Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1012d:p3
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1012D (pt 3/4)
Character Range: 4277894–4280671

not registered schemes); and
 (b) the holder of the office (by whatever name it is known), in relation to the managed investment scheme, that corresponds most closely to the office of responsible entity of a registered scheme is an exempt body corporate of a State or Territory; and
 (c) in the case of a recommendation situation or an issue situation—either:
 (i) the recommendation that constitutes the relevant conduct relates to an offer made by the office holder referred to in paragraph (b); or
 (ii) the offer that constitutes the relevant conduct is made by or to the office holder referred to in paragraph (b).
Note 1: Section 66A defines exempt body corporate of a State or Territory.
Note 2: In the case of a sale situation, there is no additional requirement equivalent to paragraph (c).

Recommendation or issue situation—interim contracts of insurance
 (9) In a recommendation situation or an issue situation, the regulated person does not have to give the client a Product Disclosure Statement if the financial product is an interim contract of insurance (as defined in subsection 11(2) of the Insurance Contracts Act 1984).
Note: This does not detract from the obligation to give a Product Disclosure Statement relating to any contract of insurance that replaces or supersedes the interim contract.

Recommendation, issue or sale situation—client is associated with registered scheme
 (9A) In a recommendation situation, an issue situation or a sale situation, the regulated person does not have to give the client a Product Disclosure Statement if:
 (a) the financial product is a managed investment product; and
 (b) the client is associated (within the meaning of subsection (9B)) with the scheme's responsible entity.
 (9B) For the purposes of subsection (9A), the client is associated with the scheme's responsible entity if the client is:
 (a) a senior manager of the responsible entity or of a related body corporate; or
 (b) a spouse, parent, child, brother or sister of a person who is a senior manager of the responsible entity or a related body corporate; or
 (c) a body corporate controlled by a person referred to in paragraph (a) or (b).

Recommendation, issue or sale situation—client is associated with a notified foreign passport fund
 (9C) In a recommendation situation, an issue situation or a sale situation, the regulated person does not have to give the client a Product Disclosure Statement if:
 (a) the financial product is a foreign passport fund product; and
 (b) the client is associated (within the meaning of subsection (9D)) with the fund's operator.
 (9D) For the purposes of subsection (9C), the client is associated with the fund's operator if the client is:
 (a) a senior manager of the operator or of a related body corporate;