Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_4:p1
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 1/3)
Character Range: 618794–621765

4                                                  transaction by which the holder disposes of all or part of the financial product                                                                                the person specified in the regulations made for the purposes of this item

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

Examples of transactions that are covered by subparagraph (1)(b)(ii)

 (3) Without limiting the generality of subparagraph (1)(b)(ii), the transactions that are covered by that subparagraph include:
 (a) varying the terms of the financial product while the holder holds the product (unless subsection (4) provides that the variation does not require confirmation); and
 (b) the redemption or surrender of the financial product from or by the holder.

Transactions that do not require confirmation

 (4) The following transactions do not require confirmation:
 (a) a transaction consisting solely of an additional contribution towards the financial product in either of the following circumstances:
 (i) the timing and amount, or method of calculating the amount, of the additional contribution was agreed on when the product was acquired by the holder;
 (ii) the additional contribution is an amount that is payable under the terms of the product because of an increase in an external factor, such as a person's salary, an inflation index or a rate of a tax or levy;
 (b) if the financial product is a security—a transaction consisting solely of a variation of the rights attaching to the security;
 (c) if the financial product is a deposit product—any of the following transactions:
 (i) a withdrawal from the deposit product pursuant to a cheque drawn on the account;
 (ii) a deposit to, or withdrawal from, the deposit product under a direct credit arrangement or a direct debit arrangement;
 (iii) crediting interest to the deposit product;
 (iv) debiting the deposit product for fees or charges in respect of the product or transactions involving the product;
 (v) debiting the deposit product for charges or duties on deposits into, or withdrawals from, the product that are payable under a law of the Commonwealth or of a State or Territory;
 (vi) a transaction of a kind specified in regulations made for the purposes of this subparagraph;
 (d) a variation of the terms of all financial products in the class to which the financial product belongs;
 (e) a transaction of a kind specified in regulations made for the purposes of this paragraph.

Note 1: Because of subparagraph (a)(i), confirmation is not required, e.g., for regular monthly contributions to a superannuation fund.

Note 2: A defendant bears an evidential burden in relation to the matters in this subsection.

Confirmation may be provided on a transaction‑by‑transaction basis or by means of a standing facility

 (5) Confirmation of a transaction must be provided:
 (a) by confirming the transaction in accordance with