Document ID: chunk:federal_register_of_legislation:F2016L01769:body:0:p1
Version: federal_register_of_legislation:F2016L01769
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ASIC Corporations (Updated Product Disclosure Statements) Instrument 2016/1055
I, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date   14 November 2016

Anthony Graham

Contents

Part 1—Preliminary
1 Name of legislative instrument.....................................
2 Commencement................................................
3 Authority.....................................................
4 Definitions....................................................
Part 2—Declaration
5 Updated information in Product Disclosure Statements.................
6 Where declaration applies........................................

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Updated Product Disclosure Statements) Instrument 2016/1055.

2 Commencement
This instrument commences on the day after it is registered on the Federal Register of Legislation.
Note: The register may be accessed at www.legislation.gov.au

3 Authority
This instrument is made under paragraph 1020F(1)(c) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.
       materially adverse information means information of a kind the inclusion of which in, or the omission of which from, a Statement would render the Statement defective within the meaning of section 1021B of the Act.
       regulated person has the meaning given by section 1011B of the Act.
       responsible person has the meaning given by subsection 1013A(3) of the Act.
       Regulations means the Corporations Regulations 2001.
       Short-Form PDS and Supplementary Short-Form PDS have the same meanings as in section 761A of the Act (as notionally modified by regulation 7.9.61AA of the Regulations).
       Statement means a Product Disclosure Statement or a Short-Form PDS.
       updated information means any information that is, or but for the declaration in section 5 would be, required to be included in a Statement by section 1012J of the Act in addition to or in substitution for any information the Statement contained at the time when it is given.

Part 2—Declaration

5 Updated information in Product Disclosure Statements
Part 7.9 of the Act applies in relation to:
(a) a responsible person for a financial product who prepares a Statement for the product; and
(b) a regulated person who gives the Statement to another person in accordance with section 1012A, 1012B, 1012C or 1017H of the Act;
as if section 1012J of the Act were omitted.
           Note:  Section 1017H of the Act is notionally inserted by Part 3 of Schedule 10BA of the Regulations.

6 Where declaration applies
The declaration in section 5 applies where all of the following are satisfied:
(a)  the Statement was up to date at the time when it was prepared;
(b) any updated information in relation to the Statement does not include any materially adverse information;
(c) the responsible person has taken reasonable steps to:
(i) ensure that the Statement clearly and prominently:
(A) explains that information that is not materially adverse information is subject to change from time to time and may be updated by means described in