Document ID: chunk:federal_register_of_legislation:C2025C00165:section:5:p6
Version: federal_register_of_legislation:C2025C00165
Segment Type: section
Provision Reference: s 5 (pt 6/6)
Character Range: 32176–33444

protected account if the account or covered financial product is prescribed by the regulations for the purposes of this subsection.
Note: The regulations may prescribe the account or covered financial product by reference to a class of accounts or financial products: see subsection 13(3) of the Legislation Act 2003.

Covered financial product
 (8) The Minister may declare that a specified financial product is a covered financial product.
Note: The declaration may specify the product by reference to a class of financial products: see subsection 13(3) of the Legislation Act 2003.
 (9) A declaration made under subsection (8), or an amendment of the declaration, is a legislative instrument, but section 42 (disallowance) of the Legislation Act 2003 does not apply to the declaration or amendment.
Note: Part 4 of Chapter 3 (sunsetting) of the Legislation Act 2003 does not apply to the declaration or amendment: see regulations made for the purposes of paragraph 54(2)(b) of that Act.
 (10) Despite subsection 12(1) of the Legislation Act 2003, the declaration or amendment commences from the time it is made.
 (11) Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply to the declaration or amendment.