Australian Securities and Investments Commission Act 2001
12DZEffect of exemption
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12DZ Effect of exemption
(1) Section 12DQ does not apply in relation to the sale of an add‑on insurance product by a person if an exemption under subsection 12DX(1) or 12DY(1) applies to the add‑on insurance product.
Note: A defendant bears an evidential burden in relation to the matter in subsection (1): see subsection 13.3(3) of the Criminal Code.
(2) Sections 12DR and 12DS do not apply in relation to an offer to issue or sell an add‑on insurance product, or a request or invitation to ask or apply for an add‑on insurance product, if an exemption under subsection 12DX(1) or 12DY(1) applies to the add‑on insurance product.
Note: A defendant bears an evidential burden in relation to the matter in subsection (2): see subsection 13.3(3) of the Criminal Code.
Product intervention orders (3) Subsections (1) and (2) do not apply to an add‑on insurance product if: (a) a product intervention order is in force under Part 7.9A of the Corporations Act 2001 in relation to the product; and (b) the product intervention order provides for a period during which the product must not be sold.