Corporations Act 2001
Subject to this section, the client has the right to return the financial product to the responsible person and to have the money they paid to acquire the product repaid. This is so even if the responsible person is being wound up.1019B(2) [ Method of notification]
(a) in writing; or
(b) electronically; or
(c) in any other way specified in the regulations.
Also, if the regulations require the client to comply with other requirements in order to exercise the right to return the product, those other requirements must be complied with.1019B(3) [ 14 day time limit]
(a) the time when the confirmation requirement (if applicable) is complied with; or
(b) the end of the 5th day after the day on which the product was issued or sold to the client. 1019B(4) [ Confirmation]
(a) the client receives confirmation, as mentioned in paragraph 1017F(5) (a), of the transaction by which they acquired the product; or
(b) confirmation of that transaction is available to the client by a facility as mentioned in paragraph 1017F(5) (b). 1019B(5) [ Limit on right to return product]
(a) the client has (whether before or after the start of the period referred to in subsection (3)) exercised a right or power that they have under the terms applicable to the product; or
(b) the time (whether before or after the start of the period referred to in subsection (3)) at which, under the terms applicable to the product, the client's rights or powers in respect of the product end.
Note: So, e.g.:
The regulations may specify other circumstances in which the right to return the product (and have money paid to acquire it repaid) cannot be exercised.1019B(6) [ Contractual relationship ceases]
(a) if the product is constituted by a legal relationship between the client and the issuer of the product - that relationship is, by force of this section, terminated with effect from that time without penalty to the client; and
(b) any contract for the acquisition of the product by the client is, by force of this section, terminated with effect from that time without penalty to the client. 1019B(7) [ Regulations]
The regulations may provide for consequences and obligations (in addition to those provided for by subsection (6)) to apply if the right to return a financial product is exercised.1019B(8) [ Reduction of repayment]
The regulations may provide that, in specified circumstances, the amount to be repaid on exercise of the right to return a financial product is to be increased or reduced in accordance with the regulations.