Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:7_1012da:p3
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 7 cl 1012DA (pt 3/4)
Character Range: 383817–386507

retail client, whether to acquire the relevant product.

 (8) The notice given under subsection (5) must contain any excluded information only to the extent to which it is reasonable for a person considering, as a retail client, whether to acquire the relevant product to expect to find the information in a Product Disclosure Statement.

Obligation to correct defective notice

 (9) The issuer of the relevant product contravenes this subsection if:
 (a) the notice given under subsection (5) is defective; and
 (b) the issuer becomes aware of the defect in the notice within 12 months after the relevant product is issued; and
 (c) the issuer does not, within a reasonable time after becoming aware of the defect, give the relevant market operator a notice that sets out the information necessary to correct the defect.

 (10) For the purposes of subsection (9), the notice under subsection (5) is defective if the notice:
 (a) does not comply with paragraph (6)(f); or
 (b) is false or misleading in a material particular; or
 (c) has omitted from it a matter or thing the omission of which renders the notice misleading in a material respect.

Transfer or sale of quoted securities—case 2

 (11) The regulated person does not have to give the client a Product Disclosure Statement if:
 (a) the relevant product is in a class of financial products that are quoted securities of the issuer; and
 (b) either:
 (i) a Product Disclosure Statement required to be given by section 1012B is lodged with ASIC on or after the day on which the relevant product is issued but before the day on which the relevant conduct occurs; or
 (ii) a Product Disclosure Statement required to be given by section 1012B is lodged with ASIC before the day on which the relevant product is issued and, on the day on which the relevant product is issued, the Product Disclosure Statement is still being used by the issuer of the relevant product for offers of financial products in the same class of financial products as the relevant product; and
 (c) the Product Disclosure Statement is for a financial product of the issuer of the relevant product that is in the same class of financial products as the relevant product.

Transfer or sale of quoted securities—case 3

 (12) The regulated person does not have to give the client a Product Disclosure Statement if:
 (a) a Product Disclosure Statement for a financial product was given under section 1012B; and
 (b) the relevant product was issued to:
 (i) a person (the underwriter) named in that Product Disclosure Statement as an underwriter of the issue of the financial product; or
 (ii) a person nominated by the underwriter; and
 (c) the relevant product