Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

Division 8 - Miscellaneous  

SECTION 992AB   BAN ON ADVERTISING SUPERANNUATION PRODUCTS DURING ONBOARDING  

General prohibition

992AB(1)    
A person contravenes this subsection if:

(a)    the person:

(i) advertises a superannuation product; or

(ii) makes a statement that directly or indirectly refers to a superannuation product; or

(iii) causes such an advertisement or statement; and

(b)    the advertisement or statement occurs during the period:

(i) starting at the time an employee accepts an offer of employment with an employer; and

(ii) ending at the time the employer first complies with the choice of fund requirements set out in Part 3A of the Superannuation Guarantee (Administration) Act 1992 in relation to that employment of the employee; and

(c)    the advertisement or statement:

(i) is targeted to the employee or to a class of employees that includes the employee; and

(ii) is not accessible to the public; and

(d)    it would reasonably be expected that the advertisement or statement could induce the employee to choose the product.

Note: This subsection is a civil penalty provision (see section 1317E ).

Exception - product is the employee ' s stapled fund

992AB(2)    
Subsection (1) does not apply to the person if the superannuation product is the employee ' s stapled fund (within the meaning of the Superannuation Guarantee (Administration) Act 1992 ).

Exception - product is in the employer ' s default fund

992AB(3)    
Subsection (1) does not apply to the person if the superannuation product is a beneficial interest in the fund specified:

(a)    under section 32P of the Superannuation Guarantee (Administration) Act 1992 in the standard choice form provided by the employer to the employee; and

(b)    as the fund to which the employer will contribute if the employee does not make a choice under Part 3A of that Act.

Exception - certain other MySuper products

992AB(4)    
Subsection (1) does not apply to the person if:

(a)    the advertisement or statement refers only to a MySuper product; and

(b)    if there is at least one published determination:

(i) under subsection 60C(2) of the Superannuation Industry (Supervision) Act 1993 ; and

(ii) about whether the requirement in subsection 60D(1) of that Act has been met for the MySuper product in relation to a financial year;

the most recent such determination is that the requirement has been met; and

(c)    the person is not a connected entity (within the meaning of that Act) of the RSE licensee (within the meaning of that Act) that is offering the MySuper product; and

(d)    the advertisement or statement occurs after the time the employer, or the employer ' s agent, makes a request (the stapled fund request ) under subsection 32R(1) of the Superannuation Guarantee (Administration) Act 1992 in relation to the employee; and

(e)    if, in response to the stapled fund request, the employer is notified under subsection 32R(2) of that Act that the Commissioner is satisfied that there is a stapled fund for the employee - the advertisement or statement occurs at or after the time the employer, or the employer ' s agent, notifies the employee:

(i) that the Commissioner is satisfied that there is a stapled fund for the employee; and

(ii) about the details that the employer was notified about in relation to the stapled fund request under subparagraph 32R(2)(b)(ii) of that Act; and

(f)    the conditions (if any) prescribed by the regulations are met; and

(g)    the advertisement or statement is accompanied by clear and unambiguous disclosures that satisfy the requirements prescribed by the regulations.

Exception - businesses distributing, or enabling the distribution of, content

992AB(5)    
Subsection (1) does not apply to the person if:

(a)    the advertisement or statement occurs in the ordinary course of a business of:

(i) distributing content (including advertising); or

(ii) enabling such distributions; and

(b)    the person did not know and had no reason to suspect that the advertisement or statement would amount to a contravention of subsection (1) .