Document ID: chunk:federal_register_of_legislation:F2023C00841:body:0:p14
Version: federal_register_of_legislation:F2023C00841
Segment Type: other
Provision Reference: 
Character Range: 35246–38118

of acquirer, insert:

           "additional acquisition, in relation to a regulated acquisition of a financial product by a provider who is a trustee of a superannuation entity (or another person with whom the provider has an arrangement) in relation to a client, means a regulated acquisition of the financial product at a time when the provider (or other person) is already holding a financial product of the same kind as a result of an instruction given by the client."; and

           (ii) after subsection (2), insert:

"Additional acquisitions by superannuation trustees

(2A) A provider who is a trustee of a superannuation entity does not have to comply with subsection (2) in relation to an additional acquisition if at any time before making the acquisition the provider tells the client in writing, and obtains the client's written acknowledgement, that, at the time an additional acquisition of a financial product occurs, the client may not have received:

(a) the current Product Disclosure Statement for the product; and

(b) the disclosure that subsection 1017B(1) would require the issuer of the product to give to the client if the client had made an equivalent direct acquisition of the product.

Note: This subsection applies regardless of whether a current Product Disclosure Statement for the product has been prepared.

(2B) The provider does not have to obtain the client's written acknowledgement if the client held a superannuation product to which the entity relates immediately before 1 July 2007 and has held the product at all times since that date.";

           (iii) after paragraph (5)(a), insert:

"(aa) where the provider is a trustee of a superannuation entity who chooses to comply with subsections 1013FB(3) and (4) in relation to a Product Disclosure Statement for a superannuation product to which the entity relates that the trustee has prepared—the reference in subsection 1013A(1) to the issuer of a financial product that is an accessible financial product included a reference to the provider; and
(ab) where the provider is a trustee of a superannuation entity who chooses to comply with subsections 1013FB(5) and (6) in relation to a Product Disclosure Statement for a superannuation product to which the entity relates—the reference in subsection 1013A(1) to the issuer of a financial product that is an accessible financial product included a reference to the provider; and

(ac) where the provider is a trustee of a superannuation entity—the reference in subsection 1013A(2) to a person making the offer to sell a financial product that is an accessible financial product included a reference to the provider; and";

           (iv) after subsection (5), insert:

"Modification of section 1013C

(5A) Section 1013C applies in relation to a regulated acquisition by a provider who is a trustee of a superannuation entity