Document ID: chunk:federal_register_of_legislation:F2023C00850:body:0:p6
Version: federal_register_of_legislation:F2023C00850
Segment Type: other
Provision Reference: 
Character Range: 12983–15864

the financial product in custodial arrangements had been issued to the clients (as defined in section 1012IA) of those arrangements.
(7) This subsection is satisfied if:
           (a) the client already holds an accessible financial product of the same kind through the nominee and custody service; 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.
(8) 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 against the issuer or seller by each client who:
           (a) holds through the nominee and custody service an accessible financial product issued or sold by the issuer or seller; and
           (b) if the issuer or seller had issued or sold the accessible financial product the subject of the direction to the client directly—would have acquired the product as a retail client;

       where the complaints are made in connection with an accessible financial product issued or sold by the issuer or seller that is held through the nominee and custody service.
Facilitating dispute resolution
(9) If a client notifies the licensee that it has a complaint in relation to an accessible investment, the licensee must take reasonable steps to facilitate resolution of the dispute between the client and the issuer of the accessible investment, including informing the client whether the issuer has a dispute resolution system that is available to the client.
Interpretation
(10) In this section:
accessible financial product means a financial product (other than a security) that may be held through a nominee and custody service.
accessible investments means assets or property that may be held through a nominee and custody service, including accessible securities and accessible financial products.
accessible securities means securities that may be held through a nominee and custody service.
custodial or depository service has the meaning given by section 766E of the Act.
custodian means a person who provides a custodial or depository service in connection with a nominee and custody service.
           Note: The custodian may also be the