Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteCCH Note: Division 3 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649; the ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497; the ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693.
CCH Note: Section 1017G is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649; the ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497; the ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693.
If:
(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;
both the issuer, and any regulated person obliged under subsection 1012C(5) , (6) or (8) to give a retail client a Product Disclosure Statement for one or more of those financial products, must each:
(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) ).
1017G(2)
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
(b) (Repealed)
(c) membership of the AFCA scheme.
1017G(3)
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]
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