Document ID: chunk:federal_register_of_legislation:F2024C00757:front:0:p7
Version: federal_register_of_legislation:F2024C00757
Segment Type: other
Provision Reference: 
Character Range: 16345–19279

features of the IDPS or of the rights, terms, conditions and obligations arising under the IDPS—a summary of that excluded information;
(B) if the excluded information is information about any significant risks associated with the IDPS—a description, in summary, of the key risks of the IDPS;
(C) the name and contact details of each operator of the IDPS;
(D) the information required by paragraphs (4)(d) to (h) and subsection (5).
              (8) The licensee must give, as soon as practicable and at no charge, a copy of any excluded information that the licensee has not included in the IDPS Guide, if requested by a client or prospective client.
           Provision of IDPS Guide
              (9) Subject to subsection (10), the licensee must not give a person an IDPS Guide for the purposes of subsection (2) once the licensee becomes aware that:
                  (a) a material change has occurred to the information in it; or
                  (b) it has become misleading or deceptive or likely to mislead or deceive.
              (10) If:
                  (a) the licensee has prepared an IDPS Guide (existing IDPS Guide) that met the requirements of subsections (4) to (6) when it was prepared; and
                  (b) a new circumstance has arisen since the existing IDPS Guide was prepared that means that it no longer meets the requirements of those subsections;
              the licensee may continue to satisfy its obligation under subsection (2) to give an IDPS Guide to a person by using the existing IDPS Guide if and only if:
                  (c) the updated information that would be required to be included in a new IDPS Guide is not materially adverse from the point of view of a reasonable person as a retail client of the IDPS; and
                  (d) the existing IDPS Guide clearly and prominently:
                     (i) explains that information that is not materially adverse information is subject to change from time to time and may be updated by the means described in the IDPS Guide; and
                     Note:  For example, information that is not materially adverse may be provided through a website.
                     (ii) explains how that updated information can be obtained at any time; and
                     (iii) states that a copy of any updated information will be given to a person without charge on request; and
                  (e) the licensee has taken reasonable steps to:
                     (i) establish and maintain a means by which a person may obtain any updated information, being means that are simple and involve no charge and minimal inconvenience to the person, having regard to the kinds of persons likely to consider becoming a client of the IDPS (including arrangements whereby a person is given a paper copy of the updated information without charge on request); and
                     (ii) make available any updated information as soon as