Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.8A - DESIGN AND DISTRIBUTION REQUIREMENTS RELATING TO FINANCIAL PRODUCTS FOR RETAIL CLIENTS  

Division 3 - Exemptions  

REGULATION 7.8A.25   EXEMPTION FROM PART 7.8A - EMPLOYERS COMPLYING WITH CERTAIN SUPERANNUATION GUARANTEE OBLIGATIONS  

7.8A.25(1)    
For the purposes of paragraph 1368(d) of the Act, Part 7.8A does not have effect in relation to a person in relation to a transaction that involves retail product distribution conduct if:

(a)    the person is an employer; and

(b)    the relevant retail client is an employee of the employer; and

(c)    the conduct is covered by subregulation (2) .

7.8A.25(2)    
The following retail product distribution conduct is covered by this subregulation:

(a)    under Part 7.9 , giving the employee a Product Disclosure Statement for a product that is a default fund product for the employer and employee;

(b)    dealing in a financial product that consists only of the employer paying contributions on behalf of the employee into a product that is:

(i) a default fund product for the employer and employee; or

(ii) a chosen fund product for the employee;

(c)    dealing in a financial product that consists only of the employer arranging for the issue to the employee of a product that is:

(i) a default fund product for the employer and employee; or

(ii) a chosen fund product for the employee.

7.8A.25(3)    
In this regulation:

chosen fund product
, for an employee, means a financial product that is an interest in a chosen fund (within the meaning of Part 3A of the Superannuation Guarantee (Administration) Act 1992 ) for the employee.

default fund product
: a financial product that is an interest in a fund is a default fund product for an employer and an employee at a time if, assuming that the employee were a member of the fund and the employer were to make a contribution to the fund at the time for the benefit of the employee, the employer could rely on a provision of section 32C of the Superannuation Guarantee (Administration) Act 1992 (other than subsection 32C(1) ) to satisfy the choice of fund requirements in relation to the contribution.

fund
has the same meaning as in Part 3A of the Superannuation Guarantee (Administration) Act 1992 .