---
title: "Work out the time for notice of a material change or significant event"
url: "https://ailawframework.com/practice/financial-services-regulation/work-out-the-time-for-notice-of-a-material-change-or-significant-event"
type: "task"
site: "AI Law Framework"
id: "A28-MA20261022-7"
practice_area: "Financial Services Regulation (AFSL/ASIC/credit)"
tier: "yellow"
lawyer_review: "required"
last_reviewed: "2026-10-22"
---

# Work out the time for notice of a material change or significant event

> Once the lawyer has marked the change as an increase in fees or charges, or as not such an increase, calculate the notice time the table in section 1017B states.…

Canonical page: https://ailawframework.com/practice/financial-services-regulation/work-out-the-time-for-notice-of-a-material-change-or-significant-event  
Last reviewed: 2026-10-22

Site index for agents: https://ailawframework.com/llms.txt

## Key facts

| Fact | Value |
| --- | --- |
| Practice area | [Financial Services Regulation (AFSL/ASIC/credit)](https://ailawframework.com/practice/financial-services-regulation.md) |
| Human involvement | Yellow: Lawyer and AI draft together |
| How AI is used | Once the lawyer has marked the change as an increase in fees or charges, or as not such an increase, calculate the notice time the table in section 1017B states. For an increase, the notice is 30 days before the change takes effect. For a change or event that is not an increase, the notice is before the change or event or as soon as practicable after it, and not more than 3 months after, unless the lawyer is using subsection (6). If subsection (6) is marked, record the 12-month outer date. Record that a change which might result in an increase is treated as an increase. Do not decide that the change is material or significant. Do not draft the notice. Do not apply a regulation that has not been opened. |
| What the lawyer must review | Decide whether notice is required and write it. Section 1017B(1) applies where a person acquired a financial product as a retail client, the product was offered or applied for in this jurisdiction, the product is not specified in regulations made for paragraph (1)(c), and the circumstances of acquisition are not specified in regulations made for paragraph (1)(d). The issuer must notify changes and events in subsection (1A): a material change to, or a significant event affecting, a matter that would have been required in a Product Disclosure Statement prepared the day before the change or event, whether or not a statement was in fact prepared; any other change, event or matter of a kind specified in regulations; and a specified replacement of a MySuper beneficial interest. Notice is in writing, electronically, or in a way the regulations specify, and must give the information reasonably necessary for the holder to understand the nature and effect of the change or event. No notice is required under subsection (2) if the product is a managed investment product or foreign passport fund product that is an ED security. Subsection (6) allows notice later than 3 months, and no later than 12 months, where the change is not a fee increase and the issuer reasonably believes the event is not adverse to the holder's interests and the holder would not be expected to be concerned about the delay. Fees or charges payable under a law of the Commonwealth, a State or a Territory are outside the definition. Failure to comply is an offence under subsection 1311(1). A defence of reasonable steps is in subsection (8). Read the regulations and Division 4 before relying on an exclusion or a defence. |
| Written for / versions | 1 jurisdiction versions below |

## Checking plan

**Source-by-source verification**

Trace relied-on content to independent sources and check for relevant material the output has missed.

- What the AI does: Once the lawyer has marked the change as an increase in fees or charges, or as not such an increase, calculate the notice time the table in section 1017B states. For an increase, the notice is 30 days before the change takes effect. For a change or event that is not an increase, the notice is before the change or event or as soon as practicable after it, and not more than 3 months after, unless the lawyer is using subsection (6). If subsection (6) is marked, record the 12-month outer date. Record that a change which might result in an increase is treated as an increase. Do not decide that the change is material or significant. Do not draft the notice. Do not apply a regulation that has not been opened.
- What the lawyer does: Decide whether notice is required and write it. Section 1017B(1) applies where a person acquired a financial product as a retail client, the product was offered or applied for in this jurisdiction, the product is not specified in regulations made for paragraph (1)(c), and the circumstances of acquisition are not specified in regulations made for paragraph (1)(d). The issuer must notify changes and events in subsection (1A): a material change to, or a significant event affecting, a matter that would have been required in a Product Disclosure Statement prepared the day before the change or event, whether or not a statement was in fact prepared; any other change, event or matter of a kind specified in regulations; and a specified replacement of a MySuper beneficial interest. Notice is in writing, electronically, or in a way the regulations specify, and must give the information reasonably necessary for the holder to understand the nature and effect of the change or event. No notice is required under subsection (2) if the product is a managed investment product or foreign passport fund product that is an ED security. Subsection (6) allows notice later than 3 months, and no later than 12 months, where the change is not a fee increase and the issuer reasonably believes the event is not adverse to the holder's interests and the holder would not be expected to be concerned about the delay. Fees or charges payable under a law of the Commonwealth, a State or a Territory are outside the definition. Failure to comply is an offence under subsection 1311(1). A defence of reasonable steps is in subsection (8). Read the regulations and Division 4 before relying on an exclusion or a defence.
- Who reviews: Responsible lawyer with competence in the matter
- Basis: Practical workflow informed by the linked primary sources; the traffic light and working checks are editorial guidance, not a court classification.
- Why: The level reflects what the work is, the consequence of an error, and how much of the output the lawyer must independently re-derive.

## Checks the lawyer makes

1. Do not class the change as a fee increase or as not one. Use the lawyer's mark.
2. If the change might result in an increase, use the 30-day path, as subsection (7) states.
3. Put the 12-month date on the sheet only where subsection (6) is the path the lawyer is considering.
4. The lawyer writes the notice and reads the regulations for excluded products and extra events.

## Notes

- These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.

## Sources

- [Corporations Act 2001 (Cth), section 1017B](https://classic.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s1017b.html) (checked 2026-10-22)

## Jurisdiction versions

| Jurisdiction | Level |
| --- | --- |
| [United States](https://ailawframework.com/practice/financial-services-regulation/work-out-the-time-for-notice-of-a-material-change-or-significant-event/united-states.md) | Yellow |

*Practice guidance for planning and review. Confirm current primary sources and the requirements of the actual matter. This is general information, not legal advice.*