Debentures of certain bodies
7.8A.06 Debentures of certain bodies
A person must make a target market determination for a financial product if:
the product is a debenture of a body that is:
an ADI (short for authorised deposit‑taking institution) within the meaning of the Banking Act 1959; or
registered under section 21 of the Life Insurance Act 1995; and
but for subsection 708(19) of the Act, disclosure to investors under Part 6D.2 of the Act would be needed for an offer of the debenture for issue or sale; and
the person is the person who, but for subsection 708(19) of the Act, would be required to prepare a disclosure document for an offer of the debenture for issue or sale.
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.
This Act’s bill:Explanatory statement
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