Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1012d:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1012D (pt 1/4)
Character Range: 4272665–4275648

1012D  Situations in which Product Disclosure Statement is not required

Recommendation, issue or sale situation—client has already received an up to date Product Disclosure Statement
 (1) In a recommendation situation, issue situation or sale situation, the regulated person does not have to give the client a Product Disclosure Statement if:
 (a) the client has already received a Product Disclosure Statement that contains all of the information that the first‑mentioned Product Disclosure Statement would be required to contain; or
 (b) the regulated person believes on reasonable grounds that paragraph (a) applies.

Recommendation, issue or sale situation—client has or has access to up to date information
 (2) In a recommendation situation, issue situation or sale situation, the regulated person does not have to give the client a Product Disclosure Statement for the financial product if:
 (a) the client already holds a financial product of the same kind; and
 (b) the regulated person believes on reasonable grounds that the client has received, or has, and knows that they have, access to, all of the information that the first‑mentioned Product Disclosure Statement would be required to contain through:
 (i) a Product Disclosure Statement; and
 (ii) information provided to the client under section 1017B, 1017C or 1017D or through continuous disclosure under Chapter 6CA.
Note: Paragraph (a)—see subsection (10).

Recommendation or issue situation—interests in self managed superannuation funds
 (2A) In a recommendation situation or issue situation, the regulated person does not have to give the client a Product Disclosure Statement for the financial product if:
 (a) the financial product is an interest in a self managed superannuation fund; and
 (b) the regulated person believes on reasonable grounds that the client has received, or has, and knows that they have, access to, all of the information that the Product Disclosure Statement would be required to contain.

Recommendation, issue or sale situation—no information required to be in Product Disclosure Statement
 (2B) In a recommendation situation, issue situation or sale situation, the regulated person does not have to give the client a Product Disclosure Statement for the financial product if, because of section 1013F, no information would be required to be included in the Statement.

Recommendation or issue situation—certain offers to present holders
 (3) In a recommendation situation or issue situation, the regulated person does not have to give the client a Product Disclosure Statement for the financial product if:
 (a) the client already holds a financial product of the same kind; and
 (b) either:
 (i) in a recommendation situation—the advice that constitutes the relevant conduct relates to an offer made under a distribution reinvestment plan or switching facility; or
 (ii) in an issue situation—the offer or issue that constitutes the relevant conduct is made under a distribution