Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_1017b
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 1017B
Character Range: 597396–599722

1017B  Ongoing disclosure of material changes and significant events

Responsible person must notify holders

 (1) If:
 (a) a person (the holder) acquired a financial product as a retail client; 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) a Product Disclosure Statement was, or should have been, produced for the product;
the person who is the responsible person for the Product Disclosure Statement for the financial product under Division 2 must, in accordance with subsections (3) to (8), notify the holder of:
 (e) any material change to any of the matters specified, or that should have been specified, in the Statement that occurs while the holder holds the product; or
 (f) any significant event that affects any of the matters specified, or that should have been specified, in the Statement and that occurs while the holder holds the product.

Note 1: Information in a Supplementary Product Disclosure Statement is taken to be contained in the Product Disclosure Statement it supplements (see section 1014D).

Note 2: Failure to comply with this subsection is an offence (see subsection 1311(1)).

 (2) The responsible person does not need to give the notice if the financial product is a managed investment product that is an ED security.

Note 1: The continuous disclosure provisions in Chapter 6CA (sections 674‑677) apply to managed investment products that are ED securities.

Note 2: A defendant bears an evidential burden in relation to the matters in this subsection.

 (3) The responsible person must notify the holder in one of the following ways:
 (a) in writing; or
 (b) electronically; or
 (c) in a way specified in the regulations.

 (4) The notice must give the holder the information that is reasonably necessary for the holder to understand the nature and effect of the change or event.

Time for notifying holders

 (5) The time within which the responsible person must give the notice is set out in the following table:

Time for giving notice of change or event
                                           Nature of change or event                              Time for giving notice