Superannuation Industry (Supervision) Act 1993

PART 24 - ELIGIBLE ROLLOVER FUNDS  

Division 2 - Authority to operate an eligible rollover fund  

Subdivision A - Applying for authority  

SECTION 242C   ELECTION NOT TO CHARGE MEMBERS OF ELIGIBLE ROLLOVER FUND FOR PAYMENT OF CONFLICTED REMUNERATION  

242C(1)    
An RSE licensee that applies for authority to operate a regulated superannuation fund as an eligible rollover fund makes an election in accordance with this section if:

(a)    the RSE licensee elects that, if the authority is given, the RSE licensee will not charge any member of the fund a fee all or part of which relates directly or indirectly to costs incurred by a trustee or the trustees of the fund:

(i) in paying conflicted remuneration to a financial services licensee, or a representative of a financial services licensee; or

(ii) in paying an amount to another person that a trustee of the fund knows, or reasonably ought to know, relates to conflicted remuneration paid by that other person to a financial services licensee, or a representative of a financial services licensee; and

(b)    the election is in writing; and

(c)    the election is in the approved form.

242C(2)    

In this section:

conflicted remuneration
has the same meaning as in the Corporations Act 2001 , subject to the extension of that meaning in subsection (3) .

representative
, of a financial services licensee, has the same meaning as in the Corporations Act 2001 .

242C(3)    
In this section, conflicted remuneration also has the meaning it would have if:

(a)    financial product advice provided to the RSE licensee mentioned in subsection (1) by a financial services licensee, or a representative of a financial services licensee, mentioned in subparagraph (1)(a)(i) or (ii) were provided to the RSE licensee as a retail client; and

(b)    financial product advice provided to the other person mentioned in subparagraph (1)(a)(ii) by a financial services licensee, or a representative of a financial services licensee, mentioned in that subparagraph were provided to the other person as a retail client.