Commonwealth Consolidated Regulations

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Product Disclosure Statement not required if offer of financial product is declined

                   For paragraph 1020G(1)(c) of the Act, section 1012D of the Act is modified by adding before subsection 1012D(10):

                  '(9J)  In an issue situation or sale situation, the regulated person does not have to give the client a Product Disclosure Statement for a financial product if:

                             (a)  the situation is an offer to issue or sell the financial product; and

                             (b)  the client informs the regulated person, in the course of the contact during which the offer is made, that the client does not intend to acquire the financial product; and

                             (c)  no issue or sale results from the offer.

                  (9K)  For paragraph (9J)(c), the client must inform the regulated person explicitly but may inform the regulated person orally or in any other way.'.

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