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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.9 - FINANCIAL PRODUCT DISCLOSURE AND OTHER PROVISIONS RELATING TO ISSUE, SALE AND PURCHASE OF FINANCIAL PRODUCTS    View history reference

Division 2 - Product Disclosure Statements    View history reference

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

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

 View history reference

1012I(1)  [Disclosure Statement to employer - superannuation]  


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)  [Disclosure Statement to employer - RSA product]  


If:


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


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

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

1012I(2A)  [Trustee under Pt 24 of SIS Act]  


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)  [Trustee under Pt 9 of RSA Act]  


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.

[CCH Note: For s 1012I(2C), see Corporations Regulations Schedule 10A, Part 17 - Modifications relating to application forms for specified superannuation products, item 17.2]

1012I(3)  [Employer in receipt of disclosure statement]  


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)  [Exemption by regulation]  


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)  [Terminology]  


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.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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