Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1016e:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1016E (pt 2/5)
Character Range: 4375160–4377954

Product Disclosure Statement that changes the statement referred to in paragraph (1)(a) or (b), or that corrects the deficiency referred to in paragraph (1)(c); and
 (ii) 1 month to withdraw their applications and be repaid; or
 (ba) the responsible person must issue or sell the financial products to the applicant and give them:
 (i) a new Product Disclosure Statement for the financial products, and an additional statement that identifies the respects in which the new Product Disclosure Statement is materially different from the first Product Disclosure Statement; and
 (ii) 1 month to return the financial products and be repaid; or
 (c) the responsible person must issue or sell the financial products to the applicant and give them:
 (i) a Supplementary Product Disclosure Statement that changes the statement referred to in paragraph (1)(a) or (b), or that corrects the deficiency referred to in paragraph (1)(c); and
 (ii) 1 month to return the financial products and be repaid.
Note 1: Failure to comply with this subsection is an offence (see subsection 1311(1)).
Note 2: If the responsible person chooses the option given by paragraph (aa) or (b), that option does not require the responsible person to wait until the end of the month referred to in subparagraph (aa)(ii) or (b)(ii) before going ahead and issuing or selling the financial products to the applicant if the applicant indicates before then that they still wish to proceed with the application.
Note 3: However, if the responsible person chooses the option given by paragraph (aa) or (b), whether the responsible person may go ahead and issue or sell the financial products to the applicant at the end of the month referred to in subparagraph (aa)(ii) or (b)(ii) (or earlier, as mentioned in note 2) is affected by this subsection and sections 1016A to 1016E (including as those provisions are affected by subsections (2A) and (2B) of this section).
Note 4: If the responsible person chooses the option given by paragraph (c), sections 1016A to 1016D do not prohibit the issue or sale of the financial products under that paragraph (see subsection (2C) of this section).
 (2A) If, in accordance with paragraph (2)(aa), the responsible person gives the applicant a new Product Disclosure Statement for the financial products and the additional statement referred to in subparagraph (2)(aa)(i):
 (a) subsection (2), and sections 1016B, 1016C, 1016D and 1016E, apply in relation to the application, from the time when the applicant is given the new Product Disclosure Statement (the correction time), as if the application had been made in response to the new Product Disclosure Statement; and
 (b) if:
 (i) the reason for giving the new Product Disclosure Statement was that the responsible person became aware that the