Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1012i:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1012I (pt 1/2)
Character Range: 4309730–4312417

1012I  Obligation to give employer a Product Disclosure Statement in relation to certain superannuation products and RSAs
 (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 to the employee; and
 (b) the applicant has not previously applied to the RSA provider for the issue to any employee of an RSA of the same kind;
the person (the issuer) who is to issue the RSA to the employee must, at or before the time when the RSA is issued to the employee, give the applicant a Product Disclosure Statement in accordance with this Division for the RSA.
 (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 supplements (see section 1014D).
 (4) The