Up until Friday's opinion, the office of the Legislative Counsel has continued to advise lawmakers that the
cooling-off period applies to any form of paid lobbying.
The OC points out to business owners that they should take note that spectacles and other prescription medical devices remain exempt from the
cooling-off period. While spectacles are considered as a personalised product and are therefore exempt, optical products and accessories such as non-prescription contact lenses are not.
Vanguard employed similar
cooling-off periods for its High-Yield Corporate Fund in 2003 and its Health Care Fund in 1999.
"The lack of regulation of long-term holiday products, re-sale and exchange schemes meant that they [consumers] are not covered by rules on
cooling-off periods, deposits and consumer information," the Commission said.
The Sarbanes-Oxley Act of 2002 (SOA) requires a one-year
cooling-off period before publicly held companies may hire their auditor's former employees or owners for key positions.
OTE members must provide a
cooling-off period of 15 days, while the EU Timeshare Directive provides a minimum 10-day
cooling-off period, in which it is permitted to change your mind and get your money back.
"Also, there will be a new 45-day
cooling-off period," added Ms Mountford.
This
cooling-off period is also being characterized by a slower rate of change than at any previous time since the early 1990s.
"Rowan has been superb in hearing people out and giving people a
cooling-off period," he says.
"We have had to take a bit of time out and have a bit of a
cooling-off period," said Klass.
It also wants to introduce a 14-day
cooling-off period for consumers who enter into a credit agreement, however it is taken out.
The existing
cooling-off period is three years and applies only to former employees of the listed company.