CORPORATIONS ACT 2001 - SECT 1019A Situations in which this Division applies

CORPORATIONS ACT 2001 - SECT 1019A

  (1)   Subject to subsection   (2), this Division applies if:

  (a)   a financial product of one of the following classes is provided in this jurisdiction to a person as a retail client after the commencement of this Chapter:

  (i)   risk insurance products;

  (ii)   investment life insurance products;

  (iii)   managed investment products;

  (iiia)   foreign passport fund products;

  (iv)   superannuation products;

  (v)   RSAs; and

  (b)   the product is provided to the person:

  (i)   by way of issue; or

  (ii)   by way of sale pursuant to an offer to which section   1012C applies.

  (2)   The regulations may do any or all of the following:

  (a)   provide that a specified subclass of financial products that would otherwise be covered by a subparagraph of paragraph   (1)(a) are excluded from that subparagraph;

  (b)   provide additional requirements to be satisfied before this Division applies in relation to a class or subclass of financial products;

  (c)   provide that this Division does not apply in relation to the provision of a financial product in specified circumstances.

  (3)   In this Division:

  (a)   the person referred to in paragraph   (1)(a) is the client ; and

  (b)   the person who issues or sells the product to the client is the responsible person .