Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p1
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 1/19)
Character Range: 1374027–1376678

3         paragraph 1020G(1)(c)  Part 7.9

Further modifications in Schedule 10BA
 (3) For paragraph 951C(1)(c) of the Act, Part 7.7 of the Act is modified in its application in relation to Short‑Form Product Disclosure Statements as set out in Schedule 10BA.
 (4) For paragraph 992C(1)(c) of the Act, Part 7.8 of the Act is modified in its application to Short‑Form Product Disclosure Statements as set out in Schedule 10BA.
 (5) For paragraph 1020G(1)(c) of the Act, Part 7.9 of the Act is modified in its application to Short‑Form Product Disclosure Statements as set out in Schedule 10BA.

Division 5A—Dealing with money received for financial product before the product is issued

7.9.61A  Lost application money
 (1) This regulation applies if:
 (a) a product provider is not able to return money in compliance with subsection 1017E(4) of the Act; and
 (b) the product provider is not able to issue or transfer a financial product to, or in accordance with the instructions of, the person who paid that money in compliance with subsection 1017E(4); and
 (c) the money is to be transferred to ASIC to be dealt with under Part 9.7 of the Act.
 (2) This regulation also applies if:
 (a) money is taken out of an account mentioned in subsection 1017E(2) of the Act by a product provider for the purpose of returning it to the person by whom it was paid in compliance with paragraph 1017E(3)(a); and
 (b) the product provider is not able to return the money in compliance with subsection 1017E(4).
 (3) For paragraph 1017E(3)(d) of the Act, the situations mentioned in subregulations (1) and (2) are situations in which money may be taken out of an account mentioned in section 1017E.
 (4) For paragraph 1017E(4)(c) of the Act, the product provider must, after taking the money out of the account:
 (a) transfer the money to ASIC to be dealt with under Part 9.7 of the Act; and
 (b) give ASIC any information in the possession of the product provider that could reasonably assist ASIC to assess a claim by a person that the person is entitled to the money.

7.9.61B  Issue of substitute insurance product
 (1) This regulation applies if:
 (a) money is paid to acquire an insurance product (the new product); and
 (b) the product provider issues another product (the other product) which is the same as the new product except for the date on which it ceases to have effect; and
 (c) the product provider has not issued the new product.
 (2) For paragraph 1017E(3)(d) of the Act, the situation mentioned in subregulation (1) is a situation in which money may be taken out of an account mentioned in section 1017E.
 (3) For paragraph 1017E(4)(c) of the