Document ID: chunk:federal_register_of_legislation:F2024L00376:body:0:p3
Version: federal_register_of_legislation:F2024L00376
Segment Type: other
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Character Range: 5232–8355

Disclosure Statement is defective for the purposes of subparagraph 5(2)(b)(ii), information in a Supplementary Product Disclosure Statement that supplements the Product Disclosure Statement is taken to be contained in the Product Disclosure Statement: see the definition of defective in subsection 1016A(1) of the Act.

Part 3—Declaration

8 Requirements before transmitting an electronic application through mFund
Part 7.9 of the Act applies in relation to a financial services licensee who, or whose authorised representative, transmits an electronic application for the issue of an interest in a registered scheme through mFund as if that Part were modified or varied by, after subsection 1016A(2), inserting:
           "(2A) A financial services licensee must:
              (a) not transmit an electronic application for the issue of an interest in a registered scheme to a person unless; and
              (b) ensure that an authorised representative of the financial services licensee does not transmit such an application unless the financial services licensee has done all things reasonably necessary to ensure that;
              each of the following are satisfied:
              (c) the financial services licensee or its authorised representative (as applicable) has:
                  (i) given the person a Product Disclosure Statement for the interest; or
                  (ii) been notified in writing by another financial services licensee or authorised representative (each the second providing licensee or representative) that the second providing licensee or representative has given the person a Product Disclosure Statement for the interest;
              (d) the date of the Product Disclosure Statement is specified in an electronic statement forming part of or accompanying the application;
              (e) the date of the Product Disclosure Statement is the date of the most recent Product Disclosure Statement for the interest that is available on the website of ASX Limited as at the time the application is made.
              Note:  A person who offers to arrange for the issue of an interest in a registered scheme to a person as a retail client is required to give a Product Disclosure Statement to the person before making the offer: section 1012B.
           (2B) Subsection (2A) does not apply where the financial services licensee or its authorised representative believes on reasonable grounds that an issue is not a restricted issue.
           (2C) Subsection (2A) applies in relation to a Product Disclosure Statement that has been supplemented by one or more Supplementary Product Disclosure Statements as if:
              (a) a reference to a Product Disclosure Statement were a reference to a Product Disclosure Statement and each Supplementary Product Disclosure Statement which supplements it; and
              (b) a reference to the date of a Product Disclosure Statement were a reference to the date of the most recent Supplementary Product Disclosure Statement that supplements it.".

Part 4—Repeal

9 Repeal
This instrument is repealed at the start of 1 April 2029.