Document ID: chunk:federal_register_of_legislation:F2024C01249:schedule:10a:p1
Version: federal_register_of_legislation:F2024C01249
Segment Type: schedule
Provision Reference: sch 10A (pt 1/2)
Character Range: 2206351–2209255

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 1—Modifications relating to sub‑plans

1.1  Paragraph 1012D(10)(b)
substitute
 (b) a superannuation product is the same as another superannuation product only if the other superannuation product is:
 (i) an interest in the same sub‑plan; or
 (ii) if there is no sub‑plan—an interest in the same fund.

Part 2—Modifications relating to Product Disclosure Statements for RSAs

2.1  After subsection 1012D(9B)
insert

Recommendation, issue or sale situation—takeover or merger
 (9C) In a recommendation situation, issue situation or sale situation, the issuer does not have to give a Product Disclosure Statement if a person:
 (a) becomes the holder of an RSA with an RSA institution; and
 (b) does so as a direct result of:
 (i) the takeover of the RSA provider with which the person previously held an RSA by:
 (A) the RSA institution; or
 (B) a corporation that is a related corporation of the RSA institution; or
 (ii) a merger involving the RSA provider with which the person previously held an RSA and which results in the creation of the RSA institution; or
 (iii) the transfer of any, or all of, the assets and liabilities of the RSA provider with which the person previously held an RSA to the RSA institution:
 (A) under a provision of the Banking Act 1959, the Life Insurance Act 1995 or of any other law of the Commonwealth, a State or a Territory; or
 (B) under a voluntary transfer of engagements; or
 (C) on the request of the Australian Prudential Regulation Authority.

Part 3—Modifications relating to insurance options under contract associated with superannuation interest

3.1  After subsection 1012D(9B)
insert

Insurance options
 (9C) A product issuer does not have to give a Product Disclosure Statement to a person if:
 (a) a product holder seeks to change the coverage of insurance options under a contract associated with a superannuation interest; and
 (b) information in relation to the change of insurance options has not already been given in a periodic statement or in accordance with other periodic reporting requirements under Division 3.
 (9D) If subsection (9C) applies:
 (a) the product issuer must ensure that the product holder has sufficient information to enable the product holder to make an informed decision; and
 (b) that subsection does not prevent the product issuer from complying with paragraph (a) by giving the product holder a Product Disclosure Statement.

Part 5A—Modifications for standard margin lending facilities

5A.2  Subsection 1013C(1)
substitute
 (1) A Product Disclosure Statement for a standard margin lending facility to which Subdivision 4.2A of Division 4 of Part 7.9 of the Corporations