Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1012da:p3
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1012DA (pt 3/4)
Character Range: 4293028–4295706

product is subject to regular reporting and disclosure obligations; and
 (e) states that, as at the date of the notice, the issuer of the relevant product has complied with the provisions of Chapter 2M, and of sections 674 and 674A, as those provisions apply to:
 (i) the issuer; or
 (ii) if the relevant product is an interest in a registered scheme—the scheme; or
 (iii) if the relevant product is an interest is a notified foreign passport fund—the fund; and
 (f) sets out any information that is excluded information as at the date of the notice (see subsections (7) and (8)).
Note 1: A person is taken not to contravene section 1021C if a notice purports to comply with this subsection but does not actually comply with this subsection: see subsection 1021C(5).
Note 2: A notice must not be false or misleading in a material particular, or omit anything that would render it misleading in a material respect: see sections 1308 and 1309. The issuer has an obligation to correct a defective notice: see subsection (9) of this section.
 (7) For the purposes of subsection (6), excluded information is information:
 (a) that has been excluded from a continuous disclosure notice in accordance with the listing rules of the relevant market operator to whom that notice is required to be given; and
 (b) that a person would reasonably require for the purpose of making a decision, as a retail client, whether to acquire the relevant product.
 (8) The notice given under subsection (5) must contain any excluded information only to the extent to which it is reasonable for a person considering, as a retail client, whether to acquire the relevant product to expect to find the information in a Product Disclosure Statement.

Obligation to correct defective notice
 (9) The issuer of the relevant product contravenes this subsection if:
 (a) the notice given under subsection (5) is defective; and
 (b) the issuer becomes aware of the defect in the notice within 12 months after the relevant product is issued; and
 (c) the issuer does not, within a reasonable time after becoming aware of the defect, give the relevant market operator a notice that sets out the information necessary to correct the defect.
 (10) For the purposes of subsection (9), the notice under subsection (5) is defective if the notice:
 (a) does not comply with paragraph (6)(f); or
 (b) is false or misleading in a material particular; or
 (c) has omitted from it a matter or thing the omission of which renders the notice misleading in a material respect.

Transfer or sale of quoted securities—case 2
 (11) The regulated person does not have to give the client a Product Disclosure Statement if:
 (a) the