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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

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

Division 2 - Product Disclosure Statements    View history reference

Subdivision C - Preparation and content of Product Disclosure Statements    View history reference

SECTION 1013C  PRODUCT DISCLOSURE STATEMENT CONTENT REQUIREMENTS  

 View history reference

1013C(1)  [Content]  


A Product Disclosure Statement:


(a) must include the following statements and information required by this Subdivision:


(i) the statements and information required by section 1013D; and

(ii) the information required by section 1013E; and

(iii) the information required by the other provisions of this Subdivision; and


(b) may also:


(i) include other information; or

(ii) refer to other information that is set out in another document.

Note: A Supplementary Product Disclosure Statement containing additional information may be given with a Product Disclosure Statement that does not contain all the required information. The additional information is taken to be included in the Product Disclosure Statement (see section 1014D).

[CCH Note: For modified s 1013C(1), see Corporations Regulations Schedule 10A, Part 5 - Modifications relating to First Home Saver Accounts, items 5.4 and 5.5]

[CCH Note: For s 1013C(1)-(1F), see Corporations Regulations Schedule 10A, Part 5A - Modifications for margin loan, item 5A.2; Part 5B - Modifications for superannuation products to which Subdivision 4.2B of Division 4 of Part 7.9 applies, item 5B.2; Part 5C - Modifications for simple managed investment scheme, item 5C.2]

1013C(2)  [Extent of information]  


The information required by sections 1013D and 1013E need only be included in the Product Disclosure Statement to the extent to which it is actually known to:


(a) the responsible person; and


(b) in the case of a sale Statement - the issuer of the financial product; and


(c) any person named in the Statement as an underwriter of the issue or sale of the financial product; and


(d) any person:


(i) named in the Statement as a financial services licensee providing services in relation to the issue or sale of the financial product; and

(ii) who participated in any way in the preparation of the Statement; and


(e) any person who has given a consent referred to in section 1013K in relation to a statement included in the Statement; and


(f) any person named in the Statement with their consent as having performed a particular professional or advisory function; and


(g) if any of the above persons is a body corporate - any director of that body corporate.

[CCH Note: For modified s 1013C(2), see Corporations Regulations Schedule 10A, Part 5 - Modifications relating to First Home Saver Accounts, item 5.6]

1013C(3)  [Clarity of information]  


The information included in the Product Disclosure Statement must be worded and presented in a clear, concise and effective manner.

1013C(4)  [Association between financial product and another person]  


The responsible person may include in the Product Disclosure Statement a statement about the association between the financial product and another person.

1013C(5)  [Misleading statements]  


The responsible person must not include a statement about the association between the financial product and a person if:


(a) the statement creates the impression that the financial product is issued or sold by that other person; and


(b) the person has not issued or sold the product.

1013C(6)  [Statements guaranteeing products prohibited]  


The responsible person must not include a statement about the association between the financial product and a person if:


(a) the statement creates the impression that the financial product is guaranteed or underwritten by that other person; and


(b) the person has not guaranteed or underwritten the product.

1013C(7)  [Distinguishing between roles]  


If the Product Disclosure Statement states that a person provides, or is to provide, services in relation to the financial product, the Product Disclosure Statement must clearly distinguish between the respective roles of that person and the issuer or seller of the financial product.

[CCH Note: For s 1013C(8), see Corporations Regulations Schedule 10A, Part 5 - Modifications relating to First Home Saver Accounts, item 5.7]


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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