Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteCCH note - modifying legislative instruments: The application of Pt 7.9 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Periodic Statement Relief for Quoted Securities) Instrument 2024/14; the ASIC Corporations (mFund) Instrument 2024/18; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (as amended by ASIC Corporations (Amendment) Instrument 2024/554).
The application of Pt 7.9 is also modified by the ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070; the Class Order 14/1262: Relief for 31 Day Notice Term Deposits; and the ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/98.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.9, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
CCH note - modifying legislative instruments: The application of Division 2 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Foreign Small-Scale Offers) Instrument 2015/362; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649; the ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497; and the ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668.
For legislative instruments or class orders before 1 January 2022 that affect the application of Division 2, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
CCH note - modifying legislative instruments: The application of Subdivision B is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649; the ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497; the ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668; and the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693.
For legislative instruments or class orders before 1 January 2022 that affect the application of Subdivision B, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
CCH note: This provision is modified by legislative instruments. See the CCH note at the end of the provision for details.
The regulated person may deal with a financial product under this section only if: (a) the financial product is one for which an application form is not required under section 1016A and section 1019B (cooling off period) will apply if the client enters into a legal obligation to acquire the product pursuant to the recommendation or offer that constitutes the relevant conduct; or (b) the financial product is:
(i) a basic deposit product; or
(ii) a facility for making non-cash payments that is related to a basic deposit product; or
(iii) a financial product of a kind prescribed by regulations made for the purposes of this subparagraph.
1012G(2)
In a recommendation situation or an issue situation, the regulated person need not give the client a Product Disclosure Statement for the financial product at or before the time when it would otherwise be required to be given if: (a) the client expressly instructs the regulated person that they require:
(i) in a recommendation situation - the advice constituting the recommendation; or
to be provided or issued immediately, or by a specified time; and (b) it is not reasonably practicable, while complying with the client's instructions, to give the client the Product Disclosure Statement at or before the time when it would otherwise be required to be given.
(ii) in an issue situation - the financial product;
The regulated person must comply with subsection (3) instead.
1012G(3)
The regulated person must: (a) at or before the time referred to in paragraph (2)(b), orally communicate the following information to the client:
(i) the name and contact details of the issuer of the financial product; and
(ii) information about the essential features of the financial product; and
(b) give the client the Product Disclosure Statement as soon as practicable after that time, and in any event not later than:
(iii) the information that would be required to be in a Product Disclosure Statement for the financial product by paragraphs 1013D(1) (c), (d), (g) and (i); and
(i) the time when the confirmation requirement (if applicable) is complied with; or
(ii) the end of the fifth day after the day on which the financial product was issued or sold to the client.
1012G(3A)
The information referred to in paragraph (3)(a) must be communicated in a clear, concise and effective manner.
1012G(4)
For the purposes of paragraph (3)(b), the confirmation requirement is complied with when: (a) the client receives confirmation, as mentioned in paragraph 1017F(5)(a) , of the transaction by which they acquired the financial product; or (b) confirmation of that transaction is available to the client by a facility as mentioned in paragraph 1017F(5)(b) .
CCH Note - modifying legislative instruments: Section 1012G is modified by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ; the ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649; the ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497; the ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668; and the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693.
For modifying legislative instruments or class orders before 1 January 2022, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
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