Product Producer Responsibilities (3.52 - 3.57) 

CLARIFICATION OF SCOPE

Payment Services and Electronic Money


Where regulated entities are providing payment services and/or issuing electronic money, only Provisions 3.1, 3.17 to 3.23 and 3.28 to 3.45 apply.

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PRODUCT PRODUCER RESPONSIBILITIES (3.52-3.57)

3.52          
In relation to a new investment product designed by a product producer to be sold to consumers, the product producer must provide the following details to an intermediary: 

  1. the key characteristics and features of the product;
  2. the target market of consumers for the product;
  3. the nature and extent of the risks inherent in the product; and
  4. the level, nature, extent and limitations of any guarantee attaching to the product and the name of the guarantor.  

    3.53         
    When selling an investment product to consumers through an intermediary channel, a product producer must provide information to the intermediary about the investment product that is clear, accurate, up to date and not misleading, and includes the information outlined in Provisions 3.52 and 4.46.  

    3.54         
    The product producer must provide an ongoing facility to the intermediary to ask questions and obtain information on an investment product in relation to which information is provided to the intermediary pursuant to Provisions 3.52 and 4.46.  The product producer must:

    1. provide this facility to the intermediary for the duration of the period in which that product is offered for sale by the product producer; and
    2. inform the intermediary of his or her right to that ongoing facility.

         

      3.55
      Within the first year of launching an investment product which is sold to consumers, and at least annually thereafter, a product producer must update the information required under Provision 3.52 and provide that updated information to the intermediary.

      3.56         
      A regulated entity must maintain a publicly accessible register of all mortgage intermediaries to which it has issued a current appointment.

      3.57         
      Upon the termination of the appointment of any mortgage intermediary, a regulated entity must provide to the Central Bank a confirmation on paper or on another durable medium, that such mortgage intermediary has been removed from the register maintained under Provision 3.56.