Commonwealth Numbered Regulations Commonwealth Numbered Regulations
[1] After subregulation 4 (1)
insert
(1A) If, during the period commencing on the day on which this subregulation commences and ending on 22 June 2012:
(a) a person decides to issue a supplementary Product Disclosure Statement; and
(b) the supplementary Product Disclosure Statement relates to a Product Disclosure Statement for a superannuation product or a financial product mentioned in subregulation (1) that was prepared in accordance with the Corporations Regulations 2001 as in force before the day on which this subregulation commences;
the amendments made by Schedule 1 apply to the extent necessary to allow the person to prepare the supplementary Product Disclosure Statement in accordance with the Corporations Regulations 2001 as amended.
(1B) If, during the period commencing on the day on which this subregulation commences and ending on 22 June 2012, a person decides to issue a Product Disclosure Statement for a superannuation product or a financial product mentioned in subregulation (1) without relying on the amendments made by Schedule 1:
(a) the person is permitted to issue the Product Disclosure Statement without relying on the amendments; and
(b) the person is not then permitted to issue another Product Disclosure Statement of that kind during the period in a way that relies on those amendments.
[2] Subregulation 4 (3)
omit
On and after the end of the period of 1 year commencing on the day on which these Regulations commence
insert
On and after 22 June 2012
[3] Subregulation 4 (4)
omit
On and after the end of the period of 1 year commencing on the day on which these Regulations commence
insert
On and after 22 June 2012
[4] After subregulation 4 (6)
insert
(7) Despite subregulations (1), (1A) and (2) to (6), if:
(a) the amendments made by Schedule 1 do not apply at a particular time because of any of those subregulations; and
(b) a person decides to rely on those amendments in relation to a superannuation product or a financial product mentioned in the relevant subregulation;
the relevant subregulation does not apply and the amendments made by Schedule 1 are taken to apply in relation to the person and the product on and after that time.
Note Subregulation (1B) allows a person to decide not to rely on the amendments made by Schedule 1 in relation to a Product Disclosure Statement for a superannuation product or financial product in particular circumstances. The person is permitted to issue the Product Disclosure Statement without relying on those amendments and the person cannot then change that decision and issue a Product Disclosure Statement that relies on those amendments.