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 2 - Product Disclosure Statements  

Subdivision B - Requirement for a Product Disclosure Statement to be given  

SECTION 1012G   PRODUCT DISCLOSURE STATEMENT MAY SOMETIMES BE PROVIDED LATER  

1012G(1)    
The regulated person may deal with a financial product under this section only if:

(a)    the financial product is one for which an application form is not required under section 1016A and section 1019B (cooling off period) will apply if the client enters into a legal obligation to acquire the product pursuant to the recommendation or offer that constitutes the relevant conduct; or

(b)    

the financial product is:

(i) a basic deposit product; or

(ii) a facility for making non-cash payments that is related to a basic deposit product; or

(iii) a financial product of a kind prescribed by regulations made for the purposes of this subparagraph.

1012G(2)    
In a recommendation situation or an issue situation, the regulated person need not give the client a Product Disclosure Statement for the financial product at or before the time when it would otherwise be required to be given if:

(a)    the client expressly instructs the regulated person that they require:

(i) in a recommendation situation - the advice constituting the recommendation; or

(ii) in an issue situation - the financial product;

to be provided or issued immediately, or by a specified time; and

(b)    it is not reasonably practicable, while complying with the client's instructions, to give the client the Product Disclosure Statement at or before the time when it would otherwise be required to be given.

The regulated person must comply with subsection (3) instead.

1012G(3)    
The regulated person must:

(a)    

at or before the time referred to in paragraph (2)(b), orally communicate the following information to the client:

(i) the name and contact details of the issuer of the financial product; and

(ii) information about the essential features of the financial product; and

(iii) the information that would be required to be in a Product Disclosure Statement for the financial product by paragraphs 1013D(1) (c), (d), (g) and (i); and

(b)    give the client the Product Disclosure Statement as soon as practicable after that time, and in any event not later than:

(i) the time when the confirmation requirement (if applicable) is complied with; or

(ii) the end of the fifth day after the day on which the financial product was issued or sold to the client.

1012G(3A)    

The information referred to in paragraph (3)(a) must be communicated in a clear, concise and effective manner.

1012G(4)    
For the purposes of paragraph (3)(b), the confirmation requirement is complied with when:

(a)    the client receives confirmation, as mentioned in paragraph 1017F(5)(a) , of the transaction by which they acquired the financial product; or

(b)    confirmation of that transaction is available to the client by a facility as mentioned in paragraph 1017F(5)(b) .