Corporations Act 2001
(a) a copy of a Product Disclosure Statement has been lodged with ASIC; and
(b) the financial product to which the Statement relates is not able to be traded on any financial market (whether in Australia or elsewhere);
the responsible person must not issue or sell a financial product, pursuant to an application made in response to the Statement, until the period of 7 days (or that period as extended under subsection (2)) after lodgment of the Statement has ended.
Note 2: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
ASIC may extend the period by notice in writing to the responsible person. The period as extended must end no more than 14 days after lodgment.
This section does not apply if the financial product to which the Product Disclosure Statement relates is:
(a) a managed investment product of an Australian passport fund; or
(b) a foreign passport fund product.