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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 E - Other requirements relating to Product Disclosure Statements and Supplementary Product Disclosure Statements    View history reference

SECTION 1015D  NOTICE, RETENTION AND ACCESS REQUIREMENTS FOR STATEMENT THAT DOES NOT NEED TO BE LODGED  

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1015D(1)  [Application]  


This section applies to a Statement if section 1015B does not require a copy of the Statement to be lodged with ASIC.

1015D(2)  [ASIC to be notified]  

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The responsible person for the Statement (other than the trustee of a self-managed superannuation fund) must lodge a notice with ASIC, in electronic form, advising of the occurrence of any of the following events as soon as practicable, and in any event within 5 business days, after the occurrence of the event:


(a) except in the case of a Supplementary Product Disclosure Statement - a copy of the Statement is first given to someone in a recommendation, issue or sale situation;


(b) a change is made to fees and charges set out in the Statement;


(c) the financial product to which the Statement relates ceases to be available to be recommended or offered to new clients in a recommendation, issue or sale situation.

Note 1: Failure to comply with this subsection is an offence (see subsection 1311(1)).

Note 2: The fees and charges set out in a Product Disclosure Statement may be changed by a Supplementary Product Disclosure Statement (see section 1014A).

[CCH Note: Act No 101 of 2007, Sch 1, Pt 6[245] contained the following application provision (which was effective 28 June 2007):

Application of item 233

The amendment made by item 223 of this Schedule applies in relation to events occurring on or after the day on which that item commences.

]

[CCH Note: Act No 101 of 2007, Sch 1, Pt 6[246] contained the following application provision (which was effective 28 June 2007):

Application of items 224 to 226

The amendments made by items 224 to 226 of this Schedule apply in relation to events occurring on or after the day on which those items commence.

]

1015D(3)  [Retention of Statement]  


The responsible person for the Statement must keep a copy of the Statement for the period of 7 years after the date of the Statement.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

[CCH Note: S 1015D(3) omitted by Corporations Regulations Schedule 10A, Part 5A - Modifications for margin loan, item 5A.7; Part 5B - Modifications for superannuation products to which Subdivision 4.2B of Division 4 of Part 7.9 applies, item 5B.6 and Part 5C - Modifications for simple managed investment scheme, item 5C.5]

1015D(4)  [Copies of Statement]  


During that period the responsible person:


(a) must make a copy of the Statement available to ASIC if asked to do so by ASIC; and


(b) must comply with any reasonable request from any other person for a copy of the Statement.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).


 



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