Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p2
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 2/43)
Character Range: 1269104–1272056

the Product Disclosure Statement must give the person, free of charge:
 (a) a copy of the Statement within 8 business days; and
 (b) a copy of a matter in writing that is applied, adopted or incorporated by the Statement within 8 business days.

Subdivision 4.3—Other arrangements for Product Disclosure Statements and application forms

7.9.12  Modification of Act: Product Disclosure Statements and application forms for standard employer‑sponsors and successor funds
  For paragraph 1020G(1)(c) of the Act, Part 7.9 of the Act is modified in its application in relation to superannuation products and RSAs as set out in Part 6 of Schedule 10A.

7.9.13  Offer of superannuation interest without application or eligible application
 (1) For paragraph 1016A(4)(a) of the Act, if a trustee of a public offer entity issues a superannuation interest in the entity to a person without first receiving an application, or an eligible application, the trustee is taken not to have contravened section 1016A of the Act if:
 (a) the entity is a standard employer‑sponsored fund; and
 (b) the person holds the interest as a standard employer‑sponsored member of the entity; and
 (c) after issuing the interest, the trustee makes reasonable efforts:
 (i) to obtain an application or eligible application (as the case requires under paragraph 1016A(2)(b) or (c) of the Act) from the person's standard employer‑sponsor; or
 (ii) to obtain an eligible application mentioned in paragraph 1016A(2)(a) of the Act from the person; and
 (d) if the trustee has not obtained the application or eligible application within 90 days after issuing the interest, the trustee does not accept any more contributions from the standard employer‑sponsor in respect of the person until the trustee receives the application or eligible application.
 (2) For paragraph 1016A(4)(b) of the Act, if a trustee has not obtained the application or eligible application under subregulation (1) within 90 days after issuing the interest, the trustee must not intentionally or recklessly accept any more contributions from the standard employer‑sponsor in respect of the person until the trustee receives the application or eligible application.
Penalty:
 (a) for an individual—50 penalty units; and
 (b) for a body corporate—500 penalty units.
 (3) Subregulation (2) does not apply if the person has a reasonable excuse.
Note: A defendant bears an evidential burden in relation to the matter in subregulation (2) (see subsection 13.3(3) of the Criminal Code).
 (4) Strict liability applies to subregulation (2).
Note: For strict liability, see section 6.1 of the Criminal Code.

7.9.14  Remedies for person acquiring financial product under defective Product Disclosure Statement: superannuation and RSAs
 (1) This regulation applies to a financial product:
 (a) that is:
 (i) a superannuation product to which requirements of the SIS Act relating to preservation rules and cashing restrictions