Corporations Amendment Regulations 2002 (No. 3) (41 of 2002)

Schedule 1   Amendments commencing at 12.02 am (in the Australian Capital Territory) on 11 March 2002

[50]   After regulation 7.8.21

insert

7.8.22 Hours for hawking certain financial products

For paragraph 992A (3) (a) of the Act, the prescribed hours are from 8 am to 9 pm on a day in the State or Territory in which the person to whom the offer is made is located, excluding:

(a) Christmas Day; and

(b) Good Friday; and

(c) Easter Sunday.

7.8.23 Return of financial product: transfer between superannuation entities or RSAs

(1) For paragraph 992A (4) (b) of the Act, this regulation applies in relation to a superannuation product or an RSA product that has been issued to the holder of the product as a result of a transfer between superannuation entities or RSAs.

(2) It is a requirement of the exercise of the right to return the superannuation product or RSA product that, if the money to be repaid includes:

(a) restricted non-preserved benefits; or

(b) preserved benefits;

the holder of the superannuation product, or the RSA holder, must nominate a superannuation fund, approved deposit fund or RSA into which the money representing restricted non-preserved benefits or preserved benefits is to be repaid.

(3) For paragraph 992A (4) (b) of the Act, if the right of return is exercised, the responsible person must return the money as directed.

7.8.24 Right of return not to apply

For subparagraph 992A (4) (c) (i) of the Act, the following subclasses of financial products are excluded from subsection 992A (4) of the Act:

(a) a financial product offered or issued under a distribution reinvestment plan or switching facility;

(b) a financial product the acquisition of which is an additional contribution required by an existing agreement or contract;

(c) a financial product issued as consideration for an offer made under a takeover bid under Chapter 6 of the Act;

(d) an interim contract of insurance within the meaning of subsection 11 (2) of the Insurance Contracts Act 1984;

(e) a superannuation product that is issued in relation to:

(i) a non-public offer superannuation entity; or

(ii) a public offer superannuation entity mentioned in paragraph 7.6.01 (1) (b), (c) or (d);

(f) a risk insurance product that is:

(i) of less than 12 months duration; and

(ii) a renewal of an existing product on the terms and conditions to which the product is currently subject.

7.8.25 Variation of amount to be repaid

For paragraph 992A (4) (b) of the Act, if a financial product is subject to a distribution, the amount that would otherwise be repaid on the exercise of the right to return the financial product may be reduced by the amount of that distribution.