Commonwealth Consolidated Regulations Commonwealth Consolidated RegulationsStatutory Rules No. 192, 2001
made under the
Australian Securities and Investments Commission Act 2001 and the Corporations Act 2001
Compilation No. 51
Compilation date: 1 November 2023
Includes amendments up to: F2023L01458
Registered: 7 November 2023
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 November 2023 (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 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 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 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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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 Name of Regulations
2A Territorial application of Act
2AC Professional accounting bodies
2B Financial products: credit facility
2BA Declared financial product
2BB Specific things that are not financial products--Australian carbon credit units and eligible international emissions units
2BC Specific things that are not financial products--certain tradeable water rights
2BD Specific things that are not financial products--guarantees issued by the NHFIC
2C Meaning of financial service-- off-market offers for financial products
2D Circumstances in which a person is taken to be provided a traditional trustee company service
2DA Prescribed amount--acquiring financial services as a consumer
2E Prescribed requirements for definition of assert a right to payment
2F Prescribed requirements for warning statements
Part 2--General
3A Professional standards schemes
3B Deferred sales for add-on insurance products--when consumer enters into a commitment
3 Prescribed agencies (Act s 18(2)(d))
4 Form of notice requiring assistance and appearance for examination
5 Notice to produce books
6 Evidence of authority
7 Summons to witnesses to appear before Commission
8 Allowances and expenses payable to examinees and witnesses
8AAAA Delegation
8AA Prescribed professional disciplinary and other bodies
8AB Commission may disclose confidential information to certain bodies corporate
8AC Commission may disclose confidential information to specified bodies or entities
8AAA Annual reports
8B Prescribed body
11 Summons to witnesses to appear before Disciplinary Board
12 Allowances and expenses payable for attendance at hearings of Disciplinary Board
Part 2A--Deferred sales model exemptions
12A Definitions
12B Deferred sales model exemptions
12C Meaning of add-on comprehensive motor vehicle or vessel insurance product
12D Meaning of add-on compulsory third party motor vehicle insurance product
12E Meaning of add-on home and contents insurance product
12F Meaning of add-on home building insurance product
12G Meaning of add-on landlord insurance product
12H Meaning of add-on limited motor vehicle or vessel insurance product
12J Meaning of add-on transport and delivery insurance product
12K Meaning of add-on travel insurance product
12L Meaning of business-related add-on insurance product
12M Meaning of superannuation-related add-on insurance product
Part 2B--Financial Services and Credit Panels
12N Circumstances in which ASIC must convene a Financial Services and Credit Panel
12P Allowances and expenses payable for attendance at hearings of a Financial Services and Credit Panel
Part 3--Takeovers Panel Procedures
Division 1--Preliminary
13 Objects of this Part
14 Application of this Part
15 Definitions for Part 3
16 Powers of Takeovers Panel
Division 2--Applications
18 Reference of matters to the Commission by the Takeovers Panel
19 Making of applications
20 Consideration of applications
Division 3--Decisions to conduct proceedings
21 Notice of decision
22 Decision to hold inquiry
Division 4--Submissions
23 Expressions of interest by non-parties
24 Takeovers Panel may accept submissions from persons expressing interest
25 Submissions
26 Disregard of certain submissions
27 Abuse of Takeovers Panel procedures to be noted
28 Lodgment and distribution of submissions
30 Takeovers Panel may invite further submissions
34 Submissions that are not lodged in time
Division 5--Conferences
35 Purpose of conferences
37 Conduct of conferences
38 Procedures at conferences
39 Addresses to the Takeovers Panel at conferences
40 Witnesses
41 Misbehaviour at conferences
Division 6--Other matters
42 Summons to witnesses by the Takeovers Panel
43 Allowances and expenses payable for attendances
Part 5--Clearing and settlement facilities
45 Meaning of clearing and settlement facility
46 Conduct that does not constitute operating a clearing and settlement facility
47 Financial transaction reports
Part 6--Application and transitional provisions
Division 1--Application of amendments made by the Treasury Laws Amendment (Acquisition as Consumer--Financial Thresholds) Regulations 2020
48 Application--prescribed amount for acquiring financial services as a consumer
Division 2--Transitional matters relating to the Treasury Laws Amendment (Disclosure of Information to Fraud Fusion Taskforce) Regulations 2023
49 Disclosure of information to the Fraud Fusion Taskforce
Schedule 1--Forms
Form 1--Notice requiring appearance at an examination or reasonable assistance in connection with an investigation
Form 2--Notice requiring the production of books
Form 3--Summons to witness
Schedule 2--Witnesses fees and allowances for expenses
Schedule 3--Bodies corporate to which information may be disclosed
Part 1--Australian bodies corporate
Part 2--Foreign bodies corporate
Endnotes
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
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 |
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) | -- |
Treasury Laws Amendment (Modernising Business Communications and Other Measures) Regulations 2022 | 19 Dec 2022 (F2022L01689) | Sch 2 (item 1): 15 Sept 2023 (s 2(1) item 3) | -- |
Treasury Laws Amendment (Disclosure of Information to Fraud Fusion Taskforce) Regulations 2023 | 14 Apr 2023 (F2023L00436) | Sch 1 (items 1-4): 15 Apr 2023 (s 2(1) item 1) | -- |
Treasury Laws Amendment (Professional Standards Schemes) Regulations 2023 | 18 Oct 2023 (F2023L01394) | Sch 1 (item 1): 19 Oct 2023 (s 2(1) item 1) | -- |
Treasury Laws Amendment (ALRC Financial Services Interim Report) Regulations 2023 | 31 Oct 2023 (F2023L01458) | Sch 1 (items 1, 2, 88-111, 114-123): 1 Nov 2023 (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; F2023L01458 |
r 2A.................... | ad No 317, 2001 |
| am F2023L01458 |
r 2AC................... | ad No 210, 2004 |
| am No 152, 2013 |
r 2B.................... | ad No 317, 2001 |
| am F2023L01458 |
r 2BA................... | ad No 87, 2010 |
| am F2023L01458 |
r 2BB................... | ad No 69, 2012 |
| (1) exp 1 July 2012 (r 2BB(2)) |
r 2BC................... | ad No 33, 2014 |
| am F2023L01458 |
r 2BD................... | ad F2019L01625 |
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; F2023L01394 |
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 8A.................... | renum F2023L00436 |
r 8AB (prev r 8A) |
|
r 8AC................... | ad F2023L00436 |
r 8AAA.................. | |
| am F2016L01926; F2018L01144; F2022L00469 |
r 8B.................... | ad No 183, 2010 |
Part 2A |
|
Part 2A.................. | ad F2021L01279 |
r 12A................... | ad F2021L01279 |
| am F2023L01458 |
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 |
| am F2023L01458 |
r 12P................... | ad F2021L01854 |
Part 3 |
|
Part 3 heading............. | am F2023L01458 |
Division 1 |
|
r 13.................... | am F2023L01458 |
r 14.................... | am F2023L01458 |
r 15.................... | am No 317, 2001; F2023L01458 |
r 16.................... | am F2023L01458 |
Division 2 |
|
r 18.................... | am F2023L01458 |
r 19.................... | am F2023L01458 |
r 20.................... | am F2023L01458 |
Division 3 |
|
r 21.................... | am No 192, 2013; F2023L01458 |
r 22.................... | am F2023L01458 |
Division 4 |
|
r 23.................... | am F2023L01458 |
r 24.................... | am F2023L01458 |
r 25.................... | am F2023L01458 |
r 26.................... | am F2023L01458 |
r 27.................... | am F2023L01458 |
r 28.................... | am F2023L01458 |
r 30.................... | am F2023L01458 |
r 34.................... | am F2023L01458 |
Division 5 |
|
r 35.................... | am F2023L01458 |
r 37.................... | am No 192, 2013; F2023L01458 |
r 38.................... | am No 192, 2013; F2023L01458 |
r 39.................... | am F2023L01458 |
r 40.................... | am F2023L01458 |
r 41.................... | am F2023L01458 |
Division 6 |
|
r 42.................... | am F2023L01458 |
r 43.................... | am F2023L01458 |
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; F2023L01458 |
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 |
Division 2 |
|
Division 2................ | ad F2023L00436 |
r 49.................... | ad F2023L00436 |
Schedule 1 |
|
Form 1.................. | rs F2022L01689 |
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; F2023L01458 |
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; F2023L00436 |