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