(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]:
(b) IDPS property;
(c) operator, in relation to an IDPS.