Commonwealth Numbered Regulations

[Index] [Table] [Search] [Search this Regulation] [Notes] [Noteup] [Previous] [Download] [Help]



(regulation 3)

[1] After regulation 7.1.33B


7.1.33C Off-market offers for financial products

(1) For paragraph 766A (1) (f) of the Act, a person ( person 1 ) provides a financial service if:

person 1 makes an unsolicited offer to purchase a financial product from another person ( person 2 ) other than through a licensed financial market; and

person 2 acquired the financial product as a retail client.

(2) For paragraph 766A (2) (b) of the Act, a person to whom subregulation (1) applies (as person 1) is taken not to provide a financial service if person 1 tells person 2, in a clear and concise written statement that is part of the offer:
(a) either:

the market value of each financial product and the total market value of all financial products covered by the offer, as at the date that the offer is issued, and the date and time that each value is determined; or

(ii) if information about the market value of a financial product is not available on the day of issue:

(A) a fair estimate of the value of the product as at the date that the offer is issued; and
(B) the method by which the estimate was reached; and

(b) that the offer remains open for a period that is:

at least 1 month; and
not more than 12 months;
unless the offer is withdrawn in writing before the end of that period.

For subregulation (2), the market value or estimated value of a financial product must be expressed in Australian dollars.

AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback