Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteCCH note - modifying legislative instruments: The application of Pt 7.9 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Periodic Statement Relief for Quoted Securities) Instrument 2024/14; the ASIC Corporations (mFund) Instrument 2024/18; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (as amended by ASIC Corporations (Amendment) Instrument 2024/554).
The application of Pt 7.9 is also modified by the ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070; and Class Order 14/1262: Relief for 31 Day Notice Term Deposits.
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.
CCH Note: Division 3 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649; the ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497; the ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693.
CCH Note: Section 1017BA is modified by the ASIC Corporations (In-use Notices for Employer-sponsored Superannuation and Superannuation Dashboards) Instrument 2022/496; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649; the ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497; the ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693.
The trustee, or the trustees, of a regulated superannuation fund that has 7 or more members must ensure: (a) that a product dashboard for each of the fund ' s MySuper products and choice products is publicly available at all times on the fund ' s website; and (b) that each product dashboard sets out the information required by subsection (2) or (3) ; and (c) that the information set out in each product dashboard about fees and other costs is updated within 14 days after the end of a period prescribed by the regulations; and (d) that the other information set out in each product dashboard is updated within 14 days after any change to the information; and (e) if the regulations prescribe the way in which information is to be set out in a product dashboard - that each product dashboard sets out the information in accordance with the regulations.
[ CCH Note: ASIC Class Order [ CO 14/443 (F2014L00594)] (as amended by ASIC Corporations (Amendment) Instrument 2017/569 [ F2017L00742]) made under s 1020F(1) of the Corporations Act 2001 , provides as below:
Exemption
Deferral of obligation of trustees to make product dashboards for choice products publicly available
4
A trustee of a regulated superannuation fund that has 5 or more members does not have to comply with subsection 1017BA(1) of the Act in relation to choice products until 1 July 2019. Deferral of obligations of trustees to make information relating to investment of assets publicly available
5
A trustee of a registrable superannuation entity (other than a pooled superannuation trust) does not have to comply with subsection 1017BB(1) of the Act in relation to a reporting day occurring before 31 December 2019. Deferral of obligations of second parties to provide information relating to investment of assets
6
A second party does not have to comply with subsection 1017BC(3) of the Act in relation to a reporting day occurring before 1 July 2019.Declaration
Deferral of obligations of first parties and agents to give notice relating to investment of assets
7
Part 7.9 of Chapter 7 of the Act applies in relation to a Division 3 first party and an agent as if that Part were modified or varied as follows:
(a) in subsection 1017BC(2) , omit " at the time the arrangement is entered into " , substitute " on or before 1 July 2019 " ;
(b) in subsections 1017BD(2) and 1017BE(2) , omit " at the time the core arrangement is entered into " , substitute " on or before 1 July 2019 " .
8
The declaration in paragraph 7 applies in relation to an arrangement entered into between commencement of this instrument and 30 June 2019 (inclusive).Interpretation
9
In this instrument:agent
has the same meaning as in subsection 1017BC(4) of the Act.arrangement
means an arrangement to which section 1017BC , 1017BD or 1017BE of the Act applies.choice product
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .Division 3 first party
means a person who is a first party for the purposes of section 1017BC , 1017BD or 1017BE of the Act.registrable superannuation entity
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .reporting day
has the same meaning as subsection 1017BB(6) of the Act.regulated superannuation fund
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .second party
has the same meaning as in subsection 1017BC(1) of the Act.]
1017BA(2)
The product dashboard for a MySuper product must set out: (a) the following, worked out in accordance with the regulations in relation to the period or periods prescribed by the regulations:
(i) a return target or return targets for the product;
(ii) a return or returns for the product;
(iii) a comparison or comparisons between return targets and returns for the product;
(iv) the level of investment risk that applies to the product;
(b) any other information prescribed by the regulations.
(v) a statement of fees and other costs in relation to the product; and
1017BA(3)
Subject to subsection (4) , the product dashboard for a choice product must set out: (a) the following for each investment option offered within the choice product, worked out in accordance with the regulations in relation to the period or periods prescribed by the regulations:
(i) a return target or return targets for the investment option;
(ii) a return or returns for the investment option;
(iii) a comparison or comparisons between return targets and returns for the investment option;
(iv) the level of investment risk that applies to the investment option;
(b) any other information prescribed by the regulations.
(v) a statement of fees and other costs in relation to the investment option; and
1017BA(4)
Subsection (3) does not apply to an investment option within a choice product if: (a) the assets of the fund that are invested under the option are invested only in one or more of the following:
(i) a life policy under which contributions and accumulated earnings may not be reduced by negative investment returns or any reduction in the value of assets in which the policy is invested;
(ii) a life policy under which the benefit to a member (or a relative or dependant of a member) is based only on the realisation of a risk, not the performance of an investment;
(b) the sole purpose of the investment option is the payment of a pension to members who have satisfied a condition of release of benefits specified in a standard made under paragraph 31(2)(h) of the Superannuation Industry (Supervision) Act 1993 ; or (c) the assets of the fund that are invested under the option are invested only in another single asset.
(iii) an investment account contract the only beneficiaries of which are a member, and relatives and dependants of a member; or
[ CCH Note: For s 1017BA(4AA), see Corporations Regulations Schedule 10A, Part 6A - Modifications relating to MySuper measures, item 6A.1]
1017BA(4A)
The regulations may prescribe circumstances in which assets of a regulated superannuation fund are, or are not, to be treated as invested in a single asset for the purposes of paragraph (4)(c) .
Civil liability
1017BA(4B)
A person contravenes this subsection if the person contravenes subsection (1) .
Note: This subsection is a civil penalty provision (see section 1317E ).
1017BA(5)
In this section:
choice product
(Repealed by No 76 of 2023, s 3, Sch 2
[
517] (effective 20 October 2023).)
fee
, in relation to a MySuper product or a choice product offered by a regulated superannuation fund, means a fee (other than an activity fee, an advice fee or an insurance fee within the meaning of the
Superannuation Industry (Supervision) Act 1993
) that may be charged by the trustee, or the trustees, of the regulated superannuation fund in relation to the product under that Act.
investment account contract
has the same meaning as in the
Life Insurance Act 1995
.
life policy
(Repealed by No 76 of 2023, s 3, Sch 2
[
517] (effective 20 October 2023).)
member
, in relation to a regulated superannuation fund, has the same meaning as in the
Superannuation Industry (Supervision) Act 1993
.
MySuper product
(Repealed by No 76 of 2023, s 3, Sch 2
[
517] (effective 20 October 2023).)
pension
(Repealed by No 76 of 2023, s 3, Sch 2
[
517] (effective 20 October 2023).)
quarter
(Repealed by No 61 of 2013, s 3, Sch 1, Pt 1[10E].)
regulated superannuation fund
(Repealed by No 76 of 2023, s 3, Sch 2
[
517] (effective 20 October 2023).)
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