Document ID: chunk:federal_register_of_legislation:C2004A01226:clause:2_79
Version: federal_register_of_legislation:C2004A01226
Segment Type: clause
Provision Reference: sch 2 cl 79
Character Range: 67303–68832

79  Subsection 1017B(1)
Repeal the subsection, substitute:

Issuer to notify holders of changes and events

 (1) If:
 (a) a person (the holder) acquired a financial product as a retail client (whether or not it was acquired from the issuer); and
 (b) either:
 (i) the financial product was offered in this jurisdiction; or
 (ii) the holder applied for the financial product in this jurisdiction; and
 (c) the product is not specified in regulations made for the purposes of this paragraph; and
 (d) the circumstances in which the product was acquired are not specified in regulations made for the purposes of this paragraph;
the issuer must, in accordance with subsections (3) to (8), notify the holder of changes and events referred to in subsection (1A).

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

The changes and events that must be notified

 (1A) The changes and events that must be notified are:
 (a) any material change to a matter, or significant event that affects a matter, being a matter that would have been required to be specified in a Product Disclosure Statement for the financial product prepared on the day before the change or event occurs; and
 (b) any other change, event or other matter of a kind specified in regulations made for the purposes of this paragraph.

Note: Paragraph (a) applies whether or not a Product Disclosure Statement for the financial product was in fact prepared (or required to be prepared) on the day before the change or event occurs.