Corporations Legislation Amendment (Simpler Regulatory System) Act 2007 (101 of 2007)

Schedule 1   Amendments

Part 4   Amendment commencing on 1 July 2008

Corporations Act 2001

223   Subsection 1015D(2)

Repeal the subsection (including the note), substitute:

(2) The responsible person for the Statement (other than the trustee of a self-managed superannuation fund) must lodge a notice with ASIC advising of the occurrence of any of the following events as soon as practicable, and in any event within 5 business days, after the occurrence of the event:

(a) except in the case of a Supplementary Product Disclosure Statement - a copy of the Statement is first given to someone in a recommendation, issue or sale situation;

(b) a change is made to fees and charges set out in the Statement;

(c) the financial product to which the Statement relates ceases to be available to be recommended or offered to new clients in a recommendation, issue or sale situation.

Note 1: Failure to comply with this subsection is an offence (see subsection 1311(1)).

Note 2: The fees and charges set out in a Product Disclosure Statement may be changed by a Supplementary Product Disclosure Statement (see section 1014A).

Note 3: Documents may be lodged with ASIC in electronic form (but see section 352).