Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1023d:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1023D (pt 1/2)
Character Range: 4548057–4550779

1023D  ASIC may make product intervention orders

Making product intervention orders
 (1) Subject to subsection (5), if ASIC is satisfied that a financial product:
 (a) is, or is likely to be, available for acquisition by issue, or for regulated sale, to persons as retail clients (whether or not it also is, or is likely to be, available for acquisition by persons as wholesale clients); and
 (b) has resulted in, or will or is likely to result in, significant detriment to retail clients;
ASIC may, in accordance with this Part, order that a specified person must not engage in specified conduct in relation to the product, either entirely or except in accordance with conditions specified in the order.
Note 1: An example of conditions that may be specified in a product intervention order include that the product not be issued to a retail client unless the retail client has received personal advice.
Note 2: Section 1023E specifies matters to be taken into account in considering whether a financial product has resulted in, or will or is likely to result in, significant detriment to retail clients.
Note 3: Section 1023N also provides that product intervention orders may include requirements for notifying retail clients.
 (2) An order under subsection (1) is not a legislative instrument.
 (3) Subject to subsection (5), if ASIC is satisfied that a class of financial products:
 (a) is, or is likely to be, available for acquisition by issue, or for regulated sale, to persons as retail clients (whether or not it also is, or is likely to be, available for acquisition by persons as wholesale clients); and
 (b) has resulted in, or will or is likely to result in, significant detriment to retail clients;
ASIC may, in accordance with this Part and by legislative instrument, order that a person must not engage in specified conduct in relation to the class of products, either entirely or except in accordance with conditions specified in the order.
Note 1: An example of conditions that may be specified in a product intervention order include that a product in a class of products not be issued to a retail client unless the retail client has received personal advice.
Note 2: Section 1023E specifies matters to be taken into account in considering whether a financial product has resulted in, or will or is likely to result in, significant detriment to retail clients.
Note 3: Section 1023N also provides that product intervention orders may include requirements for notifying retail clients.

Restrictions on product intervention orders
 (4) A product intervention order must not specify any of the following for subsection (1) or (3):
 (a) a condition that a person satisfy a standard of training, or meet a