Commonwealth Consolidated Regulations

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Disclosure documents--cooling-off period

             (1)  For section 1444 of the Act, this regulation applies in relation to a document if:

                     (a)  the document is a prospectus or other disclosure document for a financial product; and

                     (b)  the issuer of the financial product is a regulated principal to which Division 2 of Part 7.9 of the Act does not apply in relation to the financial product; and

                     (c)  the particular document:

                              (i)  was publicly available; or

                             (ii)  had been distributed to users; or

                            (iii)  had been lodged with ASIC; or

                            (iv)  was otherwise in existence and in use, or available for use;

                            before the FSR commencement.

             (2)  The issuer of the financial product is not civilly or criminally liable in relation to information about the cooling off regime applying after the FSR commencement if :

                     (a)  the confirmation of the transaction:

                              (i)  provides a statement of the cooling-off regime that applies in respect of the acquisition of that product; and

                             (ii)  states that the information in the confirmation of the transaction supersedes the information in that document; or

                     (b)  the responsible person amends the disclosure document to include information on any cooling-off regime.

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