Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

Division 8 - Miscellaneous  

REGULATION 7.8.23   RETURN OF FINANCIAL PRODUCT: TRANSFER BETWEEN SUPERANNUATION ENTITIES OR RSAs  

7.8.23(1)    

For the purposes of paragraph 992AA(2)(c) of the Act, this regulation applies in relation to a superannuation product or an RSA that has been issued to the holder of the product as a result of a transfer between superannuation entities or RSAs.

7.8.23(2)    

It is a requirement of the exercise of the right to return the superannuation product or RSA that, if the money to be repaid includes:

(a)    restricted non-preserved benefits; or

(b)    preserved benefits;

the holder of the superannuation product, or the RSA holder, must nominate a superannuation fund, approved deposit fund or RSA into which the money representing restricted non-preserved benefits or preserved benefits is to be repaid.

7.8.23(3)    

For the purposes of paragraph 992AA(2)(c) of the Act, if the right of return is exercised, the responsible person must return the money as directed.