Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_1012d:p3
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 1012D (pt 3/3)
Character Range: 525649–527270

an interim contract of insurance (as defined in subsection 11(2) of the Insurance Contracts Act 1984).

Note: This does not detract from the obligation to give a Product Disclosure Statement relating to any contract of insurance that replaces or supersedes the interim contract.

Recommendation, issue or sale situation—client is associated with registered scheme

 (9A) In a recommendation situation, an issue situation or a sale situation, the regulated person does not have to give the client a Product Disclosure Statement if:
 (a) the financial product is a managed investment product; and
 (b) the client is associated (within the meaning of subsection (9B)) with the scheme's responsible entity.

 (9B) For the purposes of subsection (9A), the client is associated with the scheme's responsible entity if the client is:
 (a) an executive officer of the responsible entity or of a related body corporate; or
 (b) a spouse, parent, child, brother or sister of a person who is an executive officer of the responsible entity or a related body corporate; or
 (c) a body corporate controlled by a person referred to in paragraph (a) or (b).

 (10) For the purposes of this section:
 (a) a financial product (other than a managed investment product or a superannuation product) is of the same kind as another financial product only if they are both issued:
 (i) by the same issuer; and
 (ii) on the same terms and conditions (other than price); and
 (b) a managed investment product, or a superannuation product, is of the same kind as another product only if the other product is an interest in the same scheme or fund.