Financial Markets Conduct Regulations 2014

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Content of product disclosure statements

22 Content of PDS for offer of debt securities

(1)

Every PDS for an offer of debt securities must contain all of the information specified in Part 1 of Schedule 2 that is applicable.

(2)

However,—

(a)

in the case of an offer of NBDT category 2 debt securities, the PDS must—

(i)

contain all of the information specified in Schedule 7 that is applicable (in which case subclause (1) does not apply); or

(ii)

comply with subclause (1):

(b)

in the case of a simplified disclosure offer of debt securities, the PDS must—

(i)

contain all of the information specified in Part 1 of Schedule 2 that is applicable (as modified in accordance with Part 1A of Schedule 2); or

(ii)

comply with subclause (1).

(3)

The PDS under subclause (1) or (2) must comply with at least 1 of the following length limits:

(a)

30 A4 pages when printed:

(b)

15 000 words.

(4)

PDSs that comply with subclause (2)(b)(i) are declared to be a class of simplified disclosure PDSs for the purposes of section 470 of the Act.

Regulation 22(2): replaced, on 1 December 2015, by regulation 7(1) of the Financial Markets Conduct Amendment Regulations 2015 (LI 2015/276).

Regulation 22(4): inserted, on 1 December 2015, by regulation 7(2) of the Financial Markets Conduct Amendment Regulations 2015 (LI 2015/276).