(1) Subject to subsection (2), this Division applies if:
(a) a financial product of one of the following classes is provided in this jurisdiction to a person as a retail client after the commencement of this Chapter:
(i) risk insurance products;
(ii) investment life insurance products;
(iii) managed investment products;
(iiia) foreign passport fund products;
(iv) superannuation products;
(v) RSA products; and
(b) the product is provided to the person:
(i) by way of issue; or
(ii) by way of sale pursuant to an offer to which section 1012C applies.
(2) The regulations may do any or all of the following:
(a) provide that a specified subclass of financial products that would otherwise be covered by a subparagraph of paragraph (1)(a) are excluded from that subparagraph;
(b) provide additional requirements to be satisfied before this Division applies in relation to a class or subclass of financial products;
(c) provide that this Division does not apply in relation to the provision of a financial product in specified circumstances.
(3) In this Division:
(a) the person referred to in paragraph (1)(a) is the client ; and
(b) the person who issues or sells the product to the client is the responsible person .