Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p12
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 12/43)
Character Range: 1294899–1297770

Requirements to be complied with to be able to give Product Disclosure statement later
 (3) The regulated person must:
 (a) at or before the time referred to in paragraph (2)(b), orally communicate the following information to the client:
 (i) the name and contact details of the issuer of the financial product;
 (ii) information about the cooling off regime that applies in respect of acquisitions of the product (whether this regime is provided for by law or otherwise);
 (iii) that the client should consider the information in the Product Disclosure Statement that will be provided to the client;
 (iv) the further information (if any) requested by the client in response to a question under paragraph (b); and
 (b) at or before the time referred to in paragraph (2)(b), ask the client whether the client would like further information about the financial product; and
 (c) give the client the Product Disclosure Statement as soon as practicable after that time, and in any event not later than:
 (i) the time when the confirmation requirement (if applicable) is complied with; or
 (ii) the end of the fifth business day after the day on which the financial product was issued or sold to the client.

How information to be communicated
 (4) The information referred to in paragraph (3)(a) must be communicated in a clear, concise and effective manner.

How confirmation requirement to be complied with
 (5) For the purposes of subparagraph (3)(c)(i), the confirmation requirement is complied with when:
 (a) the client receives confirmation, as mentioned in paragraph 1017F(5)(a), of the transaction by which they acquired the financial product; or
 (b) confirmation of that transaction is available to the client by a facility as mentioned in paragraph 1017F(5)(b)."

7.9.15I  Modification of section 1012IA
  For paragraph 1020G(1)(c) of the Act, Part 7.9 of the Act applies as if subparagraph 1012IA(4)(b)(ii) were omitted and the following subparagraph was inserted:

 "(ii) subsection 1012G(3) applies in relation to the provider, the client and the regulated acquisition as if the reference to the regulated person were instead a reference to the provider, as if subparagraph 1012G(3)(c)(i) were omitted and as if the reference in subparagraph 1012G(3)(c)(ii) to the day on which the financial product was issued or sold to the client were instead a reference to the day on which the regulated acquisition occurs."

7.9.16  More detailed information in Product Disclosure Statement: consumer credit insurance product
 (1) For paragraph 1013D(4)(c) of the Act, the more detailed information that must be included in a Product Disclosure Statement that relates to a consumer credit insurance product is:
 (a) a brief explanation of the purposes of consumer credit insurance; and
 (b) an outline statement of general areas covered by the consumer credit insurance