Licensing and disclosure: Making the transition to the FSR regime

LICENSING AND DISCLOSURE: MAKING THE TRANSITION TO THE FSR REGIME
SECTION 2.3: PRODUCT DISCLOSURE — WHAT ARE THE PROCESSES FOR MOVING TO THE NEW REGULATORY REGIME?
2.3.12 An opt-in notice may only be revoked if a further notice is
lodged with ASIC at least 28 days before the date specified in
the first notice.
2.3.13 Under the transitional provisions, an opt-in notice cannot be
varied or revoked within 28 days or less of the date specified in
the opt-in notice. Product issuers should therefore carefully
select the date they elect for Part 7.9 to apply. When product
issuers specify a date in an opt-in notice, they should ensure that
they, and other relevant persons, will be ready to comply with
Part 7.9 by that date.
Note: See our forthcoming FSR policy statement on Disclosure: Discretionary
powers and transition for guidance on how we will exercise our transitional
discretionary powers. We plan to publish this document before 1 December
2001.
2.3.14 Product issuers who lodge an opt-in notice, or vary or revoke an
opt-in notice, will be required to comply with ASIC’s
determination under s1438(6). We will determine requirements
for informing people about:
(a) the notice, and its significance; and
(b) any later variation or revocation of the notice.
Note: See our forthcoming FSR policy statement on Disclosure: Discretionary
powers and transition for our requirements for the determination under
s1438(6). We plan to publish this document before 1 December 2001.
2.3.15 During the 2-year transitional period, ASIC will make
information available at our offices and on our website at
www.asic.gov.au about:
New financial product classes
(a) opt-in notices that have been lodged with ASIC; and
(b) variations and revocations of those notices.
2.3.16 Part 7.9 will apply to new financial product classes on FSR
commencement: see paragraph 2.1.2 of this guide.
Australian Securities and Investments Commission — October 2001
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