Situations in which this Division applies
(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.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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