Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p47
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 47/148)
Character Range: 450390–453252

new financial product when:
 (a) it acknowledges receipt of the member's election; or
 (b) it makes the first payment of the pension;
whichever occurs first.
 (3) For this regulation:
growth phase has the meaning given by regulation 1.03AB of the SIS Regulations.
pension has the meaning given by subregulation 1.06(1) of the SIS Regulations.

7.1.04F  Meaning of class of financial services (subsections 917A(3), 917C(2) and 917C(3) of the Act)
 (1) For section 761CA of the Act, this regulation applies for subsections 917A(3), 917C(2) and 917C(3) of the Act.
 (2) Each of the following is a class of financial services:
 (a) the provision of financial product advice relating to a general insurance product;
 (b) the provision of financial product advice relating to an investment life insurance product;
 (c) the provision of financial product advice relating to a life risk insurance product;
 (d) dealing in a financial product that is a general insurance product;
 (e) dealing in a financial product that is an investment life insurance product;
 (f) dealing in a financial product that is a life risk insurance product;
 (g) the provision of a claims handling and settling service in relation to a general insurance product;
 (h) the provision of a claims handling and settling service in relation to an investment life insurance product;
 (i) the provision of a claims handling and settling service in relation to a life risk insurance product.

7.1.04G  Meaning of issuer for a foreign exchange contract
 (1) This regulation applies to a financial product that is a foreign exchange contract that is not entered into, or traded, on a financial market.
 (2) For paragraph 761E(7)(a) of the Act, each party to the foreign exchange contract is an issuer of the product.

7.1.04N  Specific things that are financial products—litigation funding schemes and arrangements
 (1) This regulation is made for the purposes of paragraph 764A(1)(m) of the Act.
 (2) The following are declared to be financial products:
 (a) an interest in a litigation funding scheme mentioned in regulation 5C.11.01;
 (b) an interest in a litigation funding arrangement mentioned in that regulation.

7.1.05  Specific things that are not financial products: superannuation interests
  For paragraph 765A(1)(q) of the Act, an exempt public sector superannuation scheme is prescribed.

7.1.06  Specific things that are not financial products: credit facility
 (1) For subparagraph 765A(1)(h)(i) of the Act, each of the following is a credit facility:
 (a) the provision of credit:
 (i) for any period; and
 (ii) with or without prior agreement between the credit provider and the debtor; and
 (iii) whether or not both credit and debit facilities are available; and
 (iv) that is not a financial product mentioned in paragraph 763A(1)(a) of the Act; and
 (v) that is not a security, a