Corporations Amendment Regulations 2008 (No. 3) (130 of 2008)

Schedule 1   Amendments

[2]   Part 7.9, after Division 2B

insert

Division 2BA Product Disclosure Statement for discretionary mutual funds

7.9.07CA Extension of Product Disclosure Statement requirements to wholesale clients

(1) For paragraph 949B (1) (e) of the Act, a regulated person must give a wholesale client a Product Disclosure Statement or a Supplementary Product Disclosure Statement for a financial product if:

(a) the financial product is offered or issued by a discretionary mutual fund (within the meaning given by subsections 5 (5) and (6) of the Financial Sector (Collection of Data) Act 2001); and

(b) the regulated person would be required to give the Statement if the product were offered or issued to a retail client.

(2) The Product Disclosure Statement or Supplementary Product Disclosure Statement required to be given under this regulation must be the same as that which would be given to a retail client.

Note Failure to comply with this regulation is an offence punishable by a fine of up to 50 penalty units or imprisonment for 1 year, or both - see section 1311 and item 272A of Schedule 3 to the Corporations Act 2001.