Corporations Regulations 2001
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
Modifying legislative instruments: The application of Pt 7.9 is affected by the ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.9, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
This regulation applies to a financial product: (a) that is:
(i) a superannuation product to which requirements of the SIS Act relating to preservation rules and cashing restrictions apply; or
(b) that has been issued or sold in contravention of section 1016E of the Act.
(ii) an RSA to which requirements of the RSA Regulations relating to preservation rules and cashing restrictions apply; and
7.9.14(2)
For subsection 1016F(3) of the Act, to exercise a right of return for the financial product in circumstances in which the moneys paid to acquire the financial product are subject to the preservation rules and cashing restrictions, the client must: (a) nominate a superannuation entity or RSA into which the monies subject to the preservation rules and cashing restrictions, and to which preservation conditions apply, are to be repaid; and (b) make the nomination not later than 1 month after notifying the responsible person of the right to exercise the right of return.
7.9.14(2A)
The right of return is taken to have been exercised only on receipt by the responsible person of the nomination.
7.9.14(3)
The client must notify the responsible person in writing or by electronic means.
7.9.14(4)
For subsection 1016F(6) of the Act, the responsible person must repay the monies as directed.
7.9.14(5)
For subsection 1019B(7) of the Act, if: (a) a financial product mentioned in this regulation is subject to the nomination of a further superannuation entity or RSA; and (b) the application in relation to the financial product is not accepted by the nominated superannuation entity or RSA;
the responsible person may rollover or transfer the client's benefits to an eligible rollover fund.
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