Comply with ASIC product intervention orders

Issuers and distributors must observe any product intervention order made by ASIC.

highcurrentevent drivenCriminal liability

Who must comply

Issuers and distributors of subject products.

What triggers it

An applicable ASIC product intervention order.

When due

From the order's commencement date.

Evidence required

Updated PDS / TMD / sales scripts; cessation of prohibited activities.

Max penalty

Civil penalties to the maximum financial-services regime

Summary

Part 7.9A of the Corporations Act enables ASIC to make product intervention orders banning, restricting or imposing conditions on financial products causing significant consumer detriment. Orders are binding and contraventions attract civil and criminal penalties.

Enforced by

Source legislation

Topics

financial-servicesintervention

Source: https://asic.gov.au/regulatory-resources/financial-services/product-intervention-power/. Rules Mate is not a law firm. Always verify against the live regulator source before acting.