Document ID: chunk:federal_register_of_legislation:F2024C00757:front:0:p12
Version: federal_register_of_legislation:F2024C00757
Segment Type: other
Provision Reference: 
Character Range: 30066–33020

if it were prepared at the time of the acquisition.
              (26C)  This subsection is satisfied if:
                  (a) the licensee reasonably believes that the accessible financial product could lawfully have been offered and issued or sold, as the case may be, to the client directly without the client being given a Product Disclosure Statement other than because of section 1012E; and
                  (b) the licensee has no reason to believe that a Product Disclosure Statement would have been required to be given to the client if all other holdings of the financial product in custodial arrangements had been issued to the clients (as defined in section 1012IA) of those arrangements.
                  Note: Under section 601ED, a managed investment scheme does not generally need to be registered if it has no more than 20 members. If interests held through custodial arrangements such as IDPSs, IDPS-like schemes and nominee and custody services had been acquired directly, the scheme may have required registration as it may have had more than 20 members.
              (26D) This subsection is satisfied if:
                  (a) the client already holds an accessible financial product of the same kind through the IDPS; and
                  (b) the licensee has given the client a Product Disclosure Statement for a financial product of the same kind; and
                  (c) the licensee reasonably believes that the client has access to, and knows that they have access to, a Product Disclosure Statement for the financial product; and
                  (d) the Product Disclosure Statement the client has access to is the most current in use or does not differ from the most current in use in a way that is materially adverse for the client; and
                  (e) the licensee has no reason to believe the Product Disclosure Statement the client has access to is defective as if it were prepared at the time of the acquisition.
              (26E) This subsection is satisfied if the acquisition is made under a distribution reinvestment plan in relation to a client and the client already has an existing holding of an accessible financial product of the same kind or accessible securities in the same class through the IDPS.
              (26F) This subsection is satisfied if the acquisition is made under a regular saving acquisition in relation to a client and:
                  (a) the client already has an existing holding of an accessible financial product of the same kind through the IDPS; and
                  (b) the licensee has complied with its agreement with the client in relation to the regular savings plan to give any missing documents.
              (26G)This subsection is satisfied if the licensee reasonably believes that the issuer or seller of the accessible financial products has a dispute resolution system that satisfies either subsection 912A(2) or 1017G(2) and which covers complaints