Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 10.2.82

  (1)   For section   1444 of the Act, this regulation applies if:

  (a)   money is paid to a person before the FSR commencement to acquire a financial product (whether the money is paid by the person who is to acquire the financial product or by another person); and

  (b)   the person holds the money immediately after the FSR commencement.

  (2)   The following provisions of the relevant old legislation continue to apply in relation to the person and the money:

  (a)   section   722 of the old Corporations Act, and any associated provisions;

  (b)   Division   5 of Part   19 of the SIS Act, and any associated provisions;

  (c)   Division   6 of Part   5 of the RSA Act, and any associated provisions;

  (d)   section   37 of the Insurance (Agents and Brokers) Act 1984 (other than subsection   37(2)), and any associated provisions.

  (3)   Section   1017E of the Act does not apply in relation to the person and the money.