Document ID: chunk:federal_register_of_legislation:F2023C00841:body:0:p18
Version: federal_register_of_legislation:F2023C00841
Segment Type: other
Provision Reference: 
Character Range: 45721–48618

in some circumstances by giving a Product Disclosure Statement together with a Supplementary Product Disclosure Statement or just giving a Supplementary Product Disclosure Statement.

(6) The trustee does not have to give the client information or a Product Disclosure Statement under subsection (5) if:

(a) the client has already received a Product Disclosure Statement that contains all of the information that the first-mentioned Product Disclosure Statement would be required to contain; or

(b) the trustee believes on reasonable grounds that paragraph (a) applies.

(7) The trustee does not have to give the client information or a Product Disclosure Statement under subsection (5) if the trustee believes on reasonable grounds that the client has received, or has, and knows that they have, access to, all of the information that the first-mentioned Product Disclosure Statement would be required to contain through:

(a) a Product Disclosure Statement; and

(b) information provided to the client under section 1017B in relation to the superannuation product or through continuous disclosure under Chapter 6CA in relation to the accessible financial product.

(8) In this section:

              investment strategy, in relation to a superannuation entity, means an investment strategy formulated by the trustee of the entity under the covenant referred to in subsection 52(6) of the Superannuation Industry (Supervision) Act 1993.
Note 1: This section only applies in relation to a client where the trustee (or other person with whom the trustee has an arrangement) is holding the relevant financial product as a result of a direction given by the client at the time the change or event occurs. In a case where the trustee (or other person) is not holding the product at that time, the trustee nonetheless may need to give the client an appropriate Supplementary or new Product Disclosure Statement before acquiring the product on their instructions. This is because the Product Disclosure Statement required to be given by subsection 1012IA(2) must be a Statement that meets the requirements set out in Division 2 of this Part.
Note 2: If the trustee decides to stop making regulated acquisitions of a financial product, the trustee must notify holders of interests in the superannuation entity in accordance with section 1017B.";
(g) in paragraph 1017K(a) of the Act:
           (i) after "1013A," insert "1013FB,"; and
           (ii) omit "1016E and 1017A", substitute "1016E, 1017A and 1017CA.".
           Note: Section 1017K of the Act is inserted by Part 3 of Schedule 10BA to the Regulations.

7 Platform operators and trustees of superannuation entities using an agent to deliver a Product Disclosure Statement
    Part 7.9 of the Act applies in relation to a trustee of a superannuation entity, an operator of an IDPS and a responsible entity of an IDPS-like scheme as if that