Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_1016e:p2
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 1016E (pt 2/2)
Character Range: 589915–591598

response to the Product Disclosure Statement and that has not resulted in an issue or sale of financial products of that kind, comply with one of the following paragraphs:
 (a) the responsible person must repay the money they received from the applicant;
 (b) the responsible person must give the applicant:
 (i) a Supplementary Product Disclosure Statement that changes the statement referred to in paragraph (1)(a) or (b), or that corrects the deficiency referred to in paragraph (1)(c) or (d); and
 (ii) 1 month to withdraw their applications and be repaid; or
 (c) the responsible person must issue or sell the financial products to the applicant and give them:
 (i) a Supplementary Product Disclosure Statement that changes the statement referred to in paragraph (1)(a) or (b), or that corrects the deficiency referred to in paragraph (1)(c) or (d); and
 (ii) 1 month to return the financial products and be repaid.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

 (3) For the purpose of working out whether the condition referred to in paragraph (1)(a) has been satisfied, a person who has agreed to take a financial product as an underwriter is taken to have applied for that financial product.

 (4) For the purposes of paragraphs (1)(a) and (b), the relevant date in relation to an express or implied statement is:
 (a) if the statement is express or implied in a Product Disclosure Statement, disregarding the effect of section 1014D—the date of the Product Disclosure Statement; or
 (b) if the statement is express or implied in a Supplementary Product Disclosure Statement—the date of the Supplementary Product Disclosure Statement.