Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:7:p18
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 7 (pt 18/39)
Character Range: 1147833–1150696

which the money representing restricted non‑preserved benefits or preserved benefits is to be repaid.
 (3) For the purposes of paragraph 992AA(2)(c) of the Act, if the right of return is exercised, the responsible person must return the money as directed.

7.8.24  Right of return not to apply
  For the purposes of paragraph 992AA(3)(a) of the Act, the following classes of financial products are excluded from section 992AA of the Act:
 (a) a financial product offered or issued under a distribution reinvestment plan or switching facility;
 (b) a financial product the acquisition of which is an additional contribution required by an existing agreement or contract;
 (c) a financial product issued as consideration for an offer made under a takeover bid under Chapter 6 of the Act;
 (d) an interim contract of insurance within the meaning of subsection 11(2) of the Insurance Contracts Act 1984;
 (e) a superannuation product that is issued in relation to:
 (i) a non‑public offer superannuation entity; or
 (ii) a public offer superannuation entity mentioned in paragraph 7.6.01(1)(b), (c) or (d);
 (f) a risk insurance product that is:
 (i) of less than 12 months duration; and
 (ii) a renewal of an existing product on the terms and conditions to which the product is currently subject.

7.8.25  Variation of amount to be repaid
  For the purposes of paragraph 992AA(2)(c) of the Act, if a financial product is subject to a distribution, the amount that would otherwise be repaid on the exercise of the right to return the financial product may be reduced by the amount of that distribution.

Part 7.8A—Design and distribution requirements relating to financial products for retail clients

Division 1—Preliminary

7.8A.01  Definitions
  In this Part:
credit has the same meaning as in subregulation 2B(3) of the Australian Securities and Investments Commission Regulations 2001.
credit facility has the same meaning as in the Australian Securities and Investments Commission Regulations 2001.
extended operation financial product means a financial product that:
 (a) is a financial product within the meaning of Division 2 of Part 2 of the ASIC Act; and
 (b) is not a financial product within the meaning of the Act.

7.8A.02  Meaning of regulated person—prescribed persons
 (1) This regulation is made for the purposes of paragraph (c) of the definition of regulated person in subsection 994A(2) of the Act.

Persons who are exempt from having an Australian financial services licence
 (2) A person is prescribed in relation to a financial product if the person is exempt from the requirement in section 911A of the Act to hold an Australian financial services licence under either of the following provisions of the Act:
 (a) paragraph 926A(2)(a);
 (b) paragraph 926B(1)(a).

Product distributors
 (3) A product distributor within the meaning of section