Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_1012i:p1
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 1012I (pt 1/2)
Character Range: 536910–539609

1012I  Obligation to give employer a Product Disclosure Statement in relation to certain superannuation products and RSA products

 (1) At or before the time when a person (the applicant) becomes a standard employer‑sponsor of a superannuation entity, the person (the issuer) who is to provide the superannuation products to the applicant's employees must give the applicant a Product Disclosure Statement in accordance with this Division for each of those superannuation products.

 (2) If:
 (a) a person (the applicant) applies for the issue of an RSA product to the employee; and
 (b) the applicant has not previously applied to the RSA provider for the issue to any employee of an RSA product of the same kind;
the person (the issuer) who is to issue the RSA product to the employee must, at or before the time when the RSA product is issued to the employee, give the applicant a Product Disclosure Statement in accordance with this Division for the RSA product.

 (2A) If:
 (a) a trustee (the applicant), under Part 24 of the Superannuation Industry (Supervision) Act 1993, applies on behalf of a person for the issue of an interest in a relevant superannuation entity; and
 (b) the applicant has not previously applied under that Part for the issue of an interest in that entity on behalf of any person;
the person (the issuer) who is to issue the interest to the person must, at or before the time when the interest is issued to the person, give the applicant a Product Disclosure Statement in accordance with this Division for the interest.

 (2B) If:
 (a) a trustee (the applicant), under Part 9 of the Retirement Savings Accounts Act 1997, applies on behalf of a person for the issue of an interest in a relevant superannuation entity; and
 (b) the applicant has not previously applied under that Part for the issue of an interest in that entity on behalf of any person;
the person (the issuer) who is to issue the interest to the person must, at or before the time when the interest is issued to the person, give the applicant a Product Disclosure Statement in accordance with this Division for the interest.

 (3) The issuer does not have to give the applicant a Product Disclosure Statement under subsection (1), (2), (2A) or (2B) for a financial product if:
 (a) the applicant has already received a Product Disclosure Statement for that financial product that contains all of the information that the first‑mentioned Product Disclosure Statement would be required to contain; or
 (b) the issuer believes on reasonable grounds that paragraph (a) applies.

Note: Information in a Supplementary Product Disclosure Statement is taken to be contained in the Product Disclosure Statement it