Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.8A - DESIGN AND DISTRIBUTION REQUIREMENTS RELATING TO FINANCIAL PRODUCTS FOR RETAIL CLIENTS  

Division 1 - Preliminary  

SECTION 994A   MEANING OF SOME TERMS RELATING TO DESIGN AND DISTRIBUTION REQUIREMENTS  

994A(1)    
In this Act:

excluded conduct
means:

(a) a dealing in a financial product that consists of arranging for a retail client to apply for or acquire the product, where the arranging is undertaken:

(i) by a person, or by an associate of a person; and

(ii) for the purpose of implementing personal advice that the person has given to the retail client; or

(b) providing personal advice.

retail product distribution conduct
, in relation to a financial product, means any of the following:

(a) dealing in the product in relation to a retail client;

(b) giving under Part 6D.2 a disclosure document in relation to an offer of the product to a retail client;

(c) giving under Part 7.9 a Product Disclosure Statement for the product to a retail client;

(d) providing financial product advice in relation to the product to a retail client.

review period
for a target market determination means each of the following:

(a) the period starting on the day the determination is made and ending on the earlier of:

(i) the day that a review of the determination under section 994C is started; and

(ii) the last day of the maximum period specified in the determination under paragraph 994B(5)(e) ;

(b) a period starting on the day after a review of the determination under section 994C is finished and ending on the earlier of:

(i) the day on which the next review of the determination under section 994C is started; and

(ii) the last day of the maximum period specified in the determination under paragraph 994B(5)(f) .

994A(2)    
In this Part:

complaint
, in relation to a financial product, means a complaint made to a regulated person about the product, which is covered by a dispute resolution system complying with subsection 912A(2) .

dealing
in a financial product has the meaning given by section 766C , subject to the following:

(a) paragraphs 766C(1)(d) and (e) do not apply;

(b) despite subsection 766C(3) , a person deals in a financial product if the dealing is a regulated sale of the product on the person ' s own behalf;

(c) paragraph 766C(4)(c) does not apply if the dealing is an offer of securities that needs disclosure to investors under Part 6D.2 .

regulated person
, in relation to a financial product, means:

(a) the seller of the financial product, if a sale takes place in circumstances described in subsection 707(2) , (3) or (5) or 1012C(5) , (6) or (8) ; or

(b) a regulated person as defined in section 1011B (modified so that the references to financial products include references to securities); or

(c) a person prescribed, in relation to the product, by regulations made for the purposes of this paragraph.

reporting period
means:

(a) for information about the number of complaints about a financial product - a period specified under paragraph 994B(5)(g) , in the target market determination for the product, as a reporting period for that kind of information; or

(b) for other kinds of information that must be reported under subsection 994F(5) - a period specified under subparagraph 994B(5)(h)(ii) , in the target market determination for the product, as a reporting period for those other kinds of information.

994A(3)    
Section 1010C (references to offer, purchase and sale) applies for the purposes of this Part.