Section 1020AC — Corporations Act 2001: Licensee disclosure

(1) Subsection (2) applies if: (a) the seller mentioned in subparagraph 1020AB(1)(a)(i) gives a financial services licensee information in accordance with section 1020AB in relation to a sale of section 1020B products on a licensed market; and (b) the following requirements are satisfied (if applicable): (i) if regulations made for the purposes of this subparagraph specify a kind of section 1020B product—the section 1020B products are of that kind; (ii) if regulations made for the purposes of this subparagraph specify a kind of section 1020B product—the section 1020B products are not of that kind; (iii) if regulations made for the purposes of this subparagraph specify circumstances in which the sale is made—the sale is made in those circumstances. Offence (2) The financial services licensee must: (a) give the entity mentioned in subsection (3) particulars specified in the regulations in relation to the circumstances mentioned in paragraph (1)(a); and (b) do so: (i) on or before the time specified in the regulations; and (ii) in the manner specified in the regulations. Note: Failure to comply with this subsection is an offence (see subsection 1311(1)). (3) The entity is: (a) the operator of the licensed market mentioned in paragraph (1)(a); or (b) if the regulations specify another entity—that entity.