Corporations Regulations 2001

SCHEDULE 10A - MODIFICATIONS OF PART 7.9 OF THE ACT  

(regulations 7.9.02 , 7.9.04 , 7.9.05 , 7.9.06 , 7.9.09C , 7.9.11C , 7.9.11N , 7.9.11V , 7.9.12 , 7.9.24 , 7.9.27 , 7.9.30 , 7.9.43 , 7.9.47 , 7.9.51 , 7.9.56 , 7.9.60 , 7.9.61 , 7.9.63 , 7.9.73 and 8.4.02 )

PART 17 - MODIFICATIONS RELATING TO APPLICATION FORMS FOR SPECIFIED SUPERANNUATION PRODUCTS  

SECTION 17.1  

17.1    
After subsection 1012B(4)

insert

(4A)
A regulated person:

(a) need not give a client a Product Disclosure Statement for a financial product at or before the time when it would otherwise be required to be given; and

(b) must give the client the Product Disclosure Statement as soon as is reasonably practical and in any event within 3 months after the product is issued to the client; and

(c) need not give the client the Product Disclosure Statement at all if the client ceases to be a member of the superannuation fund concerned before the regulated person is required to give the Product Disclosure Statement under paragraph (b).

(4B)
Subsections (3), (4) and (4A) apply only in respect of:

(a) in the case of an eligible rollover fund:

(i) persons who become members of the fund by being issued with a superannuation interest under section 243 of the SIS Act; and

(ii) persons who become members of the fund in circumstances mentioned in section 89 of the RSA Act; and

(b) in the case of a public offer superannuation fund that is not a successor fund in relation to the financial product issued to the client:

(i) standard employer-sponsored members of the fund; and

(ii) persons who become members of the fund in circumstances mentioned in regulation 7.9.06B of the Corporations Regulations 2001 .