Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.9 - FINANCIAL PRODUCT DISCLOSURE AND OTHER PROVISIONS RELATING TO ISSUE, SALE AND PURCHASE OF FINANCIAL PRODUCTS  

Division 3 - Other disclosure obligations of the issuer of a financial product  

SECTION 1017C   INFORMATION FOR EXISTING HOLDERS OF SUPERANNUATION PRODUCTS AND RSAs  

Application

1017C(1)    

This section applies to the issuer of a financial product if the product is:

(a)    a superannuation product; or

(b)    

an RSA.

Information for concerned person related to a superannuation product

1017C(2)    

If the financial product is a superannuation product, then, subject to subsection (4) , the issuer must, on request by a concerned person, give the concerned person information that the concerned person reasonably requires for the purposes of:

(a)    understanding any benefit entitlements that the concerned person may have, has or used to have under the superannuation product; or

(b)    understanding the main features of:

(i) the relevant sub-plan; or

(ii) if there is no relevant sub-plan - the superannuation entity; or

(c)    making an informed judgment about the management and financial condition of:

(i) the superannuation entity; and

(ii) the relevant sub-plan (if any); or

(d)    making an informed judgment about the investment performance of:

(i) the relevant sub-plan; or

(ii) if there is no relevant sub-plan - the superannuation entity; or

(e)    understanding the particular investments of:

(i) the superannuation entity; and

(ii) the relevant sub-plan (if any).

The information must be given in accordance with the other requirements of this section.

Note 1: Subsection (9) defines concerned person and relevant sub-plan .

Note 2: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

Information for concerned person related to an RSA

1017C(2A)    

If the financial product is an RSA, then, subject to subsection (4) , the issuer must, on request by a concerned person, give the concerned person information that the concerned person reasonably requires for the purposes of:

(a)    understanding any benefit entitlements that the concerned person may have, has or used to have under the RSA; or

(b)    understanding the main features of the RSA.

The information must be given in accordance with the other requirements of this section.

Note 1: Subsection (9) defines concerned person .

Note 2: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

Information for employer-sponsor related to a superannuation product

1017C(3)    

If the financial product is a superannuation product, then, subject to subsection (4) , the issuer must, on request by an employer-sponsor, give the employer-sponsor information that the employer-sponsor reasonably requires for the purposes of:

(a)    understanding the kinds of benefits to which the employer-sponsor ' s employees are entitled or will or may become entitled; or

(b)    understanding the main features of:

(i) the relevant sub-plan; or

(ii) if there is no relevant sub-plan - the superannuation entity; or

(c)    making an informed judgment about the management and financial condition of:

(i) the superannuation entity; and

(ii) the relevant sub-plan (if any); or

(d)    making an informed judgment about the investment performance of:

(i) the relevant sub-plan; or

(ii) if there is no relevant sub-plan - the superannuation entity; or

(e)    a matter related to the Superannuation Guarantee (Administration) Act 1992 .

The information must be given in accordance with the other requirements of this section.

Note 1: Subsection (9) defines relevant sub-plan .

Note 2: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

Reports prepared by a registrable superannuation entity etc.

1017C(3AA)    

If the financial product is a superannuation product that relates to a registrable superannuation entity (within the meaning of Chapter 2M ), the issuer must, on request in writing by a person who is a concerned person, give the person:

(a)    a copy of the financial report of the entity for a specified financial year; and

(aa)    

if the entity prepared a sustainability report for a specified financial year - a copy of the sustainability report; and

(b)    a copy of the directors ' report of the entity for a specified financial year; and

(c)    

a copy of the auditor ' s report on the financial report; and

(d)    

a copy of the auditor ' s report on the sustainability report.

Each copy must be given in accordance with the other requirements of this section.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

Information for employer related to an RSA

1017C(3A)    

If the financial product is an RSA, then, subject to subsection (4) , the issuer must, on request by an employer who made an application to acquire the RSA on behalf of an employee, give the employer information that the employer reasonably requires for the purposes of:

(a)    understanding the kinds of benefits to which the employer ' s employees are entitled or will or may become entitled; or

(b)    understanding the main features of the RSA; or

(c)    a matter related to the Superannuation Guarantee (Administration) Act 1992 .

The information must be given in accordance with the other requirements of this section.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

Exceptions

1017C(4)    

This section does not require (and does not, by implication, authorise) the disclosure of:

(a)    internal working documents of the issuer; or

(b)    information or documents that would disclose, or tend to disclose:

(i) personal information of another person if, in the circumstances, the disclosure would be unreasonable; or

(ii) trade secrets or other information having a commercial value that would be reduced or destroyed by the disclosure; or

(c)    information or documents in relation to which the issuer owes to another person a duty of non-disclosure.

Note: A defendant bears an evidential burden in relation to the matters in this subsection. See subsection 13.3(3) of the Criminal Code .

Specific requirements

1017C(5)    

The issuer must, on request in writing by a person who is a concerned person, an employer-sponsor (if the financial product is a superannuation product) or an employer referred to in subsection (3A) (if the financial product is an RSA), give the person:

(a)    a copy of a prescribed document (to the extent the issuer has access to the document) specified in the request; or

(b)    prescribed information (to the extent to which the issuer has or has access to the information) specified in the request.

The document or information must be given in accordance with the other requirements of this section.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

1017C(6)    

Subsection (5) does not apply if the issuer is the trustee of a self managed superannuation fund.

Documents may be made available for inspection

1017C(7)    

It is sufficient compliance with a requirement imposed by this section on the issuer to give information, or to give a copy of a document, to a person (the client ) if:

(a)    a document containing the information; or

(b)    a copy of the document;

is made available for inspection by the issuer:

(c)    at a suitable place (having adequate facilities for the person to inspect and photocopy the document); and

(d)    during normal business hours;

or as otherwise agreed between the issuer for the financial product and the client.

Time for compliance

1017C(8)    

The issuer must comply with a request to give information, or a copy of a document, as soon as practicable. The issuer must, in any event, make reasonable efforts to comply with the request within 1 month of receiving the request.

Definitions

1017C(9)    

In this section:

concerned person
:

(a) in relation to a superannuation product - means a person who:

(i) is, or was within the preceding 12 months, a member of the superannuation entity; or

(ii) is a beneficiary of the superannuation entity; or

(b) in relation to an RSA - means a person who:

(i) is, or was within the preceding 12 months, a holder of the RSA; or

(ii) has a right or a claim under the RSA.

relevant sub-plan
, in relation to a superannuation product, has the meaning given by the regulations.