(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 would reasonably require for the purpose of making a decision, as a retail client, whether to acquire the financial product:
(a) a statement setting out the name and contact details of:
(i) the issuer of the financial product; and
(ii) if the Statement is a sale Statement--the seller; and
(b) information about any significant benefits to which a holder of the product will or may become entitled, the circumstances in which and times at which those benefits will or may be provided, and the way in which those benefits will or may be provided; and
(c) information about any significant risks associated with holding the product; and
(d) information about:
(i) the cost of the product; and
(ii) any amounts that will or may be payable by a holder of the product in respect of the product after its acquisition, and the times at which those amounts will or may be payable; and
(iii) if the amounts paid in respect of the financial product and the amounts paid in respect of other financial products are paid into a common fund--any amounts that will or may be deducted from the fund by way of fees, expenses or charges; and
(e) if the product will or may generate a return to a holder of the product--information about any commission, or other similar payments, that will or may impact on the amount of such a return; and
(f) information about any other significant characteristics or features of the product or of the rights, terms, conditions and obligations attaching to the product; and
(g) information about the dispute resolution system that covers complaints by holders of the product and about how that system may be accessed; and
(h) general information about any significant taxation implications of financial products of that kind; and
(i) information about any cooling-off regime that applies in respect of acquisitions of the product (whether the regime is provided for by a law or otherwise); and
(j) if the product issuer (in the case of an issue Statement) or the seller (in the case of a sale Statement) makes other information relating to the product available to holders or prospective holders of the product, or to people more generally--a statement of how that information may be accessed; and
(k) any other statements or information required by the regulations; and
(l) if the product has an investment component--the extent to which labour standards or environmental, social or ethical considerations are taken into account in the selection, retention or realisation of the investment; and
(m) unless in accordance with the regulations, for information to be disclosed in accordance with paragraphs (b), (d) and (e), any amounts are to be stated in dollars.
(2) For the purposes of paragraph (1)(d), an amount will or may be payable in respect of a financial product by the holder of the financial product if:
(a) the holder will or may have to pay an amount in respect of the product; or
(b) an amount will or may be deducted from:
(i) a payment to be made by the holder; or
(ii) a payment to be made to the holder; or
(iii) an amount held on the holder's behalf under the financial product; or
(c) an account representing the holder's interest in the financial product will or may be debited with an amount.
It includes an amount that the holder will or may have to pay, or that will or may be deducted or debited, as a fee, expense or charge in relation to a particular transaction in relation to the financial product.
(2A) For the purposes of paragraph (1)(l), products which have an investment component include superannuation products, managed investment products and investment life insurance products.
(3) Subsection (1) requires information to be included in the Product Disclosure Statement only to the extent to which the requirement is applicable to the financial product. The Product Disclosure Statement does not need to indicate that a particular requirement is not applicable to the financial product.
(4) The regulations may:
(a) provide that a provision of subsection (1) does not apply in a particular situation; or
(b) provide that particular information is not required by a provision of subsection (1), either in a particular situation or generally; or
(c) provide a more detailed statement of the information that is required by a provision of subsection (1), either in a particular situation or generally.