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CORPORATIONS ACT 2001 - SECT 994A

Meaning of some terms relating to design and distribution requirements

  (1)   In this Act:

excluded conduct means:

  (a)   a dealing in a financial product that consists of arranging for a retail client to apply for or acquire the product, where the arranging is undertaken:

  (i)   by a person, or by an associate of a person; and

  (ii)   for the purpose of implementing personal advice that the person has given to the retail client; or

  (b)   providing personal advice.

retail product distribution conduct , in relation to a financial product, means any of the following:

  (a)   dealing in the product in relation to a retail client;

  (b)   giving under Part   6D.2 a disclosure document in relation to an offer of the product to a retail client;

  (c)   giving under Part   7.9 a Product Disclosure Statement for the product to a retail client;

  (d)   providing financial product advice in relation to the product to a retail client.

review period for a target market determination means each of the following:

  (a)   the period starting on the day the determination is made and ending on the earlier of:

  (i)   the day that a review of the determination under section   994C is started; and

  (ii)   the last day of the maximum period specified in the determination under paragraph   994B(5)(e);

  (b)   a period starting on the day after a review of the determination under section   994C is finished and ending on the earlier of:

  (i)   the day on which the next review of the determination under section   994C is started; and

  (ii)   the last day of the maximum period specified in the determination under paragraph   994B(5)(f).

  (2)   In this Part:

"complaint" , in relation to a financial product, means a complaint made to a regulated person about the product, which is covered by a dispute resolution system complying with subsection   912A(2).

"dealing" in a financial product has the meaning given by section   766C, subject to the following:

  (a)   paragraphs 766C(1)(d) and (e) do not apply;

  (b)   despite subsection   766C(3), a person deals in a financial product if the dealing is a regulated sale of the product on the person's own behalf;

  (c)   paragraph   766C(4)(c) does not apply if the dealing is an offer of securities that needs disclosure to investors under Part   6D.2.

"regulated person" , in relation to a financial product, means:

  (a)   the seller of the financial product, if a sale takes place in circumstances described in subsection   707(2), (3) or (5) or 1012C(5), (6) or (8); or

  (b)   a regulated person as defined in section   1011B (modified so that the references to financial products include references to securities); or

  (c)   a person prescribed, in relation to the product, by regulations made for the purposes of this paragraph.

"reporting period" means:

  (a)   for information about the number of complaints about a financial product--a period specified under paragraph   994B(5)(g), in the target market determination for the product, as a reporting period for that kind of information; or

  (b)   for other kinds of information that must be reported under subsection   994F(5)--a period specified under subparagraph   994B(5)(h)(ii), in the target market determination for the product, as a reporting period for those other kinds of information.

  (3)   Section   1010C (references to offer, purchase and sale) applies for the purposes of this Part.



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