the provision of suitable financial products to consumers of financial products; and

paragraphs 766C(1)(d) and (e) do not apply;

despite subsection 766C(3), a person deals in a financial product if the dealing is a regulated sale of the product on the person’s own behalf;

paragraph 766C(4)(c) does not apply if the dealing is an offer of securities that needs disclosure to investors under Part 6D.2.

an excluded dealing; or

providing personal advice.

by a person, or by an associate of a person; and

for the purpose of implementing personal advice that the person has given to the retail client.

the seller of the financial product, if a sale takes place in circumstances described in subsection 707(2), (3) or (5) or 1012C(5), (6) or (8); or

a regulated person as defined in section 1011B (modified so that the references to financial products include references to securities); or

a person prescribed, in relation to the product, by regulations made for the purposes of this paragraph.

that, under subsection 707(2), (3) or (5), needs disclosure to investors under Part 6D.2; or

in relation to which a Product Disclosure Statement must be given under subsection 1012C(5), (6) or (8); or

made in circumstances prescribed by regulations made for the purposes of this paragraph.

for information about the number of complaints about a financial product—a period specified under paragraph 994B(5)(g), in the target market determination for the product, as a reporting period for that kind of information; or

for other kinds of information that must be reported under subsection 994F(5)—a period specified under subparagraph 994B(5)(h)(ii), in the target market determination for the product, as a reporting period for those other kinds of information.

dealing in the product in relation to a retail client;

under Part 6D.2, giving a disclosure document in relation to an offer of the product to a retail client;

under Part 7.9, giving a Product Disclosure Statement for the product to a retail client;

providing financial product advice in relation to the product to a retail client.

the period starting on the day the determination is made and ending on the earlier of:

the day that a review of the determination under section 994C is started; and

the last day of the maximum period specified in the determination under paragraph 994B(5)(e);

a period starting on the day after a review of the determination under section 994C is finished and ending on the earlier of:

the day on which the next review of the determination under section 994C is started; and

the last day of the maximum period specified in the determination under paragraph 994B(5)(f).

is made as required by section 994B; and

meets the requirements of subsections 994B(5) and (8).

a financial product (within the meaning of this Chapter) (see section 761A);

a financial product (within the meaning of Division 2 of Part 2 of the ASIC Act), other than a financial product covered by paragraph (a).

under Part 6D.2, the person is required to prepare a disclosure document for the product; or

under Part 7.9, the person is required to prepare a Product Disclosure Statement for the product; or

the product is covered by paragraph 994AA(1)(b) (about the extended operation of this Part) and:

the person issues the product to another person as a retail client; or

the person sells the product under a regulated sale; or

regulations made for the purpose of this paragraph require the person to make a target market determination for the product.

if paragraph (1)(a), (b) or (ba) applies—any person engages in retail product distribution conduct in relation to the product; or

if paragraph (1)(c) applies:

the time or event specified in regulations made for the purposes of that paragraph; or

if there is no time or event so specified—any person engages in retail product distribution conduct in relation to the product.

a MySuper product; or

a margin lending facility; or

a security that has been or will be issued under an employee share scheme; or

a fully paid ordinary share in a company or a foreign company (except a fully paid ordinary share covered by subsection (4)); or

a financial product issued, or offered for regulated sale, by an exempt body or an exempt public authority; or

a financial product of a kind prescribed by regulations made for the purposes of this paragraph.

on the issue of the share, the company intended that the share be converted into a preference share within 12 months after the date of issue; or

the company:

carries on a business of investment in financial products, interests in land or other investments; and

in the course of carrying on that business, invests funds subscribed, whether directly or indirectly, after an offer or invitation to the public (within the meaning of section 82) made on terms that the funds subscribed would be invested.

be in writing; and

describe the class of retail clients that comprises the target market (within the ordinary meaning of the term) for the product; and

(c) specify any conditions and restrictions on retail product distribution conduct in relation to the product (distribution conditions), other than a condition or restriction imposed by or under another provision of this Act; and

(d) specify events and circumstances (review triggers) that would reasonably suggest that the determination is no longer appropriate; and

specify the maximum period from the start of the day the determination is made to the start of the day the first review of the determination under section 994C is to finish; and

specify the maximum period from the start of the day a review of the determination under section 994C is finished to the start of the day the next review of the determination is to finish; and

specify a reporting period for reporting information about the number of complaints about the product (see subsection 994F(4)); and

specify the kinds of information needed to enable the person who made the target market determination to identify promptly whether a review trigger for the determination, or another event or circumstance that would reasonably suggest that the determination is no longer appropriate, has occurred and, for each kind of information, specify:

the regulated person or regulated persons that, under subsection 994F(5), are required to report the information to the person who made the determination; and

a reporting period for reporting the information under subsection 994F(5).

the need to identify promptly whether a review trigger for the determination, or another event or circumstance that would reasonably suggest that the determination is no longer appropriate, has occurred; and

the likelihood, nature and extent of detriment to retail clients that may result if:

a review trigger for the determination, or another event or circumstance that would reasonably suggest that the target market determination is no longer appropriate, has occurred; and

the target market determination is not promptly reviewed.

to a retail client in accordance with the distribution conditions—it would be likely that the retail client is in the target market; and

to a retail client in the target market—it would likely be consistent with the likely objectives, financial situation and needs of the retail client.

review the determination; or

make a new target market determination in accordance with section 994B.

the person makes a target market determination for a financial product; and

the product is on offer for acquisition by issue, or for regulated sale, to retail clients at or after the end of the review period; and

the person did not complete a review of the determination during the review period.

a person makes a target market determination for a financial product; and

the product is on offer for acquisition by issue, or for regulated sale, to retail clients at any time during a review period for the determination; and

the person knows that:

a review trigger for the determination has occurred; or

an event or circumstance has occurred that would reasonably suggest that the determination is no longer appropriate;

the person has reviewed the determination and, if the determination is no longer appropriate, made a new determination in accordance with section 994B; or

the retail product distribution conduct is excluded conduct.

a person makes a target market determination for a financial product; and

the product is on offer for acquisition by issue, or for regulated sale, to retail clients at any time during a review period for the determination; and

the person knows, or ought reasonably to know, that:

a review trigger for the determination has occurred; or

an event or circumstance has occurred that would reasonably suggest that the determination is no longer appropriate;

the person has reviewed the determination and, if the determination is no longer appropriate, made a new target market determination in accordance with section 994B; or

the retail product distribution conduct is excluded conduct.

a person makes a target market determination for a financial product; and

the product is on offer for acquisition by issue, or for regulated sale, to retail clients at any time during a review period for the determination; and

the person knows that:

a review trigger for the determination has occurred; or

an event or circumstance has occurred that would reasonably suggest that the determination is no longer appropriate;

the determination has been reviewed since the review trigger, event or circumstance occurred and, if a new target market determination is required, it has been made; or

the retail product distribution conduct is excluded conduct.

the determination has been reviewed since a review trigger, event or circumstance mentioned in paragraph (5)(c) occurred and, if a new target market determination is required, it has been made; or

the regulated person:

made all inquiries (if any) that were reasonable in the circumstances; and

after doing so, believed on reasonable grounds that the determination had been reviewed since a review trigger, event or circumstance mentioned in paragraph (5)(c) occurred and, if a new target market determination was required, it had been made; or

the retail product distribution conduct is excluded conduct.

the determination has been reviewed since a review trigger, event or circumstance mentioned in paragraph (5)(c) occurred and, if a new target market determination is required, it has been made; or

the regulated person:

made all inquiries (if any) that were reasonable in the circumstances; and

after doing so, believed on reasonable grounds that the determination had been reviewed since a review trigger, event or circumstance mentioned in paragraph (5)(c) occurred and, if a new target market determination was required, it had been made; or

the retail product distribution conduct is excluded conduct.

under section 994B, a person must make a target market determination for a financial product but the determination has not been made; and

the product is on offer for acquisition by issue, or for regulated sale, to retail clients;

the regulated person made all inquiries (if any) that were reasonable in the circumstances and, after doing so, believed on reasonable grounds that:

the determination had been made; or

this Part does not require a target market determination for the product; or

the retail product distribution conduct is excluded conduct.

retail product distribution conduct of a regulated person (other than the person) in relation to the product is inconsistent with the target market determination; or

a retail client who is not in the target market for the product acquires the product.

a target market determination for a financial product has been made; and

the product is on offer for acquisition by issue, or for regulated sale, to retail clients; and

a regulated person engages in retail product distribution conduct in relation to the product; and

the regulated person failed to take reasonable steps that would have resulted in, or would have been reasonably likely to have resulted in, the retail product distribution conduct being consistent with the determination;

the likelihood of any such conduct being inconsistent with the determination; and

the nature and degree of harm that might result from an issue or regulated sale of the financial product:

to retail clients who are not in the target market; or

that is inconsistent with the determination; and

what the person knows, or ought reasonably to know, about:

the matters referred to in paragraphs (a) and (b); and

ways of eliminating or minimising the likelihood and the harm; and

the availability and suitability of ways to eliminate or minimise the likelihood and the harm.

relates to a particular retail client; and

relates to a particular financial product; and

is necessary to implement personal advice given to the client in relation to the product.

the person’s decisions in relation to the following:

all target market determinations for the product;

review triggers for those target market determinations;

review periods for those target market determinations;

the requirements of subsections 994B(5) and (8) for those target market determinations; and

the reasons for those decisions.

a target market determination has been made for a financial product; and

the product is on offer for acquisition by issue, or for regulated sale, to retail clients; and

a regulated person engages in retail product distribution conduct in relation to the product.

the number of complaints in relation to the product that the regulated person receives;

the steps the regulated person has taken in relation to the product as required by section 994E (reasonable steps to ensure consistency with the target market determination);

if the regulated person is specified in the determination as required to report information of a specified kind to the person who made the determination (see subparagraph 994B(5)(h)(i))—information of that kind that the regulated person acquires;

if the regulated person is not the person that made the determination—the dates on which the regulated person reported as required by subsection (4), (5) or (6) and the substance of the reports.

whether the regulated person received complaints in relation to the product during the reporting period; and

if the regulated person received such complaints—the number of complaints the regulated person received.

under the target market determination for the financial product, the regulated person is required to report information of a specified kind to the person that made the determination (see subparagraph 994B(5)(h)(i)); and

the regulated person engages in the retail product distribution conduct in relation to the product during a reporting period for that kind of information;

all the information of that kind that the regulated person acquired during the reporting period; or

if the regulated person did not acquire information of that kind during the reporting period—that fact.

becomes aware of a significant dealing in the product; and

becomes aware that the dealing is not consistent with the target market determination;

a person makes a target market determination for a financial product; and

the person becomes aware of a significant dealing in the product in relation to a retail client (except an excluded dealing); and

the person becomes aware that the dealing is not consistent with the determination;

a person who makes, or is required by this Part to make, a target market determination for a financial product; or

a regulated person who engages in retail product distribution conduct in relation to a financial product;

by the date specified by ASIC in the requirement; or

if no date is so specified, within 10 business days after the day the person is notified by ASIC of the requirement in subsection (1) or (2).

hold a hearing; and

give a reasonable opportunity to any interested person to make oral or written submissions to ASIC on whether an order should be made.

ASIC makes an order under subsection (2) after the conclusion of the hearing; or

the interim order is revoked;

exempt a specified person from all or specified provisions of this Part; or

exempt a specified financial product from all or specified provisions of this Part; or

declare that this Part applies in relation to:

a specified person; or

a specified financial product;

exempt a specified class of persons from all or specified provisions of this Part; or

exempt a specified class of financial products from all or specified provisions of this Part; or

declare that this Part applies in relation to:

a specified class of persons; or

a specified class of financial products;

the text of the declaration was made available by ASIC on the internet; or

ASIC gave to the person written notice setting out the text of the declaration.

(a) a person (the first person) contravenes section 994B, 994C or 994D or subsection 994E(1) or (3); and

(b) another person (the client) suffers loss or damage because of the contravention;

the first person (or anyone else) has been convicted of an offence in relation to the contravention; or

a Court has made a declaration of contravention under subsection 1317E(1) in relation to the contravention; or

a Court has ordered the first person (or anyone else) to pay the Commonwealth a pecuniary penalty under section 1317G in relation to the contravention.

make an order declaring void a contract entered into by the client who suffered loss or damage relating to a financial product; and

if it makes an order under paragraph (a)—make such other order or orders as it thinks are necessary or desirable because of that order.

an order for the return of money paid by a person;

an order for payment of an amount of interest specified in, or calculated in accordance with, the order.

(a) a person engaged in conduct (the contravening conduct) in contravention of section 994B, 994C or 994D or subsection 994E(1) or (3); and

the contravening conduct caused, or is likely to cause, a class of persons to suffer loss or damage; and

(c) the class includes persons (non-party consumers) who have not been a party to proceedings under this Act in relation to the contravening conduct;

redress, in whole or in part, the loss or damage suffered by the non-party consumers in relation to the contravening conduct; or

prevent or reduce the loss or damage suffered, or likely to be suffered, by the non-party consumers in relation to the contravening conduct.

which persons are non-party consumers in relation to the contravening conduct;

the nature of the loss or damage suffered, or likely to be suffered, by such persons.

an order is made under subsection (1) against a person; and

the loss or damage suffered, or likely to be suffered, by a non-party consumer in relation to the contravening conduct to which the order relates has been redressed, prevented or reduced in accordance with the order; and

the non-party consumer has accepted the redress, prevention or reduction;

the non-party consumer is bound by the order; and

any other order made under subsection (1) that relates to that loss or damage has no effect in relation to the non-party consumer; and

despite any other provision of this Act or any other law of the Commonwealth, or a State or Territory, no claim, action or demand may be made or taken against the person by the non-party consumer in relation to that loss or damage.

an order declaring the whole or any part of a contract made between the respondent and a non-party consumer referred to in that subsection, or a collateral arrangement relating to such a contract:

to be void; and

if the Court thinks fit—to have been void ab initio or void at all times on and after such date as is specified in the order (which may be a date that is before the date on which the order is made);

an order:

varying such a contract or arrangement in such manner as is specified in the order; and

if the Court thinks fit—declaring the contract or arrangement to have had effect as so varied on and after such date as is specified in the order (which may be a date that is before the date on which the order is made);

an order refusing to enforce any or all of the provisions of such a contract or arrangement;

an order directing the respondent to refund money or return property to a non-party consumer referred to in that subsection;

an order directing the respondent, at the respondent’s own expense, to repair, or provide parts for, goods that have been supplied under the contract or arrangement to a non-party consumer referred to in that subsection;

an order directing the respondent, at the respondent’s own expense, to supply specified services to a non-party consumer referred to in that subsection;

an order, in relation to an instrument creating or transferring an interest in land, directing the respondent to execute an instrument that:

varies, or has the effect of varying, the first-mentioned instrument; or

terminates or otherwise affects, or has the effect of terminating or otherwise affecting, the operation or effect of the first-mentioned instrument.

in a case where Part 7.8A requires a target market determination be made for the product—describes the target market for the product or specifies where the determination is available; and

in a case where Part 7.8A requires a target market determination be made in relation to the product—describes the target market or specifies where the description is available; and

a financial product issued, or offered for regulated sale, by an exempt body or an exempt public authority; or

a financial product specified in regulations made for the purposes of this paragraph.

in the person’s capacity as a retail client; or

who is in a class of persons specified in regulations made for the purposes of this paragraph.

is, or is likely to be, available for acquisition by issue, or for regulated sale, to persons as retail clients (whether or not it also is, or is likely to be, available for acquisition by persons as wholesale clients); and

has resulted in, or will or is likely to result in, significant detriment to retail clients;

is, or is likely to be, available for acquisition by issue, or for regulated sale, to persons as retail clients (whether or not it also is, or is likely to be, available for acquisition by persons as wholesale clients); and

has resulted in, or will or is likely to result in, significant detriment to retail clients;

a condition that a person satisfy a standard of training, or meet a professional standard, other than a standard otherwise prescribed for the person by or under this Act;

a condition that a person who is not required to hold an Australian financial services licence become a member of an external dispute resolution scheme;

a condition related to a person’s remuneration, other than a condition related to so much of the person’s remuneration as is conditional on the achievement of objectives directly related to the financial product.

the nature and extent of the detriment;

without limiting paragraph (a), the actual or potential financial loss to retail clients resulting from the product;

the impact that the detriment has had, or will or is likely to have, on retail clients;

any other matter prescribed by regulations made for the purposes of this paragraph.

consulted persons who are reasonably likely to be affected by the proposed order; and

if the proposed order will apply to a body that is regulated by APRA—consulted APRA; and

complied with any other requirements as to consultation prescribed by regulations made for the purposes of this paragraph.

makes the proposed order, or a description of the content of the proposed order, available; and

invites the public to comment on the proposed order.

(a) for an order that is a legislative instrument—on the day after the instrument is registered under the Legislation Act 2003; or

otherwise—on the day after the notice under subsection 1023L(3) in relation to the order is published;

18 months, or any shorter period specified by the regulations; or

any shorter period specified in the order.

remains in force until it is revoked; or

remains in force for a specified period, unless it is revoked earlier.

(a) for an amendment of an order that is a legislative instrument—on the day after the amendment is registered under the Legislation Act 2003; or

otherwise—on the day after the day on which the notice under subsection 1023L(6) in relation to the amendment is published;

describes the significant detriment to retail clients that has resulted from, or will or is likely to result from, the financial product or class of financial products to which the order relates, and sets out why the order is an appropriate way of reducing the detriment; and

describes the consultation that ASIC undertook in relation to the order; and

if the order comes into force after it is published—specifies the day it comes into force.

sets out why the amendment is appropriate; and

describes the consultation that ASIC undertook in relation to the amendment; and

if the day the amendment is to take effect is later than the day after the day of publication of the amendment—specifies the day the amendment is to take effect.

ASIC is satisfied the circumstances have materially changed since the order was made; or

the Minister approves, in writing, the remaking or making of the order.

require that a specified person who has:

dealt in, or dealt in a specified way in, a financial product in relation to a retail client; or

provided financial product advice, or a specified kind of financial product advice, to a retail client in relation to a financial product;

of the terms of the order; and

of any other matter specified in regulations made for the purposes of this subparagraph; and

specify requirements in relation to giving those notifications (including requirements as to the periods within which to give those notifications).

the product intervention order is not a legislative instrument; and

the person was not aware, and could not reasonably have been aware, of the order.

(a) a person (the first person) contravenes a product intervention order; and

a retail client suffers loss or damage because of the contravention;

the first person (or anyone else) has been convicted of an offence in relation to the contravention; or

a Court has made a declaration of contravention under subsection 1317E(1) in relation to the contravention; or

a Court has ordered the first person (or anyone else) to pay the Commonwealth a pecuniary penalty under section 1317G in relation to the contravention.

make an order declaring void a contract relating to the financial product that was entered into by the retail client who suffered the loss or damage; and

if it makes an order under paragraph (a)—make such other order or orders as it thinks are necessary or desirable because of that order.

an order for the return of money paid by a person;

an order for payment of an amount of interest specified in, or calculated in accordance with, the order.

any of the following decisions by ASIC:

a decision under subsection 1023D(3) (which relates to making product intervention orders);

a decision under subsection 1023H(1) (which relates to extensions of product intervention orders);

a decision under section 1023J (which relates to amendments of product intervention orders) that, under subsection 1023J(6), must be by legislative instrument;

a decision under section 1023K (which relates to revocation of product intervention orders) that, under subsection 1023K(4), must be by legislative instrument; or

in the person’s capacity as a consumer; or

who is in a class of persons specified in regulations made for the purposes of this paragraph.

(a) a person is engaging, or is likely to engage, in credit activity in relation to a credit contract, mortgage, guarantee or consumer lease (credit product) or a proposed credit product; and

the credit product has resulted in, or will or is likely to result in, significant detriment to consumers;

a person is engaging, or is likely to engage, in credit activity in relation to a class of credit products or proposed credit products; and

the class of products has resulted in, or will or is likely to result in, significant detriment to consumers;

a condition that a person satisfy a standard of training, or meet a professional standard, other than a standard prescribed for the person by or under this Act;

a condition that a person who is not required to hold an Australian credit licence become a member of an external dispute resolution scheme;

a condition related to a person’s remuneration, other than a condition related to so much of the person’s remuneration as is conditional on the achievement of objectives directly related to the credit product.

the nature and extent of the detriment;

without limiting paragraph (a), the actual or potential financial loss to consumers resulting from the product;

the impact that the detriment has had, or will or is likely to have, on consumers;

any other matter prescribed by regulations made for the purposes of this paragraph.

consulted persons who are reasonably likely to be affected by the proposed order; and

if the proposed order will apply to a body that is regulated by APRA—consulted APRA; and

complied with any other requirements as to consultation prescribed by regulations made for the purposes of this paragraph.

makes the proposed order, or a description of the content of the proposed order, available; and

invites the public to comment on the proposed order.

(a) for an order that is a legislative instrument—on the day after the instrument is registered under the Legislation Act 2003; or

otherwise—on the day after the notice under subsection 301L(3) in relation to the order is published;

18 months, or any shorter period specified by the regulations; or

any shorter period specified in the order.

remains in force until it is revoked; or

remains in force for a specified period, unless it is revoked earlier.

(a) for an amendment of an order that is a legislative instrument—on the day after the amendment is registered under the Legislation Act 2003; or

otherwise—on the day after the day on which the notice under subsection 301L(6) in relation to the amendment is published;

describes the significant detriment to consumers that has resulted from, or will or is likely to result from, the credit product or class of credit products to which the order relates, and sets out why the order is an appropriate way of reducing the detriment; and

describes the consultation that ASIC undertook in relation to the order; and

if the order comes into force after it is published—specifies the day it comes into force.

sets out why the amendment is appropriate; and

describes the consultation that ASIC undertook in relation to the amendment; and

if the day the amendment is to take effect is later than the day after the day of publication of the amendment—specifies the day the amendment is to take effect.

ASIC is satisfied the circumstances have materially changed since the order was made; or

the Minister approves, in writing, the remaking or making of the order.

require that a specified person who has engaged in a credit activity in relation to the product in respect of a consumer take reasonable steps to notify the consumer:

of the terms of the order; and

of any other matter specified in regulations made for the purposes of this subparagraph; and

specify requirements in relation to giving those notifications (including requirements as to the periods within which to give those notifications).

the product intervention order is not a legislative instrument; and

the person was not aware, and could not reasonably have been aware, of the order.

to make an order under subsection 301D(1) (which deals with product intervention orders); or

to amend a product intervention order under section 301J unless, under subsection 301J(6), the amendment must be by legislative instrument; or

to revoke a product intervention order under section 301K unless, under subsection 301K(4), the revocation must be by legislative instrument; or

(a) Corporations Act 2001; orPart 7.9A of the

(b) National Consumer Credit Protection Act 2009;Part 6-7A of the

(cb) information about any instances during the period where ASIC failed to consult as required by Corporations Act 2001 or section 301F of the National Consumer Credit Protection Act 2009;section 1023F of the