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 2 - Product Disclosure Statements  

Subdivision B - Requirement for a Product Disclosure Statement to be given  

SECTION 1012I   OBLIGATION TO GIVE EMPLOYER A PRODUCT DISCLOSURE STATEMENT IN RELATION TO CERTAIN SUPERANNUATION PRODUCTS AND RSAs  

1012I(1)    
At or before the time when a person (the applicant ) becomes a standard employer-sponsor of a superannuation entity, the person (the issuer ) who is to provide the superannuation products to the applicant ' s employees must give the applicant a Product Disclosure Statement in accordance with this Division for each of those superannuation products.

1012I(2)    

If:

(a)    a person (the applicant ) applies for the issue of an RSA to the employee; and

(b)    the applicant has not previously applied to the RSA provider for the issue to any employee of an RSA of the same kind;

the person (the issuer ) who is to issue the RSA to the employee must, at or before the time when the RSA is issued to the employee, give the applicant a Product Disclosure Statement in accordance with this Division for the RSA.

1012I(2A)    
If:

(a)    a trustee (the applicant ), under Part 24 of the Superannuation Industry (Supervision) Act 1993 , applies on behalf of a person for the issue of an interest in a relevant superannuation entity; and

(b)    the applicant has not previously applied under that Part for the issue of an interest in that entity on behalf of any person;

the person (the issuer ) who is to issue the interest to the person must, at or before the time when the interest is issued to the person, give the applicant a Product Disclosure Statement in accordance with this Division for the interest.

1012I(2B)    
If:

(a)    a trustee (the applicant ), under Part 9 of the Retirement Savings Accounts Act 1997 , applies on behalf of a person for the issue of an interest in a relevant superannuation entity; and

(b)    the applicant has not previously applied under that Part for the issue of an interest in that entity on behalf of any person;

the person (the issuer ) who is to issue the interest to the person must, at or before the time when the interest is issued to the person, give the applicant a Product Disclosure Statement in accordance with this Division for the interest.

1012I(3)    
The issuer does not have to give the applicant a Product Disclosure Statement under subsection (1) , (2) , (2A) or (2B) for a financial product if:

(a)    the applicant has already received a Product Disclosure Statement for that financial product that contains all of the information that the first-mentioned Product Disclosure Statement would be required to contain; or

(b)    the issuer believes on reasonable grounds that paragraph (a) applies.

Note: Information in a Supplementary Product Disclosure Statement is taken to be contained in the Product Disclosure Statement it supplements (see section 1014D ).

1012I(4)    
The issuer need not give the applicant a Product Disclosure Statement under subsection (1) , (2) , (2A) or (2B) in the circumstances specified in the regulations.

1012I(5)    
In this section:

(a)    terms used in subsection (1) that are defined for the purposes of the Superannuation Industry (Supervision) Act 1993 have the same meanings as in that Act; and

(b)    terms used in subsection (2) that are defined for the purposes of the Retirement Savings Accounts Act 1997 have the same meanings as in that Act; and

(c)     relevant superannuation entity has the same meaning as in section 1016A of this Act.