Product Disclosure Statement not required if the client is not contactable
7.9.07F Product Disclosure Statement not required if the client is not contactable
For paragraph 1020G(1)(c) of the Act, section 1012D of the Act is modified by adding before subsection 1012D(10):
‘(9L) In an issue situation, the regulated person does not have to give the client a Product Disclosure Statement, if:
the regulated person has not given the client a Product Disclosure Statement because the regulated person did not need to give a Product Disclosure Statement at or before the time when it would otherwise be required to be given because of the operation of section 1012F or 1012G of the Act, regulation 7.9.04 or Part 17 of Schedule 10A; and
either:
the regulated person:
has an address for the client; and
is satisfied, on reasonable grounds that the address is incorrect; and
has taken reasonable steps to locate the client but is unable to do so; or
the regulated person:
does not have an address for the client; and
is unable to obtain an address for the client; and
has taken reasonable steps to locate the client but has been unable to do so.
If a regulated person does not give a client a Product Disclosure Statement in reliance on subsection (9L), and the regulated person becomes aware of the address or location of the client, the regulated person must give the client a Product Disclosure Statement as soon as practicable.’.
This Act’s bill:Explanatory statement
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