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 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) RSA products; 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 .


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