Corporations Regulations 2001
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
CCH note - modifying legislative instruments: The application of Pt 7.9 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.9, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
(Omitted by SR 2002 No 16, Sch 1 [ 124].)
7.9.66(2)
For subsection 1019B(2) of the Act, it is a requirement of the exercise of the right to return a superannuation product or RSA that, if the money to be repaid includes: (a) restricted non-preserved benefits within the meaning of the SIS Regulations; or (b) preserved benefits within the meaning of the SIS Regulations;
the holder of the product must nominate a superannuation entity or RSA into which the money representing restricted non-preserved benefits or preserved benefits is to be repaid.
7.9.66(3)
The right of return is taken to have been exercised only on receipt by the responsible person of the nomination.
7.9.66(4)
The holder must make the nomination not later than 1 month after notifying the responsible person of the right to exercise the right of return.
7.9.66(5)
The holder must notify the responsible person in writing or by electronic means.
7.9.66(6)
For subsection 1019B(7) of the Act, if: (a) a holder nominates a superannuation entity or RSA; and (b) the superannuation entity or RSA does not accept the nomination;
the responsible person may rollover or transfer the holder ' s benefits to an eligible rollover fund.
7.9.66(7)
For subsection 1019B(7) of the Act, if the right of return is exercised, the responsible person must return the money as directed.
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