Document ID: chunk:federal_register_of_legislation:F2016L00331:body:0:p3
Version: federal_register_of_legislation:F2016L00331
Segment Type: other
Provision Reference: 
Character Range: 5550–8593

is not required under subsection (1) to give a Product Disclosure Statement—3 months before the day on which the relevant product was issued; or
                  (ii) if the regulated person is not required under subsection (1A) to give a Product Disclosure Statement—3 months before the day on which the relevant product was sold by the controller; and" ;
(c) omit paragraph (5)(b), substitute:
"(b) trading in that class of financial products on a prescribed financial market on which they were quoted was not suspended for more than a total of 5 days during:
                  (i) if the regulated person is not required under subsection (1) to give a Product Disclosure Statement—the shorter of the period during which the class of financial products was quoted, and the period of 12 months before the day on which the relevant product was issued; or

                  (ii) if the regulated person is not required under subsection (1A) to give a Product Disclosure Statement—the shorter of the period during which the class of financial products was quoted, and the period of 12 months before the day on which the relevant financial product was sold by the controller; and";
(d) omit paragraph (6)(a), substitute:
"(a)   is given:
                  (i) if the regulated person is not required under subsection (1) to give a Product Disclosure Statement—within 5 business days after the day on which the relevant financial product was issued; or
                  (ii) if the regulated person is not required under subsection (1A) to give a Product Disclosure Statement—within 5 business days after the day on which the relevant financial product was sold by the controller; and";
(e) omit paragraph (6)(b), substitute:
"(b) states that:
                  (i) if the regulated person is not required under subsection (1) to give a Product Disclosure Statement—the relevant financial product was issued without a Product Disclosure Statement for the relevant product being prepared; or
                  (ii) if the regulated person is not required under subsection (1A) to give a Product Disclosure Statement—the relevant financial product was sold by the controller without a Product Disclosure Statement for the relevant product being prepared; and"; and
(f) omit subsection (9), substitute:
"Obligation to correct defective notice
(9) A person contravenes this subsection if:

                 (a) where the person is the issuer:

                    (i)  the notice given under paragraph (5)(e) is defective; and

                    (ii) the issuer becomes aware of the defect in the notice within the following period:

                       (A) if the regulated person is not required under subsection (1) to give a Product Disclosure Statement—12 months after the relevant product is issued; or

                       (B) if the regulated person is not required under subsection (1A) to give a Product Disclosure Statement—12 months after the relevant product is sold by the controller; and

                    (iii) the issuer