Corporations Point-in-Time Service Updates

The Corporations Point-in-Time Service has been updated to include the Treasury Laws Amendment (2021 Measures No. 2) Act 2021 (Cth) (Act 110 of 2021), the Australian Securities and Investments Commission Amendment (Deferred Sales Model) Regulations 2021 (Cth), and the Corporations (Fees) Amendment (Deferred Sales Model Exemptions) Regulations 2021 (Cth).

Act 110 of 2021

Schedule 3 of this Act amends the Corporations Act in order to insert Division 9 in Part 2M.3 containing provisions regarding disclosure by listed entities of information about jobkeeper payments. The provisions insert new requirements for listed entities to notify market operators about jobkeeper payments and for the ASIC to publish a consolidated report of all notices given to relevant regulators.

Australian Securities and Investments Commission Amendment (Deferred Sales Model) Regulations 2021

The purpose of these Regulations is to exempt certain classes of add-on insurance products from the deferred sales model for a period of five years.

The deferred sales model will enable consumers to make informed decisions on add-on insurance product purchases. It will do so by introducing a pause in the sales process between the purchase of the primary product and the purchase add-on insurance. This pause, or ‘deferral period’, will enable and encourage consumers to consider the merits of the insurance offered and to compare this insurance with alternative products.

Corporations (Fees) Amendment (Deferred Sales Model Exemptions) Regulations 2021

These Regulations amend the table in Schedule 1 to the Corporations (Fees) Regulations 2001 prescribing a fee for applications to the Australian Securities and Investments Commission for an exemption from the deferred sales model for an add-on insurance product or class of add-on insurance products sold by a specified person.    

These amendments have been updated in the Point-in-Time Corporations Service current to 5 October 2021. (NB: subscription required).

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