Commonwealth Consolidated Acts Commonwealth Consolidated ActsObligation to give information
(1) The following people may request the person who is the responsible person for a Product Disclosure Statement for a financial product under Division 2 to provide further information about the product:
(a) a person who:
(i) has been or should have been given, or who has obtained, the Product Disclosure Statement for the financial product; and
(ii) is not a holder of the financial product;
(b) a financial services licensee;
(c) an authorised representative of a financial services licensee;
(e) a person who is not required to hold an Australian financial services licence because the person is covered by:
(i) paragraph 911A(2)(j); or
(ii) an exemption in regulations made for the purposes of paragraph 911A(2)(k); or
(iii) an exemption specified by ASIC for the purposes of paragraph 911A(2)(l).
(2) The responsible person must give the person the information if:
(a) the financial product is offered in this jurisdiction or the Product Disclosure Statement is given or obtained in this jurisdiction; and
(b) the responsible person has previously made the information generally available to the public; and
(c) the information might reasonably influence a person's decision, as a retail client, whether to acquire a financial product to which the Statement relates; and
(d) it is reasonably practicable for the responsible person to give the person the information; and
(e) the person pays any charge payable under subsection (5).
The responsible person does not need to give information that is contained in the Product Disclosure Statement.
Note 1: Paragraph (b)--This requirement means that the responsible person does not have to disclose material that is confidential because it is:
(a) an internal working document; or
(b) personal information about another person; or
(c) a trade secret or other information that has a commercial value that would be reduced or destroyed by the disclosure; or
(d) material that the responsible person owes another a person a duty not to disclose.
Note 2: Information in a Supplementary Product Disclosure Statement is taken to be contained in the Product Disclosure Statement it supplements (see section 1014D).
(3) The responsible person must take reasonable steps to ensure that, as soon as practicable after receiving the request, and in any event within one month, subsection (2) is complied with.
Manner of giving information
(4) The responsible person may give the person making the request the information:
(a) by making a document containing the information available for inspection by the person:
(i) at a suitable place in this jurisdiction (having adequate facilities for the person to inspect and photocopy the document); and
(ii) during normal business hours; or
(b) in some other way that is agreed between the responsible person and the person making the request.
Issuer or seller may charge for giving information
(5) The responsible person may require the person making the request to pay a charge for obtaining the information.
(6) The amount of the charge must not exceed the reasonable costs that the responsible person incurs that are reasonably related to giving the information (including any costs incurred in photocopying the document containing the information).
Note: This would include the costs of searching for, obtaining and collating the information.