Document ID: chunk:federal_register_of_legislation:F2023C01164:body:0:p16
Version: federal_register_of_legislation:F2023C01164
Segment Type: other
Provision Reference: 
Character Range: 38725–41529

not be required if the acquisition were not under a regular savings plan) that may be acquired under the regular savings plan as soon as reasonably practicable and in any event by the fifth business day after the responsible entity receives what the responsible entity reasonably believes is the most current missing document; and
(d) the member acknowledges that regular savings acquisitions will continue to be made under the regular savings plan until the member instructs the responsible entity otherwise or the arrangement constituting the regular savings plan is terminated; and
where the member:
(e) before entering into the arrangement has been given the Product Disclosure Statement of the IDPS-like scheme containing a statement; and
(f) has been given advice quarterly in writing;
to the effect that the member may not have the current Product Disclosure Statement for an accessible financial product at the time a regular savings acquisition of the accessible financial product is made.
(20) For the purposes of this section:
(a) the circumstances in which the responsible entity of an IDPS-like scheme or a custodian acquires an accessible investment under a direction of a member include:
(i) an allocation of entitlements relating to an accessible investment to the interest of the member; and
(ii) an increased investment in an accessible financial product in respect of which a member's interest has been allocated entitlements;

                  under a direction of the member; and
(b) a financial product is of the same kind as another financial product if the products would be of the same kind for the purposes of section 1012D.".

8 Cooling-off rights
Division 5 of Part 7.9 of the Act applies in relation to the responsible entity of an IDPS-like scheme as if the provisions of that Division were modified or varied as follows:
(a) in subsection 1019A(1), after "(2),", omit "this Division", substitute "sections 1019A and 1019B"; and
(b) after subparagraph 1019A(1)(a)(v) omit "and", substitute:
"but not including:
(vi) an interest in an IDPS-like scheme (as defined in subsection 1013DAB(19)); or
(vii) a managed investment product held by a client because the legal ownership of a financial product is held by a person for the client as part of the IDPS-like scheme."; and
(c) after section 1019B insert:

"1019BA Cooling-off for IDPS-like schemes
(1) The responsible entity of an IDPS-like scheme must:
(a) take all reasonable steps to comply with a request made during the cooling-off period by a member of the scheme to:
(i) realise an accessible financial product that has been acquired under a direction given by the member in relation to the IDPS interest acquired by the member; or
(ii) return any moneys held for the member in relation to the IDPS interest acquired;