Document ID: chunk:federal_register_of_legislation:F2023C00850:body:0:p5
Version: federal_register_of_legislation:F2023C00850
Segment Type: other
Provision Reference: 
Character Range: 10486–13249

acquisition of the shares; and
 (ii) has completed the acknowledgement that would be required under paragraph 738ZA(3)(b) if the client had applied as a retail client; and
(iii) was able to use the relevant communication facility for the CSF offer provided under subsection 738ZA(5); and
(iv) was able to withdraw the direction within 5 business days after it was made; and
(v) has not been provided with financial assistance in relation to the CSF offer by:
(A) a person referred to in subsection 738ZE(1); or
(B) the licensee; or
(C) an associate of the licensee that is not an Australian ADI; and
(vi) has not in total paid for, or become liable to pay for, or given directions under an IDPS, an IDPS-like scheme or a nominee and custody service for the acquisition of, shares under a CSF offer of the company making the CSF offer that together exceed the cap on investment in paragraph 738ZC(1)(b); or
(b) the client would have acquired the shares as a wholesale client if the client had acquired the shares directly under the CSF offer.
Acquisition of accessible financial products under direction from client
(4) The licensee must not, and must ensure that any custodian acting on its behalf does not, acquire accessible financial products for a client as part of a nominee and custody service under a direction from the client unless:
           (a) subsection (5), (6) or (7) are satisfied; and
           (b) for acquisitions after 31 December 2017—subsection (8) is satisfied.
(5) This subsection is satisfied if:
           (a) the licensee reasonably believes that the client has been given a copy of the Product Disclosure Statement for the accessible financial product that would have been required had the financial product been offered to the client directly at the time of the acquisition of the financial product; and
           (b) the licensee has no reason to believe that the Product Disclosure Statement is defective as if it were prepared at the time of the acquisition.
(6) This subsection is satisfied if:
           (a) the licensee reasonably believes that the accessible financial product could lawfully have been offered and issued or sold, as the case may be, to the client directly without the client being required to be given a Product Disclosure Statement other than because of section 1012E; and
           (b) the licensee has no reason to believe that a Product Disclosure Statement would have been required to be given to the client if all other holdings of the financial product in custodial arrangements had been issued to the clients (as defined in section 1012IA) of those arrangements.
(7) This subsection is satisfied if:
           (a) the client already holds an accessible financial product of the same kind through