Document ID: chunk:federal_register_of_legislation:C2025C00185:section:994c:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 994C (pt 1/3)
Character Range: 4167245–4170010

994C  Target market determinations to be reviewed

Reviews of target market determinations
 (1) A person who makes a target market determination may at any time:
 (a) review the determination; or
 (b) make a new target market determination in accordance with section 994B.
 (2) A person contravenes this subsection if:
 (a) the person makes a target market determination for a financial product; and
 (b) the product is on offer for acquisition by issue, or for regulated sale, to retail clients at or after the end of the review period; and
 (c) the person did not complete a review of the determination during the review period.
Note 1: Contravention of this subsection is an offence (see subsection 1311(1)).
Note 2: This subsection is also a civil penalty provision (see section 1317E). For relief from liability to a civil penalty relating to this subsection, see section 1317S.

Distribution where target market determinations not appropriate: maker of determination
 (3) If:
 (a) a person makes a target market determination for a financial product; and
 (b) the product is on offer for acquisition by issue, or for regulated sale, to retail clients at any time during a review period for the determination; and
 (c) the person knows that:
 (i) a review trigger for the determination has occurred; or
 (ii) an event or circumstance has occurred that would reasonably suggest that the determination is no longer appropriate;
then, from as soon as practicable, but no later than 10 business days, after the person first knew of the occurrence of the review trigger, event or circumstance, the person must not engage in retail product distribution conduct in relation to the product unless:
 (d) the person has reviewed the determination and, if the determination is no longer appropriate, made a new determination in accordance with section 994B; or
 (e) the retail product distribution conduct is excluded conduct.
Note 1: Failure to comply with this subsection is an offence (see subsection 1311(1)).
Note 2: In a prosecution for an offence, the defendant bears an evidential burden in relation to the matters in paragraphs (d) and (e) (see subsection 13.3(3) of the Criminal Code).
 (4) If:
 (a) a person makes a target market determination for a financial product; and
 (b) the product is on offer for acquisition by issue, or for regulated sale, to retail clients at any time during a review period for the determination; and
 (c) the person knows, or ought reasonably to know, that:
 (i) a review trigger for the determination has occurred; or
 (ii) an event or circumstance has occurred that would reasonably suggest that the determination is no longer appropriate;
then, from as soon as practicable, but no later than 10 business days, after the person