Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:14:p3
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 14 (pt 3/7)
Character Range: 1223951–1226758

Amendment (Financial Reporting and Auditing of Registrable Superannuation Entities) Regulations 2023 commences; and
 (b) ending on the day that the entity next provides fund information under regulation 7.9.32.
The information must be readily accessible from the entity's website.
 (9) Subregulations 7.9.07ZB(5) to (7) apply to the requirement under this regulation to provide the information referred to in subregulation (7) of this regulation in the same way subregulations 7.9.07ZB(5) to (7) would apply if the information were a document referred to in item 1 of the table in subregulation 7.9.07ZB(3).
Note: Subregulations 7.9.07ZB(5) to (7) permit later provision of information or provision of redacted information in certain circumstances, for example, in relation to standard employer‑sponsored sub‑plans.

Division 3—Dealing with money received for financial product before the product is issued

7.9.08  Accounts
 (1) For subparagraph 1017E(2)(a)(ii) of the Act, the following accounts are prescribed:
 (a) an account with a foreign deposit taking institution that is regulated by a foreign regulatory body that ASIC has approved in writing for this paragraph;
 (b) an account with a cash management trust;
 (c) a statutory fund under section 29 of the Life Insurance Act 1995.
 (2) For paragraph 1017E(2)(c) of the Act, a product provider to which subsection 1017E(2) of the Act applies must:
 (a) operate an account to which paragraph 1017E(2)(a) of the Act applies as a trust account; and
 (b) designate the account to be a trust account; and
 (c) hold all moneys paid into the account on trust for the benefit of the person who is entitled to the moneys.
 (3) For paragraph 1020G(1)(c) of the Act, if money received under section 1017E of the Act is paid into an account under subregulation 7.8.01(6), Part 7.8 of the Act applies to the money.
Note: See also subregulation 7.8.01(7).
 (4) For paragraph 1020G(1)(c) of the Act, Part 7.9 of the Act applies as if section 1017E of the Act were modified by omitting paragraph 1017E(2)(b) and inserting the following paragraph:
 '(b) any money may be paid into the account, provided that:
 (i) money to which this section applies; and
 (ii) interest on the amount from time to time standing to the credit of the account;
  is identified and held in accordance with all other provisions of this section; and'.

7.9.08A  Dealing with interest
  For paragraph 1020G(1)(c) of the Act, Part 7.9 of the Act applies as if section 1017E of the Act were modified by adding after subsection 1017E(2C):
 '(2D) In relation to money to which this section applies:
 (a) the product provider is entitled to the interest on the account; and
 (b) the interest on the account is not required to be paid into the account;
  only if the product provider discloses to