Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p16
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 16/19)
Character Range: 1411488–1414161

the right to return a financial product under the Act; and
 (b) the product issuer does not contravene any terms of the contract or legal relationship by complying with a request to return a financial product made in accordance with the Act; and
 (c) the amount to be repaid following the exercise of the right to return a financial product is the amount calculated in accordance with the Act.
 (3) Division 5 of Part 7.9 of the Act, and the regulations made for, or relating to, provisions of that Division, are also modified to the extent necessary to give effect to the modification set out in subregulation (2).

7.9.70  Modification of provisions of Division 5 of Part 7.9 of the Act: distributions
 (1) For paragraph 1020G(2)(a) of the Act, this regulation applies in relation to the holder of:
 (a) an investment‑linked product within the meaning of the Insurance Contracts Act 1984; or
 (b) a managed investment product; or
 (ba) a foreign passport fund product; or
 (c) a superannuation product; or
 (d) a security in a CCIV.
 (2) A reference in paragraph 1019B(5)(a) of the Act to a right or power does not include the making of a distribution to the holder.

Division 8—Other requirements

7.9.71  Modification of section 1017D of the Act: use of more than 1 document
  For paragraph 1020G(1)(c) of the Act, section 1017D of the Act is modified:
 (a) so that a reference in those sections to a periodic statement includes 2 or more documents that include all of the information required by those sections; and
 (b) as if subsections 1013L(1), (2), (3), (5) and (7) of the Act were included in that section, and referred to a periodic statement instead of a Product Disclosure Statement.

7.9.71A  Periodic statements—exemption for passbook accounts
  For paragraph 1020G(1)(b) of the Act, a basic deposit product (an account) for which the holder of the product is provided with, and keeps, a document commonly referred to as a 'passbook' is exempt from section 1017D of the Act if, under the terms of the operation of the account:
 (a) the client has a right to a reasonable opportunity to present the passbook to the issuer; and
 (b) the issuer enters particulars of each transaction involving the account including the amount of the transaction and the current balance of the account; and
 (c) there is no fee associated with the passbook or the entry of particulars into the passbook.

7.9.72  Modification of section 1017D of the Act: information already given
  For paragraph 1020G(1)(c) of the Act section 1017D of the Act is modified so that if:
 (a) a financial product is a superannuation product or an RSA; and
 (b) the issuer has provided information