Licensing and disclosure: Making the transition to the FSR regime

LICENSING AND DISCLOSURE: MAKING THE TRANSITION TO THE FSR REGIME
“FSR commencement” means 11 March 2002, the date fixed by
Proclamation under s2(2) of the FSR Act on which Schedule 1 of the
FSR Act is to commence;
Note: Schedule 1 contains the financial services licensing provisions under Parts 7.6–
7.8 and the financial product disclosure provisions under Part 7.9.
“IABA” means the Insurance (Agents and Brokers) Act 1984 and
includes regulations made for the purposes of the Act;
“licensee” means a person who holds an AFS licence;
“new financial product disclosure regime” means the obligations under
Part 7.9 of the FSR Act;
“new regulatory regime” means the financial services licensing and
product disclosure regime under the Corporations Act as amended by the
FSR Act;
“old Corporations Act” means the Corporations Act 2001 as in force
immediately before FSR commencement;
“old regulatory regime” means (as applicable) the relevant old legislation
and relevant industry codes, standard or practices (however enforceable
at law) related to the provision of financial services and applying
immediately before FSR commencement;
“PDS” means a product disclosure statement that must be given to a
retail client in relation to the offer or issue of a financial product in
accordance with Part 7.9 Division 2 of the FSR Act;
“regulation 10.2.37”, for example, means regulation 10.2.37 of the
Corporations Regulations 2001;
“regulator” means ASIC, the Australian Prudential Regulation Authority,
and the Australian Competition and Consumer Commission, and their
predecessors;
“relevant old legislation” means the law applying immediately before
FSR commencement related to the provision of financial services as
defined for the purposes of s1430;
“representative” of a licensee means:
(a) an authorised representative of the licensee; or
(b) an employee or director of the licensee; or
(c) an employee or director of a related body corporate of the
licensee; or
Australian Securities and Investments Commission — October 2001
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