Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.9 - FINANCIAL PRODUCT DISCLOSURE AND OTHER PROVISIONS RELATING TO ISSUE, SALE AND PURCHASE OF FINANCIAL PRODUCTS  

Division 2 - Product Disclosure Statements  

Subdivision E - Other requirements relating to Product Disclosure Statements and Supplementary Product Disclosure Statements  

SECTION 1015D   NOTICE, RETENTION AND ACCESS REQUIREMENTS FOR STATEMENT THAT DOES NOT NEED TO BE LODGED  

1015D(1)  
This section applies to a Statement if section 1015B does not require a copy of the Statement to be lodged with ASIC.

1015D(2)  


The responsible person for the Statement (other than the trustee of a self managed superannuation fund) must lodge a notice with ASIC, in electronic form, advising of the occurrence of any of the following events as soon as practicable, and in any event within 5 business days, after the occurrence of the event:


(a) except in the case of a Supplementary Product Disclosure Statement - a copy of the Statement is first given to someone in a recommendation, issue or sale situation;


(b) a change is made to fees and charges set out in the Statement;


(c) the financial product to which the Statement relates ceases to be available to be recommended or offered to new clients in a recommendation, issue or sale situation.

Note 1: Failure to comply with this subsection is an offence (see subsection 1311(1)).

Note 2: The fees and charges set out in a Product Disclosure Statement may be changed by a Supplementary Product Disclosure Statement (see section 1014A).

1015D(3)  
The responsible person for the Statement must keep a copy of the Statement for the period of 7 years after the date of the Statement.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

1015D(4)  
During that period the responsible person:


(a) must make a copy of the Statement available to ASIC if asked to do so by ASIC; and


(b) must comply with any reasonable request from any other person for a copy of the Statement.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).


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