Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p15
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 15/19)
Character Range: 1408881–1411720

nominate a superannuation fund, approved deposit fund or RSA into which the employer contributions are to be repaid.
 (4) The right of return is taken to have been exercised only on receipt by the responsible person of the nomination.
 (5) The standard employer‑sponsor must make the nomination not later than 1 month after notifying the responsible person of the right to exercise the right of return.
 (6) The standard employer‑sponsor must notify the responsible person in writing or by electronic means.
 (7) For subsection 1019B(7) of the Act, if the right of return is exercised by a standard employer‑sponsor under this regulation, the responsible person must return the money as directed.
 (8) For subsection 1019B(7) of the Act, if the right of return is exercised by a standard employer‑sponsor under this regulation, and if the monies to be repaid include monies paid in relation to the superannuation product by the standard employer‑sponsored member (including monies rolled over or transferred from another superannuation entity or RSA) (the relevant monies) the relevant monies are to be paid by the responsible person:
 (a) in respect of benefits defined under the SIS Regulations as a restricted non‑preserved benefits or preserved benefits (restricted monies)—to a superannuation entity or RSA as directed by the standard employer‑sponsored member; or
 (b) in respect of any other relevant monies paid by the standard employer‑sponsored member—as directed by the standard employer‑sponsored member.
 (9) For subsection 1019B(7) of the Act, if:
 (a) a financial product mentioned in this regulation is subject to the nomination of a further superannuation entity or RSA; and
 (b) the application in relation to the issue of a financial product is not accepted by the nominated superannuation entity or RSA;
the responsible person may rollover or transfer the holder's benefits to an eligible rollover fund.

7.9.69  Modification of provisions of Division 5 of Part 7.9 of the Act: terms of contract
 (1) For paragraph 1020G(2)(a) of the Act, this regulation applies in relation to the following financial products:
 (a) an investment‑linked product within the meaning of the Insurance Contracts Act 1984;
 (b) a managed investment product;
 (ba) a foreign passport fund product;
 (c) a superannuation product;
 (d) a security in a CCIV.
 (2) Division 5 of Part 7.9 of the Act is modified to the extent necessary to provide that a contract or legal relationship governing the issue and redemption of the financial product is taken to include a provision that:
 (a) a product holder may have the right to return a financial product under the Act; and
 (b) the product issuer does not contravene any terms of the contract or legal relationship by complying with a request to return a financial product made in accordance with