Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p11
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 11/43)
Character Range: 1292327–1295146

1013C and 1013D, the Product Disclosure Statement is taken to comply with the requirements of:
 (a) sections 1013C and 1013D of the Act; and
 (b) the provisions of any regulations made for the purposes of, or modifying, sections 1013C and 1013D of the Act;
as in force at that time.
 (2) In this regulation:
commencing day means the day on which this regulation commences.
old sections 1013C and 1013D means:
 (a) sections 1013C and 1013D of the Act; and
 (b) the provisions of any regulations made for the purposes of, or modifying, those sections;
as in force immediately before the commencing day.
transition period means the period starting on the commencing day and ending at the end of 30 June 2008.
Note: Before the commencement of this regulation, transitional arrangements in similar terms were provided for regulations 7.9.15D, 7.9.15E and 7.9.15F by item 2 of Schedule 5 to the Corporations Amendment Regulations 2005 (No. 5) (SLI 2005 No. 324).

7.9.15H  New section 1012G: product disclosure statement may sometimes be provided later
  For paragraph 1020G(1)(c) of the Act, Part 7.9 of the Act applies as if section 1012G were omitted and the following section were substituted:
"1012G  Product disclosure statement may sometimes be provided later: financial products subject to a cooling off period

Application of section
 (1) The regulated person may deal with a financial product under this section only if the financial product is one for which an application form is not required under section 1016A and section 1019B (cooling off period) will apply if the client enters into a legal obligation to acquire the product pursuant to the recommendation or offer that constitutes the relevant conduct.

No need to give Product Disclosure Statement in certain circumstances
 (2) In a recommendation situation or an issue situation, the regulated person need not give the client a Product Disclosure Statement for the financial product at or before the time when it would otherwise be required to be given if:
 (a) the client expressly instructs the regulated person that they require:
 (i) in a recommendation situation—the advice constituting the recommendation; or
 (ii) in an issue situation—the financial product;
  to be provided or issued immediately, or by a specified time; and
 (b) it is not reasonably practicable, while complying with the client's instructions, to give the client the Product Disclosure Statement at or before the time when it would otherwise be required to be given.
The regulated person must comply instead with subsection (3).

Requirements to be complied with to be able to give Product Disclosure statement later
 (3) The regulated person must:
 (a) at or before the time referred to in paragraph (2)(b), orally communicate the following information to the client:
 (i) the