Corporations Amendment Regulations 2012 (No.   )1
Select Legislative Instrument 2012 No.   
I, QUENTIN BRYCE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Corporations Act 2001.
Dated	2012

Governor-General
By Her Excellency’s Command
[DRAFT ONLY – NOT FOR SIGNATURE]
Assistant Treasurer

1	Name of Regulations
		These Regulations are the Corporations Amendment Regulations 2012 (No.   ).
2	Commencement
		These Regulations commence on [the day that is 3 months after they are registered].
[Commencement to be determined at time of finalising instrument.]
3	Amendment of Corporations Regulations 2001
		Schedule 1 amends the Corporations Regulations 2001.

Schedule 1	Amendments
(regulation 3)
[1]	After regulation 7.1.04G
insert
7.1.04H	Meaning of issued and issuer for limited recourse borrowing arrangements
	(1)	This regulation applies to a financial product that is an arrangement relating to the acquisition of an acquirable asset under section 67A or 67B of the Superannuation Industry (Supervision) Act 1993.
Note   Regulation 7.1.04J declares this arrangement to be a financial product.
	(2)	For paragraph 761E (7) (a) of the Act:
	(a)	an arrangement mentioned in subregulation (1) is issued when a person enters into a legal relationship that sets up  the arrangement; and
	(b)	each party to the arrangement is an issuer of the product.
7.1.04J	Specific things that are financial products: limited recourse borrowing arrangements
	(1)	For paragraph 764A (1) (m) of the Act, an arrangement relating to the acquisition of an acquirable asset under section 67A or 67B of the Superannuation Industry (Supervision) Act 1993 is declared to be a financial product. 	
	(2)	However, the following are not declared to be a financial product:
	(a)	a custodial or depository service (within the meaning given by section 766E of the Act);
	(b)	a custodial or depository arrangement not covered by paragraph (a);
	(c)	an administrative service provided in relation to a custodial or depository service or arrangement.
[2]	After subregulation 7.1.06 (2)
insert
	(2A)	An arrangement relating to the acquisition of an acquirable asset under section 67A or 67B of the Superannuation Industry (Supervision) Act 1993 is not a credit facility.
[3]	Regulation 7.1.06B
omit
[4]	After regulation 7.6.01AA
insert
7.6.01AB	Persons taken to hold financial services licences covering limited recourse borrowing arrangements
		For subsection 911A (7) of the Act, a person’s financial services licence is taken to cover the provision of a financial service in relation to an arrangement relating to the acquisition of an acquirable asset under section 67A or 67B of the Superannuation Industry (Supervision) Act 1993 if:
	(a)	the licence would cover the service if it were provided in relation to a security; or
	(b)	the licence would cover the service if it were provided in relation to a derivative.
Note 1  Subsection 911A (7) of the Act was added by regulation 7.6.01AA.
Note 2   Derivative is defined in section 761D of the Act and securities is defined in section 92 of the Act.

Note
1.	All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.