r 2) |
-- |
|
321, 2007 |
28 Sept 2007 (F2007L03800) |
29 Sept 2007 (r 2) |
-- |
|
322, 2007 |
28 Sept 2007 (F2007L03845) |
31 Dec 2007 (r 2) |
-- |
|
86, 2010 |
6 May 2010 (F2010L01096) |
6 May 2010 (r 2) |
-- |
|
87, 2010 |
10 May 2010 (F2010L01197) |
1 Jan 2011 (r 2) |
-- |
|
183, 2010 |
30 June 2010 (F2010L01801) |
28 June 2010 (r 2) |
-- |
|
278, 2010 |
18 Nov 2010 (F2010L03015) |
1 Jan 2011 (r 2) |
-- |
|
331, 2010 |
10 Dec 2010 (F2010L03187) |
13 Dec 2010 (r 2 and F2010L03188) |
-- |
|
193, 2011 |
21 Oct 2011 (F2011L02103) |
31 Oct 2011 (r 2) |
-- |
|
69, 2012 |
11 May 2012 (F2012L01026) |
12 May 2012 (s 2) |
-- |
|
247, 2012 |
30 Oct 2012 (F2012L02102) |
1 Nov 2012 (s 2) |
-- |
|
25, 2013 |
1 Mar 2013 (F2013L00385) |
1 Mar 2013 (s 2) |
-- |
|
152, 2013 |
28 June 2013 (F2013L01264) |
Sch 1 (items 1-4): 1 July 2013 (s 2) |
-- |
|
192, 2013 |
25 July 2013 (F2013L01431) |
Sch 1 (items 1-5): 26 July 2013 (s 2) |
-- |
|
33, 2014 |
14 Mar 2014 (F2014L00261) |
Sch 1 (item 1) and Sch 3 (item 1): 15 Mar 2014 (s 2) |
-- |
|
88, 2014 |
13 June 2014 (F2014L00711) |
Sch 3 (items 1, 2): 14 June 2014 (s 2) |
-- |
|
185, 2014 |
1 Dec 2014 (F2014L01612) |
Sch 1 (item 1): 1 Dec 2014 (s 2 item 2) |
-- |
|
92, 2015 |
18 June 2015 (F2015L00841) |
Sch 1 (item 1): 19 June 2015 (s 2(1) item 1) |
-- |
|
134, 2015 |
12 Aug 2015 (F2015L01262) |
Sch 1 (item 1): 13 Aug 2015 (s 2(1) item 1) |
-- |
|
Name |
Registration |
Commencement |
Application, saving and transitional provisions |
|
Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 |
26 Feb 2016 (F2016L00156) |
Sch 2 (items 1-8): 27 Feb 2016 (s 2(1) item 1) |
-- |
|
Corporations and Other Legislation Amendment (Insolvency Law Reform) Regulation 2016 |
13 Dec 2016 (F2016L01926) |
Sch 1 (items 5-7): 1 Mar 2017 (s 2(1) item 2) |
-- |
|
Treasury Laws Amendment (Professional Standards Schemes) Regulations 2017 |
24 May 2017 (F2017L00595) |
Sch 1 (items 1-11): 25 May 2017 (s 2(1) item 1) |
-- |
|
Treasury Laws Amendment (Professional Standards Schemes) Regulations 2018 |
9 Feb 2018 (F2018L00096) |
Sch 1 (items 1-3): 10 Feb 2018 (s 2(1) item 1) |
-- |
|
Corporations Amendment (Asia Region Funds Passport) Regulations 2018 |
20 Aug 2018 (F2018L01144) |
Sch 2 (items 13, 14): 18 Sept 2018 (s 2(1) item 2) |
-- |
|
Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2018 |
2 Oct 2018 (F2018L01393) |
Sch 1 (items 1-6): 3 Oct 2018 (s 2(1) item 1) |
-- |
|
Treasury Laws Amendment (Professional Standards Schemes) Regulations 2019 |
25 Mar 2019 (F2019L00368) |
Sch 1 (items 1-7): 26 Mar 2019 (s 2(1) item 1) |
-- |
|
Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2019 |
21 Oct 2019 (F2019L01351) |
Sch 1 (items 1-11): 22 Oct 2019 (s 2(1) item 1) |
-- |
|
Australian Securities and Investments Commission Amendment (First Home Loan Deposit Scheme Guarantees) Regulations 2019 |
16 Dec 2019 (F2019L01625) |
17 Dec 2019 (s 2(1) item 1) |
-- |
|
Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019 |
17 Dec 2019 (F2019L01641) |
Sch 1 (item 1): 18 Dec 2019 (s 2(1) item 2) |
-- |
|
Treasury Laws Amendment (Professional Standards Schemes) Regulations 2020 |
12 June 2020 (F2020L00699) |
Sch 1 (items 1-5): 1 July 2020 (s 2(1) item 1) |
-- |
|
Treasury Laws Amendment (Acquisition as Consumer--Financial Thresholds) Regulations 2020 |
13 July 2020 (F2020L00907) |
Sch 1 (items 1, 2): 1 July 2021 (s 2(1) item 1) |
-- |
|
Australian Securities and Investments Commission Amendment (Delegation) Regulations 2021 |
1 Apr 2021 (F2021L00405) |
2 Apr 2021 (s 2(1) item 1) |
-- |
|
Treasury Laws Amendment (Professional Standards Schemes) Regulations 2021 |
30 Apr 2021 (F2021L00520) |
Sch 1 (items 1, 2): 1 May 2021 (s 2(1) item 1) |
-- |
|
Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2021 |
24 Aug 2021 (F2021L01186) |
Sch 1 (items 1-4): 25 Aug 2021 (s 2(1) item 1) |
-- |
|
Australian Securities and Investments Commission Amendment (Deferred Sales Model) Regulations 2021 |
17 Sept 2021 (F2021L01279) |
5 Oct 2021 (s 2(1) item 1) |
-- |
|
Financial Sector Reform Amendment (Hayne Royal Commission Response--Better Advice) Regulations 2021 |
20 Dec 2021 (F2021L01854) |
Sch 1 (items 1-3): 1 Jan 2022 (s 2(1) item 1) |
-- |
|
Treasury Laws Amendment (Professional Standards Schemes) Regulations 2022 |
21 Mar 2022 (F2022L00350) |
Sch 1 (items 1-3): 22 Mar 2022 (s 2(1) item 2) |
-- |
|
Corporations and Other Legislation Amendment (Corporate Collective Investment Vehicle Framework) Regulations 2022 |
31 Mar 2022 (F2022L00469) |
Sch 1 (item 1): 1 July 2022 (s 2(1) item 1) |
-- |
|
Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2022 |
24 June 2022 (F2022L00831) |
Sch 1 (items 1-3): 1 July 2022 (s 2(1) item 1) |
-- |
|
Provision affected |
How affected |
|
Note about numbering............... |
rep F2019L01641 |
|
Part 1 |
|
|
r 1A.......................................... |
rep LA s 48D |
|
r 2............................................. |
am No 69, 2012 |
|
r 2A.......................................... |
ad No 317, 2001 |
|
r 2AC........................................ |
ad No 210, 2004 |
|
|
am No 152, 2013 |
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r 2B........................................... |
ad No 317, 2001 |
|
r 2BA........................................ |
ad No 87, 2010 |
|
r 2BB........................................ |
ad No 69, 2012 |
|
|
(1) exp 1 July 2012 (r 2BB(2)) |
|
r 2BC........................................ |
ad No 33, 2014 |
|
r 2BD........................................ |
ad F2019L01625 |
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r 2C........................................... |
ad No 107, 2003 |
|
|
rs No 331, 2010 |
|
r 2D.......................................... |
ad No 86, 2010 |
|
r 2DA........................................ |
ad F2020L00907 |
|
r 2E........................................... |
ad No 278, 2010 |
|
r 2F........................................... |
ad No 278, 2010 |
|
Part 2 |
|
|
r 3A.......................................... |
ad No 101, 2006 |
|
|
am No 247, 2012; No 25, 2013; No 33, 2014; No 88, 2014 |
|
|
rs No 185, 2014 |
|
|
am No 92, 2015; No 134, 2015; F2016L00156; F2017L00595; F2018L00096; F2018L01393; F2019L00368; F2019L01351; F2020L00699; F2021L00520; F2021L01186; F2022L00350; F2022L00831 |
|
r 3B........................................... |
ad F2021L01279 |
|
r 3............................................. |
am No 317, 2001; No 69, 2012 |
|
r 5............................................. |
am No 317, 2001 |
|
r 8AAAA.................................. |
ad F2021L00405 |
|
r 8AA........................................ |
ad No 322, 2007 |
|
|
am No 152, 2013 |
|
|
rs F2016L01926 |
|
r 8AAA..................................... |
|
|
|
am F2016L01926; F2018L01144; F2022L00469 |
|
r 8B........................................... |
ad No 183, 2010 |
|
Part 2A |
|
|
Part 2A...................................... |
ad F2021L01279 |
|
r 12A........................................ |
ad F2021L01279 |
|
r 12B......................................... |
ad F2021L01279 |
|
r 12C......................................... |
ad F2021L01279 |
|
r 12D........................................ |
ad F2021L01279 |
|
r 12E......................................... |
ad F2021L01279 |
|
r 12F......................................... |
ad F2021L01279 |
|
r 12G........................................ |
ad F2021L01279 |
|
r 12H........................................ |
ad F2021L01279 |
|
r 12J.......................................... |
ad F2021L01279 |
|
r 12K........................................ |
ad F2021L01279 |
|
r 12L......................................... |
ad F2021L01279 |
|
r 12M........................................ |
ad F2021L01279 |
|
Part 2B |
|
|
Part 2B...................................... |
ad F2021L01854 |
|
r 12N........................................ |
ad F2021L01854 |
|
r 12P......................................... |
ad F2021L01854 |
|
Part 3 |
|
|
Division 1 |
|
|
r 15........................................... |
am No 317, 2001 |
|
Division 3 |
|
|
r 21........................................... |
am No 192, 2013 |
|
Division 5 |
|
|
r 37........................................... |
am No 192, 2013 |
|
r 38........................................... |
am No 192, 2013 |
|
Part 4........................................ |
rep LA s 48C |
|
r 44........................................... |
rep LA s 48C |
|
Part 5 |
|
|
Part 5........................................ |
ad No 317, 2001 |
|
r 45........................................... |
ad No 317, 2001 |
|
|
am No 69, 2012; F2018L01144 |
|
r 46........................................... |
ad No 317, 2001 |
|
|
am No 124, 2002; No 321, 2007 |
|
r 47........................................... |
ad No 317, 2001 |
|
Part 6 |
|
|
Part 6........................................ |
ad No 397, 2004 |
|
|
rep No 152, 2013 |
|
|
ad F2020L00907 |
|
Division 1 |
|
|
r 48........................................... |
ad No 397, 2004 |
|
|
rep No 152, 2013 |
|
|
ad F2020L00907 |
|
Schedule 1 |
|
|
Form 2...................................... |
am No 317, 2001 |
|
Form 3...................................... |
am No 317, 2001; F2016L01926 |
|
Form 4...................................... |
ad No 397, 2004 |
|
|
rep No 152, 2013 |
|
Schedule 2 |
|
|
Schedule 2................................ |
am F2021L01854 |
|
Schedule 3 |
|
|
Schedule 3................................ |
am No 317, 2001; No 39, 2002; No 102, 2004; No 397, 2004; No 119, 2007; No 321, 2007; No 193, 2011 |