Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1012da:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1012DA (pt 1/4)
Character Range: 4288143–4290843

1012DA  Product Disclosure Statement not required for sale amounting to indirect issue

Product Disclosure Statement not required
 (1) In a recommendation situation or sale situation, the regulated person does not have to give the client a Product Disclosure Statement if:
 (a) but for subsection (5), (11) or (12), the regulated person would be required by section 1012A or 1012C to give a Product Disclosure Statement for the relevant product; and
 (b) the transfer or sale of the financial product (the relevant product) to the client would take place in circumstances covered by subsection 1012C(6); and
 (c) the relevant product was not issued by the issuer with the purpose referred to in subparagraph 1012C(6)(c)(i); and
 (d) a determination under subsection (2) was not in force in relation to the issuer of the relevant product at the time when the relevant product was issued.
 (1A) In a recommendation situation or sale situation, the regulated person does not have to give the client a Product Disclosure Statement if:
 (a) but for subsection (5), the regulated person would be required by section 1012C to give a Product Disclosure Statement for the transfer or sale of the financial product (the relevant product); and
 (b) the transfer or sale of the relevant product to the client would take place in circumstances covered by subsection 1012C(8); and
 (c) the relevant product was not sold by the controller with the purpose referred to in subparagraph 1012C(8)(d)(i); and
 (d) a determination under subsection (2) was not in force in relation to the issuer of the relevant product at the time when the relevant product was issued.

Determination by ASIC
 (2) ASIC may make a determination under this subsection if ASIC is satisfied that in the previous 12 months the issuer of the relevant product contravened any of the following provisions:
 (a) the provisions of Chapter 2M as they apply to:
 (i) the issuer; or
 (ii) if the relevant product is an interest in a registered scheme—the scheme; or
 (iii) if the relevant product is an interest in a notified foreign passport fund—the fund;
 (b) section 674, 674A, 675 or 675A as it applies to:
 (i) the issuer; or
 (ii) if the relevant product is an interest in a registered scheme—the scheme; or
 (iii) if the relevant product is an interest in a notified foreign passport fund—the fund;
 (c) section 1016E, 1021D, 1021E or 1021J;
 (d) subsection (9) of this section;
 (e) section 1308 as it applies to a notice under subsection (5) of this section.
 (3) The determination must be made in writing and a copy must be published in the Gazette as soon as practicable after the determination is made.
 (4) A failure to publish a copy of