Licensing and disclosure: Making the transition to the FSR regime

LICENSING AND DISCLOSURE: MAKING THE TRANSITION TO THE FSR REGIME
SECTION 2: PRODUCT DISCLOSURE
2.3 What are the processes for moving to the
new regulatory regime?
Existing financial products
2.3.1 Under the transitional provisions, product issuers may move to
the new product disclosure regime under Part 7.9 in relation to
an existing financial product by lodging a notice with ASIC (an
opt-in notice), opting in to the new financial product disclosure
regulatory regime in relation to that existing product or a class
of financial products that includes the product.
2.3.2 If a product issuer does not lodge an opt-in notice in relation to
an existing financial product with ASIC within the 2-year
transitional period, Part 7.9 will apply in relation to that existing
product from 11 March 2004.
Example
Product issuer A lodges an opt-in notice with ASIC stating that it wants Part
7.9 to apply to product 1 on 11 March 2002 (FSR commencement). A does not
opt in at any time for products 2 and 3. Part 7.9 will apply to product 1 on 11
March 2002, and to products 2 and 3 from 11 March 2004.
2.3.3 An opt-in notice in relation to a product must be lodged with
ASIC by the product issuer. The notice must identify the product
issuer clearly.
2.3.4 An opt-in notice may relate to a single product or to a class of
products. The notice must identify the product or the class of
products clearly.
2.3.5 An opt-in notice must indicate that the product issuer wants Part
7.9 to apply to the product, or class of products, from a specified
date.
2.3.6 The date specified in an opt-in notice may be 11 March 2002 or
a later date, but not an earlier date.
2.3.7 The date specified in an opt-in notice must be at least 28 days
after the notice is lodged with ASIC.
2.3.8 Product issuers who want Part 7.9 to apply in relation to one or
more financial products from 11 March 2002 must therefore
lodge an opt-in notice with ASIC at least 28 days before
Australian Securities and Investments Commission — October 2001
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