Document ID: chunk:federal_register_of_legislation:C2025C00134:section:242c
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 242C
Character Range: 857439–859317

242C  Election not to charge members of eligible rollover fund for payment of conflicted remuneration
 (1) An RSE licensee that applies for authority to operate a regulated superannuation fund as an eligible rollover fund makes an election in accordance with this section if:
 (a) the RSE licensee elects that, if the authority is given, the RSE licensee will not charge any member of the fund a fee all or part of which relates directly or indirectly to costs incurred by a trustee or the trustees of the fund:
 (i) in paying conflicted remuneration to a financial services licensee, or a representative of a financial services licensee; or
 (ii) in paying an amount to another person that a trustee of the fund knows, or reasonably ought to know, relates to conflicted remuneration paid by that other person to a financial services licensee, or a representative of a financial services licensee; and
 (b) the election is in writing; and
 (c) the election is in the approved form.
 (2) In this section:
conflicted remuneration has the same meaning as in the Corporations Act 2001, subject to the extension of that meaning in subsection (3).
representative, of a financial services licensee, has the same meaning as in the Corporations Act 2001.
 (3) In this section, conflicted remuneration also has the meaning it would have if:
 (a) financial product advice provided to the RSE licensee mentioned in subsection (1) by a financial services licensee, or a representative of a financial services licensee, mentioned in subparagraph (1)(a)(i) or (ii) were provided to the RSE licensee as a retail client; and
 (b) financial product advice provided to the other person mentioned in subparagraph (1)(a)(ii) by a financial services licensee, or a representative of a financial services licensee, mentioned in that subparagraph were provided to the other person as a retail client.