Corporations Amendment Regulations 2007 (No. 10) (259 of 2007)

Schedule 1   Amendments

[4]   After regulation 7.9.15D

insert

7.9.15DA Statement or information not included in a Product Disclosure Statement

(1) For paragraph 1020G (1) (c) of the Act, and subject to subregulation (4), a responsible person is not required to include a statement or information mentioned in Part 7.9 of the Act in a Product Disclosure Statement if:

(a) the statement or information is in writing and is publicly available in a document other than the Product Disclosure Statement; and

(b) the Product Disclosure Statement:

(i) refers to the statement or information; and

(ii) provides sufficient details about the statement or information to enable a person:

(A) to identify by a unique identifier the document, or part of the document, that contains the statement or information; and

(B) to locate the statement or information; and

(C) to decide whether or not to read the statement or information or obtain a copy of the statement or information; and

(iii) states that a copy of the statement or information may be obtained from the responsible person on request, at no charge; and

(c) the statement or information is not a statement or information that is in a Short-Form Product Disclosure Statement.

(2) If the client requests a copy of the statement or information that the responsible person is not required to include in accordance with subregulation (1), the responsible person must provide the copy as soon as practicable, at no charge.

(3) If a statement or information is not included in a Product Disclosure Statement because of subregulation (1), the statement or information is taken to be included in the Product Disclosure Statement.

(4) Despite subregulation (3), if a responsible person does not include a statement or information in a Product Disclosure Statement in accordance with subregulation (1), the responsible person must include the following information in the Product Disclosure Statement:

(a) for information required by paragraph 1013D (1) (b) or (f) of the Act - a description, in summary, of the purpose and key features of the product;

(b) for information required by paragraph 1013D (1) (c) of the Act - a description, in summary, of the key risks of the product;

(c) the information required by:

(i) paragraphs 1013D (1) (a), (g) and (i) of the Act; and

(ii) Divisions 1 and 2 of Part 2 of Schedule 10; and

(iii) paragraphs 209 (e) and (h) of Division 4 of Part 2 of Schedule 10; and

(iv) Divisions 5 and 6 of Part 2 of Schedule 10;

(d) the Consumer Advisory Warning in Division 7 of Part 2 of Schedule 10.

7.9.15DB Requirement to keep record of Product Disclosure Statement and other documents

If section 1015B of the Act does not require a copy of a Product Disclosure Statement to be lodged with ASIC, the Statement and a document, or part of a document, mentioned in the Statement must be retained by the responsible person for that Statement for 7 years after the date of the Statement.

Note Responsible person has the same meaning as in section 1011B of the Act.

7.9.15DC Requirement to lodge documents mentioned in a Product Disclosure Statement with ASIC

A document, or part of a document, mentioned in a Product Disclosure Statement that was required to be lodged with ASIC under section 1015B of the Act must be lodged with ASIC as if the document, or part of the document, were a Statement within the meaning of section 1015B of the Act.