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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 3 - Other disclosure obligations of the issuer of a financial product    View history reference

SECTION 1017G  CERTAIN PRODUCT ISSUERS AND REGULATED PERSONS MUST MEET APPROPRIATE DISPUTE RESOLUTION REQUIREMENTS  

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1017G(1)  [When dispute resolution system required]  


If:


(a) particular financial products are, or have been, available for acquisition (whether by issue or sale) by a person or persons as retail clients; and


(b) the issue or sale of those products is not covered by an Australian financial services licence;

both the issuer, and any regulated person obliged under subsection 1012C(5), (6) or (8) to give a retail client a Product Disclosure Statement for one or more of those financial products, must each have a dispute resolution system complying with subsection (2).

Note 1: If the issue of particular financial products is covered by an Australian financial services licence, the requirement to have a dispute resolution system relating to the issue of the products is imposed by paragraph 912A(1)(g).

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

[CCH Note: For s 1017G(1)-(1C), see Corporations Regulations Schedule 10A, Part 19 - Modifications for carbon units, Australian carbon credit units and eligible international emissions units, item 19.11]

1017G(2)  [Requirements of dispute resolution system]  


To comply with this subsection, a dispute resolution system must consist of:


(a) an internal dispute resolution procedure that:


(i) complies with standards, and requirements, made or approved by ASIC in accordance with regulations made for the purposes of this subparagraph; and

(ii) covers complaints, against the person required to have the system, made by retail clients in relation to financial services provided in relation to any of those products; and


(b) membership of one or more external dispute resolution schemes that:


(i) is, or are, approved by ASIC in accordance with regulations made for the purposes of this subparagraph; and

(ii) covers, or together cover, complaints (other than complaints that may be dealt with by the Superannuation Complaints Tribunal established by section 6 of the Superannuation (Resolution of Complaints) Act 1993), against the person required to have the system, made by retail clients in relation to financial services provided in relation to any of those products.

1017G(3)  [Regulations and ASIC]  


Regulations made for the purposes of subparagraph (2)(a)(i) or (2)(b)(i) may also deal with the variation or revocation of:


(a) standards or requirements made by ASIC; or


(b) approvals given by ASIC.

[CCH Note: For Division 3A - Short-Form Product Disclosure Statements and Division 3B - Supplementary Short-Form Product Disclosure Statements, see Corporations Regulations Schedule 10BA Modifications of the Act relating to short-form product disclosure statements, Part 3, item 3.1]


 



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