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CORPORATIONS ACT 2001 - SECT 1012I Obligation to give employer a Product Disclosure Statement in relation to certain superannuation products and RSAs

CORPORATIONS ACT 2001 - SECT 1012I

Obligation to give employer a Product Disclosure Statement in relation to certain superannuation products and RSAs

  (1)   At or before the time when a person (the applicant ) becomes a standard employer - sponsor of a superannuation entity, the person (the issuer ) who is to provide the superannuation products to the applicant's employees must give the applicant a Product Disclosure Statement in accordance with this Division for each of those superannuation products.

  (2)   If:

  (a)   a person (the applicant ) applies for the issue of an RSA to the employee; and

  (b)   the applicant has not previously applied to the RSA provider for the issue to any employee of an RSA of the same kind;

the person (the issuer ) who is to issue the RSA to the employee must, at or before the time when the RSA is issued to the employee, give the applicant a Product Disclosure Statement in accordance with this Division for the RSA.

  (2A)   If:

  (a)   a trustee (the applicant ), under Part   24 of the Superannuation Industry (Supervision) Act 1993 , applies on behalf of a person for the issue of an interest in a relevant superannuation entity; and

  (b)   the applicant has not previously applied under that Part for the issue of an interest in that entity on behalf of any person;

the person (the issuer ) who is to issue the interest to the person must, at or before the time when the interest is issued to the person, give the applicant a Product Disclosure Statement in accordance with this Division for the interest.

  (2B)   If:

  (a)   a trustee (the applicant ), under Part   9 of the Retirement Savings Accounts Act 1997 , applies on behalf of a person for the issue of an interest in a relevant superannuation entity; and

  (b)   the applicant has not previously applied under that Part for the issue of an interest in that entity on behalf of any person;

the person (the issuer ) who is to issue the interest to the person must, at or before the time when the interest is issued to the person, give the applicant a Product Disclosure Statement in accordance with this Division for the interest.

  (3)   The issuer does not have to give the applicant a Product Disclosure Statement under subsection   (1), (2), (2A) or (2B) for a financial product if:

  (a)   the applicant has already received a Product Disclosure Statement for that financial product that contains all of the information that the first - mentioned Product Disclosure Statement would be required to contain; or

  (b)   the issuer believes on reasonable grounds that paragraph   (a) applies.

Note:   Information in a Supplementary Product Disclosure Statement is taken to be contained in the Product Disclosure Statement it supplements (see section   1014D).

  (4)   The issuer need not give the applicant a Product Disclosure Statement under subsection   (1), (2), (2A) or (2B) in the circumstances specified in the regulations.

  (5)   In this section:

  (a)   terms used in subsection   (1) that are defined for the purposes of the Superannuation Industry (Supervision) Act 1993 have the same meanings as in that Act; and

  (b)   terms used in subsection   (2) that are defined for the purposes of the Retirement Savings Accounts Act 1997 have the same meanings as in that Act; and

  (c)   relevant superannuation entity has the same meaning as in section   1016A of this Act.

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