Corporations Legislation Amendment (Simpler Regulatory System) Act 2007 (101 of 2007)

Schedule 1   Amendments

Part 1   Amendments commencing on Royal Assent

Corporations Act 2001

138   After subsection 1012DA(1)

Insert:

(1A) In a recommendation situation or sale situation, the regulated person does not have to give the client a Product Disclosure Statement if:

(a) but for subsection (5), the regulated person would be required by section 1012C to give a Product Disclosure Statement for the transfer or sale of the financial product (the relevant product ); and

(b) the transfer or sale of the relevant product to the client would take place in circumstances covered by subsection 1012C(8); and

(c) the relevant product was not sold by the controller with the purpose referred to in subparagraph 1012C(8)(d)(i); and

(d) a determination under subsection (2) was not in force in relation to the issuer of the relevant product at the time when the relevant product was issued.