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: Division 8 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.
CCH Note: Section 992AA is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.
If a person (the issuer ) contravenes section 992A in relation to a financial product issued or sold to another person (the consumer ), the consumer has a right of return and refund exercisable at any time during the period starting when the financial product was issued or sold and ending: (a) if, under section 1019B , the consumer has a right to return the financial product within a particular period - 1 month after the end of that period; or (b) otherwise - 1 month and 14 days after the financial product was issued or sold.
992AA(2)
If the financial product is returned under subsection (1) : (a) if the financial product is constituted by a legal relationship between the consumer and the issuer - by force of this section, that relationship is terminated, with effect from the time of the return, without penalty to the consumer; and (b) by force of this section, any contract for the acquisition of the product by the consumer is terminated, with effect from the time of the return, without penalty to the consumer; and (c) such additional consequences (which may include the imposition of additional obligations) apply as are specified in the regulations.
992AA(3)
However: (a) this section does not apply in relation to a financial product included in a class of financial products that the regulations exclude from this section; and (b) if the regulations provide that this section applies in relation to a class of financial products only if specified additional requirements are satisfied - this section does not apply in relation to a financial product included in that class unless those requirements are satisfied; and (c) in circumstances specified in the regulations, this section does not apply to any financial product.
992AA(4)
This section, and regulations made for the purposes of this section, apply in relation to financial products that are beneficial interests in a regulated superannuation fund as if each class of beneficial interest in the fund were a separate financial product.
992AA(5)
This section applies in addition to any other penalties for or in relation to breaches of section 992A .
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