Document ID: chunk:federal_register_of_legislation:C2018A00061:clause:2_256
Version: federal_register_of_legislation:C2018A00061
Segment Type: clause
Provision Reference: sch 2 cl 256
Character Range: 140174–141043

256  After subsection 1012D(9B)
Insert:

 Recommendation, issue or sale situation—client is associated with a notified foreign passport fund
 (9C) In a recommendation situation, an issue situation or a sale situation, the regulated person does not have to give the client a Product Disclosure Statement if:
 (a) the financial product is a foreign passport fund product; and
 (b) the client is associated (within the meaning of subsection (9D)) with the fund's operator.
 (9D) For the purposes of subsection (9C), the client is associated with the fund's operator if the client is:
 (a) a senior manager of the operator or of a related body corporate; or
 (b) a spouse, parent, child, brother or sister of a person who is a senior manager of the operator or a related body corporate; or
 (c) a body corporate controlled by a person referred to in paragraph (a) or (b).