Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.9 - FINANCIAL PRODUCT DISCLOSURE AND OTHER PROVISIONS RELATING TO ISSUE AND SALE OF FINANCIAL PRODUCTS  

Division 11 - Superannuation to which arrangements apply under the Family Law Act 1975  

REGULATION 7.9.87   MODIFICATION OF ACT: PRODUCT DISCLOSURE STATEMENT IN RELATION TO SUPERANNUATION INTEREST UNDER FAMILY LAW ACT  

7.9.87(1)   [ Modification]  

Subject to subregulation (4), for paragraph 1020G(1)(c) of the Act, paragraph 1012F(b) of the Act is modified in its application in relation to:

(a) a superannuation interest; and

(b) the non-member spouse who acquires the superannuation interest;

in accordance with subregulation (2).

7.9.87(2)   [ Modification]  

Paragraph 1012F(b) is taken to require a regulated person to give the non-member spouse a Product Disclosure Statement when the regulated person gives a payment split notice to the non-member spouse.

7.9.87(3)   [ Application]  

If paragraph 1012F(b) , as modified in accordance with subregulation (2), applies in relation to a superannuation interest, regulation 7.9.04 does not apply in relation to the interest and the non-member spouse.

7.9.87(4)   [ Modification]  

For paragraph 1020G(1)(a) of the Act, if the governing rules of a superannuation entity do not provide for a non-member spouse to become a member of a superannuation fund in relation to the superannuation entity, section 1012B is modified by adding, after subsection 1012B(1) :

" (1A)
This section does not apply in relation to:

(a) a superannuation interest; and

(b) the non-member spouse who acquires the superannuation interest;

if the governing rules of a superannuation entity do not provide for a non-member spouse to become a member of a superannuation fund in relation to the superannuation entity. " .