Commonwealth Consolidated Acts

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Situations in which this Division applies

             (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 .

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