A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

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 3 - Other disclosure obligations of the issuer of a financial product    View history reference

SECTION 1017BA  TRUSTEES OF REGULATED SUPERANNUATION FUNDS - OBLIGATION TO MAKE PRODUCT DASHBOARD PUBLICLY AVAILABLE  

 View history reference

1017BA(1)  

The trustee, or the trustees, of a regulated superannuation fund that has 5 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
 View history reference


(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] (as amended by ASIC Corporations (Amendment) Instrument 2016/364 [F2016L00631]) 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 2017.

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 2017.

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 2017.

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 2017";


(b) in subsections 1017BD(2) and 1017BE(2), omit "at the time the core arrangement is entered into", substitute "on or before 1 July 2017".


8 The declaration in paragraph 7 applies in relation to an arrangement entered into between commencement of this instrument and 30 June 2017 (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)  

 View history reference
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;

(v) a statement of fees and other costs in relation to the product; and


(b) any other information prescribed by the regulations.

1017BA(3)  

 View history reference
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;

(v) a statement of fees and other costs in relation to the investment option; and


(b) any other information prescribed by the regulations.

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;

(iii) an investment account contract the only beneficiaries of which are a member, and relatives and dependants of a member; or


(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.

[CCH Note: For s 1017BA(4AA), see Corporations Regulations Schedule 10A, Part 6A - Modifications relating to MySuper measures, item 6A.1]

1017BA(4A)  

 View history reference
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).

1017BA(5)  

 View history reference
In this section:

choice product has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

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 has the same meaning as in the Life Insurance Act 1995.

member , in relation to a regulated superannuation fund, has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

MySuper product has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

pension has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

quarter (Repealed by No 61 of 2013, s 3, Sch 1, Pt 1[10E] (effective 1 July 2013).)

regulated superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993.


 



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