Licensing and disclosure: Making the transition to the FSR regime

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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 Page 56
LICENSING AND DISCLOSURE: MAKING THE TRANSITION TO THE FSR REGIME SECTION 2: PRODUCT DISCLOSURE 2.4 What law applies after the transition period? 2.4.1 In general terms, Part 7.9, including its civil and criminal liability provisions, will apply to all persons in relation to a financial product after the transition period for that product. Note 1: Some obligations under Part 7.9 of the FSR Act will apply to all financial products, whether new or existing, from FSR commencement: see paragraph 2.1.5 of this guide. Note 2: See Part 10.2 of the regulations for further regulations that may affect your transition to the new regulatory regime. Australian Securities and Investments Commission — October 2001 Page 57
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CONSULTATION PAPER 26 Licensing and
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Contents LICENSING AND DISCLOSURE:
Page 5 and 6: LICENSING AND DISCLOSURE: MAKING TH
Page 7 and 8: Product disclosure LICENSING AND DI
Page 9 and 10: Your comments LICENSING AND DISCLOS
Page 13 and 14: Our message: apply early LICENSING
Page 15 and 16: Example A LICENSING AND DISCLOSURE:
Page 21 and 22: New financial service providers REP
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Page 63 and 64: Related papers LICENSING AND DISCLO
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Licensing and disclosure: Making the transition to the FSR regime

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