Superannuation Industry (Supervision) Regulations 1994

PART 3 - MATTERS PRESCRIBED OR SPECIFIED IN RELATION TO PUBLIC OFFER ENTITIES  

REGULATION 3.10   COMMISSION AND BROKERAGE  

3.10(1)   [Requirements for payment]  

For the purposes of subsection 154(1) of the Act, the requirements set out in this regulation apply in relation to a payment by the trustee of a public offer entity of commission or brokerage (including commission or brokerage in the form of remuneration or other benefits) of a kind mentioned in that subsection.

3.10(2)   [Payment for applying or procuring applications]  

The trustee of a public offer entity may make a payment of commission or brokerage to a person in consideration of the person:

(a) applying or agreeing to apply for the issue of an interest in the entity; or

(b) procuring or agreeing to procure applications for the issue of an interest in the entity;

if, and only if:

(c) the payment is not prohibited by the entity's trust deed; and

(d) where an interest is issued, the applicant for the issue of the interest has, before the issue occurred, been notified in writing of the amount or rate of the proposed payment of commission or brokerage.

3.10(3)   [Trustee of public offer]  

The trustee of a public offer entity must not make a payment of commission or brokerage to a person (the provider ) for the provision of a financial service by the provider in respect of issuing an interest in the entity unless the provider is:

(a) a financial services licensee that is authorised to deal in superannuation products; or

(b) an authorised representative of a financial services licensee that is authorised to deal in superannuation products; or

(c) exempt from the requirement to hold an Australian financial services licence; or

(d) the provider of the financial service on behalf of another person who is exempt.

3.10(4)   [Reference to a solicitor or accountant]  

A reference in subregulation (3) to a solicitor or accountant includes a reference to a firm of solicitors or accountants, or to a partner in such a firm, as the case requires.

3.10(5)   [Accounts to be kept]  

The trustee of an entity must keep an account of amounts of commission and brokerage paid by the entity.