Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

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

Division 5 - Cooling-off periods  

SECTION 1019A   SITUATIONS IN WHICH THIS DIVISION APPLIES  

1019A(1)    
Subject to subsection (2) , this Division applies if:

(a)    

a financial product of one of the following classes is provided in this jurisdiction to a person as a retail client after the commencement of this Chapter:

(i) risk insurance products;

(ii) investment life insurance products;

(iii) managed investment products;

(iiia) foreign passport fund products;

(iv) superannuation products;

(v) RSAs; and

(b)    the product is provided to the person:

(i) by way of issue; or

(ii) by way of sale pursuant to an offer to which section 1012C applies.

1019A(2)    
The regulations may do any or all of the following:

(a)    provide that a specified subclass of financial products that would otherwise be covered by a subparagraph of paragraph (1)(a) are excluded from that subparagraph;

(b)    provide additional requirements to be satisfied before this Division applies in relation to a class or subclass of financial products;

(c)    provide that this Division does not apply in relation to the provision of a financial product in specified circumstances.

1019A(3)    
In this Division:

(a)    the person referred to in paragraph (1)(a) is the client ; and

(b)    the person who issues or sells the product to the client is the responsible person .