Financial Services Reform (Consequential Provisions) Act 2002
No. 29, 2002
An Act to amend the Retirement Savings Accounts Act 1997
and the Corporations Act 2001, and for related purposes
[Assented to 5 April 2002]
The Parliament of Australia enacts:
1 Short
title
This Act may be cited as the Financial
Services Reform (Consequential Provisions) Act 2002.
2 Commencement
(1) Each provision of this Act specified in
column 1 of the table commences, or is taken to have commenced, on the day or
at the time specified in column 2 of the table.
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Commencement information
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Column 1
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Column 2
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Column 3
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Provision(s)
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Commencement
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Date/Details
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1. Sections 1 to
3 and anything in this Act not elsewhere covered by this table
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The day on which this Act receives the Royal Assent
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5 April 2002
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2. Schedule 1
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Immediately after the commencement of the Family Law
Legislation Amendment (Superannuation) Act 2001
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28 Dec 2002
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3. Schedule 2, item 1
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Immediately after the commencement of item 329 of
Schedule 1 to the Financial Services Reform Act 2001
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11 March 2002
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4. Schedule 2, items 2 to 7
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Immediately after the commencement of item 1 of
Schedule 1 to the Financial Services Reform Act 2001
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11 March 2002
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5. Schedule 2, item 8
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Immediately after the commencement of item 436 of
Schedule 1 to the Financial Services Reform Act 2001
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11 March 2002
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Note: This table relates only to the provisions of
this Act as originally passed by the Parliament and assented to. It will not be
expanded to deal with provisions inserted in this Act after assent.
(2) Column 3 of the table is for additional
information that is not part of this Act. This information may be included in
any published version of this Act.
3 Schedule(s)
Each Act that is specified in a Schedule
to this Act is amended or repealed as set out in the applicable items in the
Schedule concerned, and any other item in a Schedule to this Act has effect
according to its terms.
Schedule 1—Retirement Savings Accounts Act 1997
1 Subsection 41(5)
Omit “subsections (1) and (3)”, substitute “this section”.
2 At the end of section 41
Add:
(6) This section does not apply to a charge
or assignment that is permitted, whether expressly or by necessary implication,
by the regulations.
Schedule 2—Corporations Act 2001
1 Before section 97
Insert:
95A Solvency and insolvency
(1) A person is solvent if, and only if, the
person is able to pay all the person’s debts, as and when they become due and
payable.
(2) A person who is not solvent is insolvent.
2 Subsection 992A(3)
Omit all the words before paragraph (a), substitute:
A person must not make an offer to issue
or sell a financial product in the course of, or because of:
(aa) an unsolicited telephone call to
another person; or
(ab) an unsolicited contact with another
person in another way that is prescribed by the regulations for the purposes of
this paragraph;
unless the other person has been:
3 After subsection 992A(3)
Insert:
(3A) Neither subsection (1) nor (3) applies
to an offer of financial products if the offer is not to a retail client.
Note: A defendant bears an evidential burden in
relation to the matters in this subsection. See subsection 13.3(3) of the Criminal
Code.
4 Section 1042A (paragraph (c) of the definition
of Division 3 financial products)
Repeal the paragraph, substitute:
(c) interests in a managed investment
scheme; or
(ca) debentures, stocks or bonds issued
or proposed to be issued by a government; or
5 Section 1043H
Omit “entered into, one or more transactions or agreements in
relation to financial products issued by that other person”, substitute “entered
into or proposed to enter into, one or more transactions or agreements in
relation to financial products issued by the other person or by a third
person”.
6 Subsections 1043I(1) and (2)
Omit “entered into, one or more transactions or agreements in relation
to financial products issued by the other person”, substitute “entered into or
proposed to enter into, one or more transactions or agreements in relation to
financial products issued by the other person or by a third person”.
7 Subsection 1043J(1)
Omit “entered into, one or more transactions or agreements in
relation to financial products issued by the other person”, substitute “entered
into or proposed to enter into, one or more transactions or agreements in
relation to financial products issued by the third person or by a fourth
person”.
8 Section 1317DA (definition of financial services
civil penalty provision)
Omit “(jb)”, substitute “(ja)”.
[Minister’s
second reading speech made in—
Senate on 14 February 2002
House of Representatives on 21 March 2002]