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; and Class Order 14/1262: Relief for 31 Day Notice Term Deposits.
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: Division 2 is modified by 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; the ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.
CCH Note: Subdivision C is modified by 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; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693.
A Product Disclosure Statement: (a) must include the following statements and information required by this Subdivision:
(i) the statements and information required by section 1013D ; and
(ii) the information required by section 1013E ; and
(b) may also:
(iii) the information required by the other provisions of this Subdivision; and
(i) include other information; or
(ii) refer to other information that is set out in another document.
Note: A Supplementary Product Disclosure Statement containing additional information may be given with a Product Disclosure Statement that does not contain all the required information. The additional information is taken to be included in the Product Disclosure Statement (see section 1014D ).
[ CCH Note: For modified s 1013C(1), see Corporations Regulations Schedule 10A, Part 5 - Modifications relating to First Home Saver Accounts, items 5.4 and 5.5]
[ CCH Note: For s 1013C(1) - (1F), see Corporations Regulations Schedule 10A, Part 5A - Modifications for margin loan, item 5A.2; Part 5B - Modifications for superannuation products to which Subdivision 4.2B of Division 4 of Part 7.9 applies, item 5B.2; Part 5C - Modifications for simple managed investment scheme, item 5C.2]
1013C(2)
The information required by sections 1013D and 1013E need only be included in the Product Disclosure Statement to the extent to which it is actually known to: (a) the responsible person; and (b) in the case of a sale Statement - the issuer of the financial product; and (c) any person named in the Statement as an underwriter of the issue or sale of the financial product; and (d) any person:
(i) named in the Statement as a financial services licensee providing services in relation to the issue or sale of the financial product; and
(e) any person who has given a consent referred to in section 1013K in relation to a statement included in the Statement; and (f) any person named in the Statement with their consent as having performed a particular professional or advisory function; and (g) if any of the above persons is a body corporate - any director of that body corporate.
(ii) who participated in any way in the preparation of the Statement; and
[ CCH Note: For modified s 1013C(2), see Corporations Regulations Schedule 10A, Part 5 - Modifications relating to First Home Saver Accounts, item 5.6]
1013C(3)
The information included in the Product Disclosure Statement must be worded and presented in a clear, concise and effective manner.
1013C(4)
The responsible person may include in the Product Disclosure Statement a statement about the association between the financial product and another person.
1013C(5)
The responsible person must not include a statement about the association between the financial product and a person if: (a) the statement creates the impression that the financial product is issued or sold by that other person; and (b) the person has not issued or sold the product.
1013C(6)
The responsible person must not include a statement about the association between the financial product and a person if: (a) the statement creates the impression that the financial product is guaranteed or underwritten by that other person; and (b) the person has not guaranteed or underwritten the product.
1013C(7)
If the Product Disclosure Statement states that a person provides, or is to provide, services in relation to the financial product, the Product Disclosure Statement must clearly distinguish between the respective roles of that person and the issuer or seller of the financial product.
[ CCH Note: For s 1013C(8), see Corporations Regulations Schedule 10A, Part 5 - Modifications relating to First Home Saver Accounts, item 5.7]
Modifying legislative instruments: Section 1013C is modified by the following legislative instruments that commenced 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; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693.
Section 1013C is also modified by the ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070.
For other 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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