Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_4:p2
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 2/3)
Character Range: 621500–624350

burden in relation to the matters in this subsection.

Confirmation may be provided on a transaction‑by‑transaction basis or by means of a standing facility

 (5) Confirmation of a transaction must be provided:
 (a) by confirming the transaction in accordance with subsections (6) to (8), to the holder as soon as is reasonably practicable after the transaction occurs; or
 (b) subject to subsection (5A), by providing the holder with access to a facility through which they can, for themselves, get a confirmation of the transaction in accordance with subsections (6) to (8) as soon as is reasonably practicable after the transaction occurs.
An arrangement under which the holder may request or require another person to provide a confirmation does not count as a facility that satisfies paragraph (b).

When confirmation may be provided by means of a standing facility

 (5A) Confirmation may only be provided by means of a facility as mentioned in paragraph (5)(b) if:
 (a) the holder concerned has agreed that confirmation of transactions involving the product may be provided by means of the facility; or
 (b) the holder concerned:
 (i) has, in accordance with the applicable requirements (if any) in regulations made for the purposes of this subparagraph, been informed, by or on behalf of the responsible person, about the facility and its availability to the holder as a means of obtaining confirmation of transactions involving the product; and
 (ii) has not advised the responsible person that the holder does not agree to use the facility as a means of obtaining such confirmations.

Means of confirmation

 (6) The confirmation of the transaction:
 (a) must be:
 (i) in writing; or
 (ii) electronic; or
 (iii) in some other form applicable under regulations made for the purposes of this paragraph; and
 (b) may be provided:
 (i) in a case to which paragraph (5)(a) applies—directly by the responsible person or through another person (such as a financial services licensee); or
 (ii) in a case to which paragraph (5)(b) applies—through a facility provided directly by the responsible person, or provided on behalf of the responsible person by someone else.

Content of confirmation

 (7) The confirmation of the transaction must give the holder the information that the responsible person reasonably believes the holder needs (having regard to the information the holder has received before the transaction) to understand the nature of the transaction.

 (8) Without limiting subsection (7), the confirmation of the transaction must:
 (a) identify the issuer and the holder; and
 (b) if required to be given by a person other than the issuer—identify that person; and
 (c) give details of the transaction, including:
 (i) the date of the transaction; and
 (ii) a description of the transaction; and
 (iii) subject to regulations made