Corporations Amendment Regulations 2008 (No. 4) (158 of 2008)

Schedule 1   Amendments

[9]   Part 7.9, Division 4, after Subdivision 4.1

insert

Subdivision 4.2Content of Product Disclosure Statements for First Home Saver Accounts

7.9.10 Application of Subdivision

(1) This Subdivision applies to:

(a) a person required to give a Product Disclosure Statement for an FHSA product; and

(b) a Product Disclosure Statement for an FHSA product.

(2) However, if a Product Disclosure Statement consists of 2 or more documents, this Subdivision (other than regulation 7.9.10C) applies only to the document describing the default investment option for the product.

7.9.10A Definitions

(1) In this Subdivision and in Schedule 10B:

default investment option , for a multiple investment option FHSA product, is the investment option which is applied to the product if the person who acquires the product does not choose an investment option.

multiple investment option FHSA product means an FHSA product that has 2 or more investment options.

(2) If a term used in this Subdivision or in Schedule 10B is used in the First Home Saver Accounts Act 2008, the term has the same meaning in this Subdivision or in Schedule 10B as it does in that Act.

Note The following terms used in this Subdivision or in Schedule 10B are defined in the First Home Saver Accounts Act 2008:

contribution

FHSA eligibility requirements

FHSA holder

FHSA provider

FHSA trust

Government FHSA contribution

personal FHSA contribution

qualifying interest.

(3) In this Subdivision and in Schedule 10B, a provision of the Act modified in accordance with regulation 7.9.10B is referred to as modified .

Example

Subparagraph 1013C (1) (a) (i) of the Act as modified by item 5.4 of Part 5 of Schedule 10A is referred to in this Subdivision as 'modified subparagraph 1013C (1) (a) (i)'.

7.9.10B Modification of Act

For paragraph 1020G (1) (c) of the Act, Part 7.9 of the Act is modified in its application to FHSA products as set out in Part 5 of Schedule 10A.

7.9.10C Product Disclosure Statement consisting of 2 or more documents

(1) For modified subsection 1013L (7) of the Act, a Product Disclosure Statement for an FHSA product must not consist of 2 or more documents.

(2) However, the Product Disclosure Statement for a multiple investment option FHSA product may consist of 2 or more documents if:

(a) the document describing the default investment option complies with this Subdivision; and

(b) the other documents comply with the provisions of:

(i) the Act; and

(ii) regulations; and

(iii) any instruments made under the Act and the regulations;

that would apply to those documents but for the operation of this Subdivision.

7.9.10D Manner of giving Product Disclosure Statement

(1) For paragraph 1015C (5) (a) of the Act, if a person or the person's agent is given a Product Disclosure Statement personally, the Statement must be the first or only document given to the person or agent at that time.

(2) For paragraph 1015C (5) (a) of the Act, if a Product Disclosure Statement is sent to the address or fax number of a person or the person's agent, the Statement must be the first or only document sent to the person or agent at that time, other than a covering letter or fax coversheet of no more than 1 page.

7.9.10E Form and content of Product Disclosure Statement

(1) For modified subparagraphs 1013C (1) (a) (i) and (ii) of the Act, a Product Disclosure Statement must:

(a) include the information and statements mentioned in Schedule 10B; and

(b) be in the form mentioned in Schedule 10B.

(2) However, if strict compliance with subregulation (1) would result in the Statement being materially misleading, the Statement must contain explanations or qualifications so as to make the Statement no longer misleading.

(3) Subregulation (2) does not require explanation or qualification of a statement the text of which is specified in subitem 4 (1), 5 (1) or 6 (1) of Schedule 10B.

(4) Also, ASIC may determine, in writing, that a provision of this Subdivision or of Schedule 10B:

(a) does not apply to a Product Disclosure Statement for an FHSA product; or

(b) applies to a Product Disclosure Statement for an FHSA product as if specified provisions were omitted or modified as set out in the determination.