Document ID: chunk:federal_register_of_legislation:F2021L00666:body:0:p4
Version: federal_register_of_legislation:F2021L00666
Segment Type: other
Provision Reference: 
Character Range: 8185–10964

any funds for 31 days from the date they are invested in the retail product.

   5.      When money held in a retail product that is issued or sold by a Fund to a retail investor reaches its 31 day maturity, the Fund must:
      (a)          roll over the retail investor's funds for a further period of at least 31 days; or
      (b)          if the retail investor requests that the funds not be rolled over, repay the retail investor's funds in the form of cash, cheque or direct credit to an account held at an authorised deposit-taking institution (ADI) as defined in the Banking Act 1959.

   6.      A Fund may, upon written request from a retail investor at any time, pay to the investor some or all of the funds invested in a retail product, provided that the Fund is satisfied that the investor has demonstrated that he or she is subject to exceptional circumstances that may lead to hardship and that it is appropriate to release the funds.

   7.      A Fund may only release funds under Condition 6 if the release complies with a written procedure prepared by the Fund. The procedure must set out the basis upon which the Fund will determine whether exceptional circumstances that may lead to hardship exist that would warrant the early release of an investor's funds.

   8.      The Fund must not offer to retail investors:
      (a)          cheque account facilities; or
      (b)          BPAY facilities,

in relation to retail products.

   9.      The Fund must not offer to retail investors or affiliates:
      (a)          Electronic Funds Transfer at Point Of Sale (EFTPOS) facilities; or
(b)    Automatic Teller Machine (ATM) facilities, in relation to retail products.

   10.  Condition 8 does not preclude a Fund from making or receiving payments to or from a retail investor using such facilities.

   11.  The Fund or its controlling entity must in all cases ensure that advertising and marketing material of the Fund contains, at a minimum, the following disclosure:

     {Insert name of Fund} (the Fund) is not prudentially supervised by the Australian Prudential Regulation Authority. Therefore, an investor in the Fund will not receive the benefit of the financial claims scheme or the depositor protection provisions in the Banking Act 1959. Investments in the Fund are intended to be a means for investors to support the charitable purposes of the Fund.

   12.  The Fund or its controlling entity may advertise and market the Fund on-line or in print produced by or under the auspices of the controlling entity (or the religious institution that established the Fund). All advertising and marketing material of the Fund must contain the disclosure required under Condition 11.

   13.  A Fund must not use or assume the words or expressions