Document ID: chunk:federal_register_of_legislation:C2019A00050:clause:1_994b:p2
Version: federal_register_of_legislation:C2019A00050
Segment Type: clause
Provision Reference: sch 1 cl 994B (pt 2/3)
Character Range: 11729–14587

investment in financial products, interests in land or other investments; and
 (ii) in the course of carrying on that business, invests funds subscribed, whether directly or indirectly, after an offer or invitation to the public (within the meaning of section 82) made on terms that the funds subscribed would be invested.

Requirements for target market determinations
 (5) A target market determination for a financial product must:
 (a) be in writing; and
 (b) describe the class of retail clients that comprises the target market (within the ordinary meaning of the term) for the product; and
 (c) specify any conditions and restrictions on retail product distribution conduct in relation to the product (distribution conditions), other than a condition or restriction imposed by or under another provision of this Act; and
 (d) specify events and circumstances (review triggers) that would reasonably suggest that the determination is no longer appropriate; and
 (e) specify the maximum period from the start of the day the determination is made to the start of the day the first review of the determination under section 994C is to finish; and
 (f) specify the maximum period from the start of the day a review of the determination under section 994C is finished to the start of the day the next review of the determination is to finish; and
 (g) specify a reporting period for reporting information about the number of complaints about the product (see subsection 994F(4)); and
 (h) specify the kinds of information needed to enable the person who made the target market determination to identify promptly whether a review trigger for the determination, or another event or circumstance that would reasonably suggest that the determination is no longer appropriate, has occurred and, for each kind of information, specify:
 (i) the regulated person or regulated persons that, under subsection 994F(5), are required to report the information to the person who made the determination; and
 (ii) a reporting period for reporting the information under subsection 994F(5).
Note 1: For paragraph (c), an example of a distribution condition for a financial product is a restriction limiting the distribution of the product to specified methods of distribution.
Note 2: The requirements of this subsection also apply when a new target market determination is made as a result of a review under section 994C.
 (6) A period specified under paragraph (5)(e) or (f), and a reporting period specified under paragraph (5)(g) or subparagraph (5)(h)(ii), must be reasonable.
 (7) In determining what is reasonable for the purposes of subsection (6), regard must be had to:
 (a) the need to identify promptly whether a review trigger for the determination, or another event or circumstance that would reasonably suggest that the determination is no longer appropriate,