Corporations Act 2001
(a) particular financial products are, or have been, available for acquisition (whether by issue or sale) by a person or persons as retail clients; and
(b) the issue or sale of those products is not covered by an Australian financial services licence;
(c) have a dispute resolution system complying with subsection (2); and
(d) give to ASIC the same information as the issuer or regulated person would be required to give under subparagraph 912A(1)(g)(ii) of that Act if the issuer or regulated person were a financial services licensee.
Note 1: If the issue of particular financial products is covered by an Australian financial services licence, the requirement to have a dispute resolution system relating to the issue of the products is imposed by paragraph 912A(1)(g) .
Note 2: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
To comply with this subsection, a dispute resolution system must consist of:
(a) an internal dispute resolution procedure that:
(i) complies with standards, and requirements, made or approved by ASIC in accordance with regulations made for the purposes of this subparagraph; and
(ii) covers complaints, against the person required to have the system, made by retail clients in relation to financial services provided in relation to any of those products or, if any of those products are foreign passport fund products, the operation of the relevant notified foreign passport fund; and
(c) membership of the AFCA scheme.
Regulations made for the purposes of subparagraph (2)(a)(i) may also deal with the variation or revocation of:
(a) standards or requirements made by ASIC; or
(b) approvals given by ASIC.
[ CCH Note: For Division 3A - Short-Form Product Disclosure Statements and Division 3B - Supplementary Short-Form Product Disclosure Statements, see Corporations Regulations Schedule 10BA Modifications of the Act relating to short-form product disclosure statements, Part 3, item 3.1]