SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 29SAC Election not to charge MySuper members for payment of conflicted remuneration

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 29SAC

  (1)   An RSE licensee that applies for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product makes an election in accordance with this section if:

  (a)   the RSE licensee elects that, if the authority is given, the RSE licensee will not charge any MySuper member a fee in relation to the MySuper product, all or part of which relates directly or indirectly to costs incurred by a trustee or the trustees of the fund:

  (i)   in paying conflicted remuneration to a financial services licensee, or a representative of a financial services licensee; or

  (ii)   in paying an amount to another person that a trustee of the fund knows, or reasonably ought to know, relates to conflicted remuneration paid by that other person to a financial services licensee, or a representative of a financial services licensee; and

  (b)   the election is in writing; and

  (c)   the election is in the approved form.

  (2)   In this section:

"conflicted remuneration" has the same meaning as in the Corporations Act 2001 , subject to the extension of that meaning in subsection   (3).

"representative" , of a financial services licensee, has the same meaning as in the Corporations Act 2001 .

  (3)   In this section, conflicted remuneration also has the meaning it would have if:

  (a)   financial product advice provided to the RSE licensee mentioned in subsection   (1) by a financial services licensee, or a representative of a financial services licensee, mentioned in subparagraph   (1)(a)(i) or (ii) were provided to the RSE licensee as a retail client; and

  (b)   financial product advice provided to the other person mentioned in subparagraph   (1)(a)(ii) by a financial services licensee, or a representative of a financial services licensee, mentioned in that subparagraph were provided to the other person as a retail client.