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.]
For the purposes of paragraph 1368(d) of the Act, Part 7.8A does not have effect in relation to a person in relation to a transaction that involves retail product distribution conduct if: (a) the person is an employer; and (b) the relevant retail client is an employee of the employer; and (c) the conduct is covered by subregulation (2) .
7.8A.25(2)
The following retail product distribution conduct is covered by this subregulation: (a) under Part 7.9 , giving the employee a Product Disclosure Statement for a product that is a default fund product for the employer and employee; (b) dealing in a financial product that consists only of the employer paying contributions on behalf of the employee into a product that is:
(i) a default fund product for the employer and employee; or
(c) dealing in a financial product that consists only of the employer arranging for the issue to the employee of a product that is:
(ii) a chosen fund product for the employee;
(i) a default fund product for the employer and employee; or
(ii) a chosen fund product for the employee.
7.8A.25(3)
In this regulation:
chosen fund product
, for an employee, means a financial product that is an interest in a chosen fund (within the meaning of Part
3A
of the
Superannuation Guarantee (Administration) Act 1992
) for the employee.
default fund product
: a financial product that is an interest in a fund is a
default fund product
for an employer and an employee at a time if, assuming that the employee were a member of the fund and the employer were to make a contribution to the fund at the time for the benefit of the employee, the employer could rely on a provision of section
32C
of the
Superannuation Guarantee (Administration) Act 1992
(other than subsection
32C(1)
) to satisfy the choice of fund requirements in relation to the contribution.
fund
has the same meaning as in Part
3A
of the
Superannuation Guarantee (Administration) Act 1992
.
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