Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p2
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 2/19)
Character Range: 1376440–1379105

issued the new product.
 (2) For paragraph 1017E(3)(d) of the Act, the situation mentioned in subregulation (1) is a situation in which money may be taken out of an account mentioned in section 1017E.
 (3) For paragraph 1017E(4)(c) of the Act, the product provider must, after taking the money out of the account:
 (a) issue the new product before the date on which the other product ceases to have effect; or
 (b) return the money to the person by whom it was paid before the date on which the other product ceases to have effect.

7.9.61C  Cheques
  For paragraph 1020G(1)(c) of the Act, Part 7.9 applies as if section 1017E of the Act were modified by adding, after subsection 1017E(6):
 '(7) For this section, if a payment is made by cheque, the payment is taken to have been paid to, and received by, the product provider when the cheque is honoured.'.

Division 5B—Confirming transactions

7.9.61D  Transactions involving superannuation products
 (1) For paragraph 1020G(1)(c) of the Act, this regulation applies in relation to the following financial products:
 (a) an interest in a regulated superannuation fund that is not a public offer superannuation fund;
 (b) an RSA that has been issued to the product holder because of the operation of subsection 52(4) of the RSA Act;
 (c) an interest in an eligible rollover fund of which the product holder became a member under section 243 of the SIS Act;
 (d) an interest in an eligible rollover fund of which the product holder became a member in the circumstances mentioned in section 89 of the RSA Act;
 (e) an interest in a public offer superannuation fund that is not a successor fund if:
 (i) the product holder is a standard employer‑sponsored member of the fund; or
 (ii) the product holder is a person who became a member of the fund in the circumstances mentioned in regulation 7.9.06B.
 (2) Part 7.9 of the Act applies in relation to the financial products as if the following subsection were inserted after subsection 1017F(5A) of the Act:
 '(5B) For a financial product mentioned in regulation 7.9.61D of the Corporations Regulations 2001:
 (a) subsection (5A) does not apply if the responsible person in relation to a transaction involving the financial product provides the holder of the financial product with a facility that is able to be accessed by the holder:
 (i) by phone; or
 (ii) by writing; or
 (iii) by another method that the responsible person knows, or reasonably believes, that the product holder is able to use; and
 (b) confirmation may be provided by means of the facility mentioned in paragraph (a).'.
 (3) Part 7.9 of the Act applies in relation to the financial products as if