Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.9.11E

Requirements for references to incorporated information for margin loan

             (1)  For subsection 1013C(1D) of the Act, as modified by Part 5A of Schedule 10A, this regulation prescribes requirements for applying, adopting or incorporating, in a Product Disclosure Statement for a margin loan, a matter contained in writing.

             (2)  A Product Disclosure Statement may apply, adopt or incorporate a matter only if a provision of these Regulations requires or permits the matter to be applied, adopted or incorporated by the Statement.

             (3)  If a Product Disclosure Statement applies, adopts or incorporates a matter:

                     (a)  the matter must be:

                              (i)  in writing; and

                             (ii)  clearly distinguishable from any other matters that are not applied, adopted or incorporated; and

                            (iii)  publicly available in a document other than the Statement; and

                     (b)  the responsible person for the Statement must identify the matter by:

                              (i)  including in the Statement a concise description of the matter; and

                             (ii)  ensuring that the reference to the matter is clearly distinguishable from the other contents of the Statement; and

                     (c)  the responsible person for the Statement must:

                              (i)  identify each version of the matter (by including the date on which the version was prepared) so that a person who, at a particular time, is considering a margin loan can identify the version that is relevant to the margin loan at that time; and

                             (ii)  state the date on which the version was prepared in a prominent position at or near the front of the version; and

                     (d)  the responsible person for the Statement must ensure that a person who is relying on the Statement is able to have access to:

                              (i)  the matter; or

                             (ii)  if there is more than 1 version of the matter--each version;

                            reasonably easily and reasonably quickly.

             (4)  The responsible person for the Product Disclosure Statement must also ensure that the Statement includes the statements in the following table relating to the matter, and sets them out in each place at which the matter has been applied, adopted or incorporated.

 

Item

Statement

1

You should read the important information about [the subject] before making a decision. Go to [location of the matter that has been applied, adopted or incorporated]

2

The material relating to [matter] may change between the time when you read this Statement and the day when you sign the application form

             (5)  The responsible person for the Product Disclosure Statement must also ensure that each document mentioned in subregulation (3) includes the statement in the following table relating to the matter.

 

Item

Statement

1

The information in this document forms part of the Product Disclosure Statement [identification by name, date and version (if applicable) of each Statement]

             (6)  For the avoidance of doubt:

                     (a)  the giving of a Product Disclosure Statement to which this Subdivision applies is taken to be the giving of every matter that is applied, adopted or incorporated in accordance with subregulations (1) to (5); and

                     (b)  if a document mentioned in subparagraph (3)(a)(iii) refers to more than one PDS, the document:

                              (i)  must include a statement to the effect that the information in the document forms part of the Product Disclosure Statement offered by the responsible entity; but

                             (ii)  is not required to name each Product Disclosure Statement of which it forms part.

             (7)  If the Product Disclosure Statement applies, adopts or incorporates a matter, the information dealing with the matter is taken to have been given to a person on the day on which the person signs the application form accompanying the Statement.



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