Document ID: chunk:federal_register_of_legislation:F2018L01699:body:0:p2
Version: federal_register_of_legislation:F2018L01699
Segment Type: other
Provision Reference: 
Character Range: 2719–4574

period as extended must end no more than 14 days after lodgment.
            Note: A reference in this subsection to a time is a reference to the legal time in Sydney, New South Wales.".

7 Exposure period—Product Disclosure Statements
    Part 7.9 of the Act applies in relation to all responsible persons as if subsections 1016B(1) and (2) of the Act were omitted and substituted with the following subsections:
         "(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, pursuant to an application made in response to the Statement, until whichever of the following periods is applicable has ended:
            (c) if the Statement is lodged during a period commencing at 5 pm on the last business day before 18 December of a calendar year and ending at 9 am on the first business day after 1 January of the next calendar year—the period of 14 days after lodgment of the Statement; and
            (d) otherwise—the period of 7 days (or that period as extended under subsection (2)) after lodgment of the Statement.
                 Note 1: A reference in this subsection to a time is a reference to the legal time in Sydney, New South Wales.
                 Note 2: This subsection does not apply to an issue or sale pursuant to paragraph 1016E(2)(c) (see subsection 1016E(2C)).
                 Note 3: Failure to comply with this subsection is an offence (see subsection 1311(1)).
          (2) ASIC may extend the period mentioned in paragraph (1)(d) by notice in writing to the responsible person. The period as extended must end no more than 14 days after lodgment.".