Commonwealth Consolidated Regulations

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Investor-directed portfolio services

             (1)  A person must make a target market determination for a financial product if:

                     (a)  the product is an interest in a managed investment scheme; and

                     (b)  the interest arises out of participation or proposed participation in an IDPS, but is not IDPS property; and

                     (c)  but for ASIC Class Order [CO 13/763], Part 7.9 of the Act would give rise to an obligation on a person to give another person a Product Disclosure Statement for the interest; and

                     (d)  the person is the operator of the IDPS.

Note:          The person must make the determination before any person engages in retail product distribution conduct in relation to the product: see subparagraph 994B(2)(b)(ii) of the Act.

             (2)  The following terms used in this regulation have the same meaning as in the section 912AD set out in paragraph 6 of ASIC Class Order [CO 13/763]:

                     (a)  IDPS;

                     (b)  IDPS property;

                     (c)  operator, in relation to an IDPS.

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