First Home Saver Accounts Amendment (Notice of Changes) Regulation 2014
 
Select Legislative Instrument No. 53, 2014
I, General the Honourable Sir Peter Cosgrove AK MC (Ret’d), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation.
Dated 15 May 2014
Peter Cosgrove
Governor‑General
By His Excellency’s Command
Joe Hockey
Treasurer
 
 
 
  
  
Contents
1............ Name of regulation.............................................................................. 1
2............ Commencement................................................................................... 1
3............ Authority............................................................................................. 1
4............ Schedule(s)......................................................................................... 1
Schedule 1—Amendments                                                                                                2
First Home Saver Accounts Regulations 2008                                                      2
 
1  Name of regulation
                   This regulation is the First Home Saver Accounts Amendment (Notice of Changes) Regulation 2014.
2  Commencement
                   This regulation commences on the day it is registered.
3  Authority
                   This regulation is made under the First Home Saver Accounts Act 2008.
4  Schedule(s)
                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Amendments
  
First Home Saver Accounts Regulations 2008
1  At the end of Part 4
Add:
13AA  Notice to applicants of proposed legislative changes
             (1)  This regulation applies if:
                     (a)  on or after 13 May 2014, the Minister announces in the Parliament (including by tabling a document) an intention to amend the Act; and
                     (b)  after the announcement is made, a person applies to an FHSA provider to open or issue an FHSA.
             (2)  The FHSA provider must give the person written notice of the announcement and its effect before the FHSA provider opens or issues the account.
13AB  Notice of proposed legislative changes—transitional
             (1)  This regulation applies if:
                     (a)  on or after 13 May 2014, the Minister announces in the Parliament (including by tabling a document) an intention to amend the Act; and
                     (b)  after the announcement is made, an FHSA provider opens or issues an FHSA; and
                     (c)  the FHSA is opened or issued as a result of an application made:
                              (i)  after the announcement is made; but
                             (ii)  before regulation 13AA commences.
             (2)  The FHSA provider must give the holder of the FHSA written notice of the announcement and its effect.
             (3)  The notice must be given within 7 days after the FHSA is opened or issued.
             (4)  The notice must also state:
                     (a)  the effect of section 1019B (cooling‑off period) of the Corporations Act 2001; and
                     (b)  the day on which the cooling‑off period for the FHSA ends.