Commonwealth Consolidated Acts

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If Statement lodged with ASIC, financial product is not to be issued or sold before specified period

  (1)   If:

  (a)   a copy of a Product Disclosure Statement has been lodged with ASIC; and

  (b)   the financial product to which the Statement relates is not able to be traded on any financial market (whether in Australia or elsewhere);

the responsible person must not issue or sell a financial product, pursuant to an application made in response to the Statement, until the period of 7 days (or that period as extended under subsection   (2)) after lodgment of the Statement has ended.

Note 1:   This subsection does not apply to an issue or sale pursuant to paragraph   1016E(2)(c) (see subsection   1016E(2C)).

Note 2:   Failure to comply with this subsection is an offence (see subsection   1311(1)).

  (2)   ASIC may extend the period by notice in writing to the responsible person. The period as extended must end no more than 14 days after lodgment.

  (3)   This section does not apply if the financial product to which the Product Disclosure Statement relates is:

  (a)   a managed investment product of an Australian passport fund; or

  (b)   a foreign passport fund product.

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