7Application to Product Disclosure Statements

7 Application to Product Disclosure Statements

(1) The declarations in this instrument apply to Product Disclosure Statements given on or after 30 September 2022.

(1A) The declarations in this instrument do not apply to a Product Disclosure Statement covered by section 8C of ASIC Corporations (Time-sharing Schemes) Instrument 2017/272.

Election by the responsible person

(2) A responsible person for a Product Disclosure Statement for a financial product may, in accordance with subsection (3), elect to apply the declarations in this instrument to a Product Disclosure Statement dated on or after 30 September 2020.

(3) The responsible person elects to apply the declarations in this instrument to a Product Disclosure Statement if the person makes a written record:

(a) that identifies the Product Disclosure Statements to which the election relates; and

(b) of the date or dates the election is made.

(4) If the responsible person elects to apply the declarations in this instrument to a Product Disclosure Statement for a financial product:

(a) the election is taken to also cover any subsequent Product Disclosure Statements for the financial product; and

(b) the declarations in this instrument apply to the Product Disclosure Statement and any subsequent Product Disclosure Statements for the financial product.

Note: The other effect of making an election in relation to a Product Disclosure Statement in accordance with subsection (3) is that ASIC Class Order [CO 14/1252] does not apply to the Product Disclosure Statement: see paragraph 12A of that class order.

(5) An election made under this section cannot be withdrawn.

(6) In this section:

responsible person for a Product Disclosure Statement has the meaning given by subsection 1013A(3) of the Act.