Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_1016b
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 1016B
Character Range: 583205–583999

1016B  If Statement lodged with ASIC, financial product is not to be issued or sold before specified period

 (1) If:
 (a) a copy of a Product Disclosure Statement has been lodged with ASIC; and
 (b) the financial product to which the Statement relates is not able to be traded on any financial market (whether in Australia or elsewhere);
the responsible person must not issue or sell a financial product to which the Statement applies until the period of 7 days (or that period as extended under subsection (2)) after lodgment of the Statement has ended.

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

 (2) ASIC may extend the period by notice in writing to the responsible person. The period as extended must end no more than 14 days after lodgment.