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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 F - Other rights and obligations related to Product Disclosure Statements    View history reference

SECTION 1016B  IF STATEMENT LODGED WITH ASIC, FINANCIAL PRODUCT IS NOT TO BE ISSUED OR SOLD BEFORE SPECIFIED PERIOD  

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1016B(1)  [No sale or issue until seven days after lodgment]  

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If:


(a) a copy of a Product Disclosure Statement has been lodged with ASIC; and


(b) the financial product to which the Statement relates is not able to be traded on any financial market (whether in Australia or elsewhere);

the responsible person must not issue or sell a financial product, pursuant to an application made in response to the Statement, until the period of 7 days (or that period as extended under subsection (2)) after lodgment of the Statement has ended.

Note 1: This subsection does not apply to an issue or sale pursuant to paragraph 1016E(2)(c) (see subsection 1016E(2C)).

Note 2: Failure to comply with this subsection is an offence (see subsection 1311(1)).

1016B(2)  [Extension of time]  


ASIC may extend the period by notice in writing to the responsible person. The period as extended must end no more than 14 days after lodgment.


 



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