Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 5   Rationalisation of ending ASIC instruments

Part 2   Exemptions from requirement to give Financial Services Guide

Division 1   Main amendments

Corporations Act 2001

19   After subsection 941C(2)

Insert:

Dealing in financial products in ordinary course of operation of superannuation entity

(2A) The providing entity does not have to give the client a Financial Services Guide if:

(a) the providing entity is the trustee of a superannuation entity; and

(b) the client is a member (within the meaning of the Superannuation Industry (Supervision) Act 1993) of the superannuation entity; and

(c) the financial service is a dealing by the trustee in financial products in the ordinary course of operation of the superannuation entity.

Dealing in financial products in ordinary course of operation of registered scheme

(2B) The providing entity does not have to give the client a Financial Services Guide if:

(a) the providing entity is the responsible entity of a registered scheme; and

(b) the client is a member the scheme; and

(c) the financial service is a dealing by the responsible entity in financial products in the ordinary course of operation of the scheme.

Dealing in financial products in ordinary course of operating the business and conducting the affairs of a CCIV

(2C) The providing entity does not have to give the client a Financial Services Guide if:

(a) the providing entity is the corporate director of a CCIV; and

(b) the client is a member of the CCIV; and

(c) the financial service is a dealing by the corporate director in financial products in the ordinary course of operating the business and conducting the affairs of the CCIV.