Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 1012IA — Treatment of arrangements under which a person can instruct another person to acquire a financial product
Definitions (1) In this section: acquirer, in relation to a custodial arrangement, has the meaning given by the definition of custodial arrangement. client, in relation to a custodial arrangement,…
Section 1012B — Obligation to give Product Disclosure Statement—situations related to issue of financial products
Section sets out issue situations in which Product Disclosure Statement required (1) This section sets out situations in which: (a) an offer relating to the issue of a financial product; or (b) the…
Section 1012C — Obligation to give Product Disclosure Statement—offers related to sale of financial products
Section sets out sale situations in which Product Disclosure Statement required (1) This section sets out situations in which an offer relating to the sale of a financial product gives rise to an…
Section 1012D — Situations in which Product Disclosure Statement is not required
Recommendation, issue or sale situation—client has already received an up to date Product Disclosure Statement (1) In a recommendation situation, issue situation or sale situation, the regulated…
Section 1012E — Small scale offerings of managed investment and other prescribed financial products (20 issues or sales in 12 months)
(1) This section applies only to financial products that are: (a) managed investment products; or (b) financial products of a kind prescribed by regulations made for the purposes of this paragraph.…
Section 1012F — Product Disclosure Statement for certain superannuation products may be provided later
In a recommendation situation or an issue situation in which the financial product is a superannuation product of a kind specified in regulations made for the purposes of this section, the regulated…
Section 1012G — Product Disclosure Statement may sometimes be provided later
(1) The regulated person may deal with a financial product under this section only if: (a) the financial product is one for which an application form is not required under section 1016A and section…
Section 1012H — Obligation to take reasonable steps to ensure that Product Disclosure Statement is given to person electing to be covered by group financial product
(1) This section covers the situation in which a financial product: (a) is issued to a person; and (b) covers, or is designed to cover, a group of people; and (c) may cover a particular person (the…
Section 1012I — Obligation to give employer a Product Disclosure Statement in relation to certain superannuation products and RSAs
(1) At or before the time when a person (the applicant) becomes a standard employer-sponsor of a superannuation entity, the person (the issuer) who is to provide the superannuation products to the…
Section 1012J — Information must be up to date
The information in a Product Disclosure Statement must be up to date as at the time when it is given. Note: A Supplementary Product Disclosure Statement containing updated information may be given…
Section 1012K — Anti-avoidance determinations
(1) ASIC may determine in writing that a number of different bodies are closely related and that their transactions should be aggregated for the purposes of this Subdivision. If ASIC does so: (a) an…
Section 1013A — Who must prepare Product Disclosure Statement
(1) A Product Disclosure Statement that: (a) is required to be given by section 1012A (otherwise than in a situation in which the recommendation concerned relates to an offer described in subsection…
Section 1013DA — Information about ethical considerations etc.
ASIC may develop guidelines that must be complied with where a Product Disclosure Statement makes any claim that labour standards or environmental, social or ethical considerations are taken into…
Section 1013FA — Information not required to be included in PDS for continuously quoted securities
(1) This section applies to a Product Disclosure Statement that relates to a continuously quoted security. (2) Despite anything in section 1013D, 1013E or 1013F, information is not required to be…
Section 1013GA — Extra requirements if Product Disclosure Statement relates to foreign passport fund products
(1) This section applies to a Product Disclosure Statement that relates to foreign passport fund products. (2) The Product Disclosure Statement must: (a) identify the home economy for the notified…
Section 1013IA — Extra requirements if Product Disclosure Statement relates to foreign passport fund products that are ED securities
(1) This section applies to a Product Disclosure Statement that relates to foreign passport fund products that are ED securities. (2) The Product Disclosure Statement must include a statement that:…
Section 1013B — Title of Product Disclosure Statement
(1) The title “Product Disclosure Statement” must be used on the cover of, or at or near the front of, a Product Disclosure Statement. (2) In any other part of a Product Disclosure Statement,…
Section 1013C — Product Disclosure Statement content requirements
(1) A Product Disclosure Statement: (a) must include the following statements and information required by this Subdivision: (i) the statements and information required by section 1013D; and (ii) the…
Section 1013D — Product Disclosure Statement content—main requirements
(1) Subject to this section, subsection 1013C(2) and sections 1013F and 1013FA, a Product Disclosure Statement must include the following statements, and such of the following information as a person…
Section 1013E — General obligation to include other information that might influence a decision to acquire
Subject to subsection 1013C(2) and sections 1013F and 1013FA, a Product Disclosure Statement must also contain any other information that might reasonably be expected to have a material influence on…
Section 1013F — General limitations on extent to which information is required to be included
(1) Despite anything in section 1013D or 1013E, information, or a statement containing information, is not required to be included in a Product Disclosure Statement if it would not be reasonable for…
Section 1013G — Product Disclosure Statement must be dated
A Product Disclosure Statement must be dated. The date must be: (a) if a copy of the Product Disclosure Statement has been lodged with ASIC (see section 1015B)—the date on which it was so lodged; or…
Section 1013H — Requirements if Product Disclosure Statement states or implies that financial product will be able to be traded
If a Product Disclosure Statement states or implies that the financial product will be able to be traded on a financial market (whether in Australia or elsewhere), the Statement must state that: (a)…
Section 1013I — Extra requirements if Product Disclosure Statement relates to managed investment products that are ED securities
(1) This section applies to a Product Disclosure Statement that relates to managed investment products that are ED securities. (2) The Product Disclosure Statement must include a statement that: (a)…
Section 1013J — Requirements if Statement has been lodged with ASIC
A Product Disclosure Statement, a copy of which has been lodged with ASIC (see section 1015B), must include a statement that: (a) a copy of the document has been lodged with ASIC; and (b) ASIC takes…
Section 1013K — Requirements relating to consents to certain statements
(1) A Product Disclosure Statement must only include a statement made by a person, or a statement said in the Product Disclosure Statement to be based on a statement made by a person, if: (a) the…
Section 1013L — Product Disclosure Statement may consist of 2 or more separate documents given at same time
(1) Subject to this section, a Product Disclosure Statement may be made up of 2 or more separate documents that are given at the same time. (2) Each of the documents must have on the cover of the…
Section 1013M — Combining a Product Disclosure Statement and a Financial Services Guide in a single document
For provisions about combining a Product Disclosure Statement and a Financial Services Guide in a single document, see section 942DA and regulations made for the purposes of that section.
Section 1014A — Meaning of Supplementary Product Disclosure Statement
A Supplementary Product Disclosure Statement is a document by which a person who has prepared a Product Disclosure Statement (the PDS) can: (a) correct a misleading or deceptive statement in the PDS;…
Section 1014B — Title of Supplementary Product Disclosure Statement
(1) The title “Supplementary Product Disclosure Statement” must be used on the cover of, or at or near the front of, a Supplementary Product Disclosure Statement. (2) In any other part of a…
Section 1014C — Form of Supplementary Product Disclosure Statement
At the beginning of a Supplementary Product Disclosure Statement there must be: (a) a statement that it is a Supplementary Product Disclosure Statement; and (b) an identification of the Product…
Section 1014D — Effect of giving person a Supplementary Product Disclosure Statement
If: (a) a person is given a Product Disclosure Statement (the PDS); and (b) at the same time, or later, they are given a Supplementary Product Disclosure Statement (the SPDS) that supplements the…
Section 1014E — Situation in which only a Supplementary Product Disclosure Statement need be given
If: (a) apart from this section, a person would be required to give another person (the client) a Product Disclosure Statement (the new PDS) relating to a financial product; and (b) the client has,…
Section 1014F — Application of other provisions in relation to Supplementary Product Disclosure Statements
Sections 1013A, 1013G, 1013H, 1013J and 1013K, and subsections 1013C(3) to (7), apply in relation to a Supplementary Product Disclosure Statement in the same way as they apply to a Product Disclosure…
Section 1014G — Application of this Subdivision—stapled securities
This Subdivision applies if: (a) a Product Disclosure Statement has been lodged in relation to an offer for the issue or sale of an interest in a managed investment scheme; and (b) the interest can…
Section 1014H — Meaning of Replacement Product Disclosure Statement
A Replacement Product Disclosure Statement is a document that replaces the Product Disclosure Statement (the earlier PDS) mentioned in paragraph 1014G(a) in order to: (a) correct a misleading or…
Section 1014J — Consequences of lodging a Replacement Product Disclosure Statement
If a Replacement Product Disclosure Statement is prepared in accordance with section 1014K and lodged with ASIC as provided by Subdivision E (in its application under section 1014L), a reference to a…
Section 1014K — Form, content and preparation of Replacement Product Disclosure Statements
(1) At the beginning of a Replacement Product Disclosure Statement, there must be: (a) a statement that it is a Replacement Product Disclosure Statement; and (b) an identification of the Product…
Section 1014L — Giving, lodgment and notice of Replacement Product Disclosure Statements
Subdivision E applies in relation to a Replacement Product Disclosure Statement in the same way as it applies to a Product Disclosure Statement that is required to be lodged with ASIC under section…
Section 1015A — Subdivision applies to Product Disclosure Statements and Supplementary Product Disclosure Statements
This Subdivision applies to Product Disclosure Statements and to Supplementary Product Disclosure Statements. Both kinds of document are referred to in this Subdivision as a Statement.
Section 1015B — Some Statements must be lodged with ASIC
(1) A copy of a Statement must have been lodged with ASIC in a prescribed form (in accordance with the requirements of subsection (2) for consents) before the Statement is given to a person for the…
Section 1015C — How a Statement is to be given
(1) A Statement: (a) must be: (i) given to a person, or the person’s agent, personally; or (ii) sent to the person, or the person’s agent, at an address (including an electronic address) or fax…
Section 1015D — Notice, retention and access requirements for Statement that does not need to be lodged
(1) This section applies to a Statement if section 1015B does not require a copy of the Statement to be lodged with ASIC. (2) The responsible person for the Statement (other than the trustee of a…
Section 1015E — Altering a Statement after its preparation and before giving it to a person
(1) A regulated person must not, in purported compliance with a provision of this Part, give a person a Statement that has been altered (otherwise than pursuant to paragraph (b)) after the date of…
Section 1016A — Provisions relating to use of application forms
(1) In this section: defective, in relation to a Product Disclosure Statement as at a particular time, means that the Product Disclosure Statement, if it had been given to a person at that time,…
Section 1016B — If Statement lodged with ASIC, financial product is not to be issued or sold before specified period
(1) If: (a) a copy of a Product Disclosure Statement has been lodged with ASIC; and (b) the financial product to which the Statement relates is not able to be traded on any financial market (whether…
Section 1016C — Minimum subscription condition must be fulfilled before issue or sale
If a Product Disclosure Statement for a financial product states that a financial product to which the Statement relates will not be issued or sold unless: (a) applications for a minimum number of…
Section 1016D — Condition about ability to trade on a market must be fulfilled before issue or sale
(1) If a Product Disclosure Statement for a financial product states or implies that a financial product to which the Statement relates will be able to be traded on a financial market (whether in…
Section 1016E — Choices open to person making the offer if disclosure condition not met or Product Disclosure Statement defective
(1) This section applies if: (a) a Product Disclosure Statement for a financial product states that a financial product to which the Statement relates will not be issued or sold unless: (i)…
Section 1016F — Remedies for person acquiring financial product under defective Product Disclosure Document
(1) Subject to this section, if a financial product is issued or sold to a person (the client) in contravention of section 1016E, the client has the right to return the product and to have the money…