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CORPORATIONS REGULATIONS 2001 - REG 7.6.08E Information about general insurance products--unauthorised foreign insurers

CORPORATIONS REGULATIONS 2001 - REG 7.6.08E

Information about general insurance products--unauthorised foreign insurers

  (1)   This regulation applies in relation to a general insurance product:

  (a)   that is entered into as a result of a dealing in the product, either wholly or partially, by the person; and

  (b)   that is not a reinsurance contract or a retrocession contract; and

  (c)   in relation to which an unauthorised foreign insurer is a party to the contract that is the general insurance product.

Note:   An unauthorised foreign insurer may be a party to a contract of insurance to which Part   2 of the Insurance Regulations   2024 applies. These are insurance contracts for:

(a)   high - value insured; and

(b)   atypical risks; and

(c)   risks that cannot reasonably be placed in Australia; and

(d)   contracts required by foreign law.

  (2)   However, if the general insurance product has been dealt with by more than 1 person, this regulation only applies, in relation to the general insurance product, to the person who has:

  (a)   dealt directly with the unauthorised foreign insurer; or

  (b)   dealt indirectly with the unauthorised foreign insurer through a foreign intermediary.

  (3)   For section   912CA of the Act, the person must provide information to APRA about the general insurance product entered into within a reporting period specified in subregulation   (5):

  (a)   in accordance with Table 2 in Form 701; and

  (b)   either:

  (i)   within the time specified by ASIC or APRA if that is a reasonable time; or

  (ii)   if ASIC or APRA do not specify a time--within 20 business days after the last day of the applicable reporting period.

Penalty:

  (a)   for an individual--20 penalty units; and

  (b)   for a body corporate--200 penalty units.

  (4)   For section   912CA of the Act, the person must provide further information to APRA relating to the information provided in accordance with Table 2 in Form 701:

  (a)   if APRA makes a request in writing for the further information; and

  (b)   either:

  (i)   within 5 business days of receiving the request; or

  (ii)   if ASIC or APRA specify a later date--by that date.

Penalty:

  (a)   for an individual--20 penalty units; and

  (b)   for a body corporate--200 penalty units.

  (5)   The reporting periods are:

  (a)   1   May to 30   June 2010; and

  (b)   1   July to 31   December 2010; and

  (c)   1   January to 30   June in any year after 2010; and

  (d)   1   July to 31   December in any year after 2010.

  (6)   Strict liability applies to subregulations (3) and (4).

 

Commonwealth Coat of Arms of Australia

Corporations Regulations   2001

Statutory Rules   No.   193, 2001

made under the

Corporations Act 2001

Compilation No.   195

Compilation date:   1 March 2024

Includes amendments:   F2024L00199

Registered:   6 March 2024

This compilation is in 7 volumes

Volume 1:   regulations   1.0.01- 6D.5.03

Volume 2:   regulations   7.1.04- 7.6.08E

Volume 3:   regulations   7.7.01- 8B.5.20

Volume 4:   regulations   9.1.01- 12.9.03

Volume 5:   Schedules   1, 2 and 2A

Volume 6:   Schedules   3-13

Volume 7:   Endnotes

Each volume has its own contents

About this compilation

This compilation

This is a compilation of the Corporations Regulations 2001 that shows the text of the law as amended and in force on 1 March 2024 (the compilation date ).

The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self - repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

 

 

 

Contents

Chapter   7--Financial services and markets

Part   7.7--Financial service disclosure

Division   1--Preliminary

7.7.01   How documents, information and statements are to be given

Division   2--Financial Services Guide

7.7.02   Situations in which Financial Services Guide is not required

7.7.02A   Situations when Financial Services Guide is not required

7.7.03   Financial Services Guide given by financial services licensee: description of documents

7.7.03A   Financial Services Guide given by financial services licensee: arrangements for compensation

7.7.04   Financial Services Guide given by financial services licensee: remuneration, commission and benefits

7.7.04A   Financial services guide given by financial services licensee: more detailed information about remuneration etc

7.7.04AA   Financial Services Guide given by financial services licensee: non - monetary benefit that is not conflicted remuneration

7.7.04AB   Financial Services Guide given by authorised representative: non - monetary benefit that is not conflicted remuneration

7.7.05   Record of advice given by financial services licensee

7.7.05A   Financial Services Guide given by authorised representative of financial services licensee: authorised representative number

7.7.05B   Personalised Financial Services Guide

7.7.05C   Exemption from providing certain information in a Financial Services Guide

7.7.06   Financial Services Guide given by authorised representative of financial services licensee: description of documents

7.7.06A   Financial Services Guide given by authorised representative of financial services licensee--licence number

7.7.06B   Financial Services Guide given by authorised representative of financial services licensee: arrangements for compensation

7.7.07   Financial Services Guide given by authorised representative of financial services licensee: remuneration, commission and benefits

7.7.07A   Financial services guide given by authorised representative: more detailed information about remuneration etc

7.7.08   Record of advice given by authorised representative of financial services licensee

Division   2A--Combined Financial Services Guide and Product Disclosure Statement

7.7.08A   Combined Financial Services Guide and Product Disclosure Statement

Division   2AA--Combined Financial Services Guide and credit guide

7.7.08B   Modification of section   942DA of the Act

Division   2B--Record of small investment advice

7.7.08C   Record of small investment advice--content requirements

Division   3--Statement of Advice

7.7.09   Situations in which statement of advice is not required: further advice

7.7.09A   Situations in which Statement of Advice is not required: small investments threshold

7.7.09AA   Statement of Advice from financial services licensee

7.7.09AB   Modification of subsection   947B(4) of the Act

7.7.09B   Statement of Advice from providing entity--information not included in the Statement

7.7.09BA   Statement of Advice from authorised representative

7.7.09BB   Modification of subsection   947C(4) of the Act

7.7.09BC   Statement of Advice given by financial services licensee: non - monetary benefit that is not conflicted remuneration

7.7.09BD   Statement of Advice given by authorised representative: non - monetary benefit that is not conflicted remuneration

7.7.09C   Requirement to keep Statement of Advice and other documents

7.7.10   Products for which a Statement of Advice is not required

7.7.10AA   Obligation on authorised representative to give a financial services guide

7.7.10AAA   Record of advice without a recommendation to purchase or sell--content requirements

7.7.10AB   Financial services guide--contents of guide

7.7.10AC   Financial services guide

7.7.10AD   Financial services guide

7.7.10AE   Situations in which Statement of Advice not required

7.7.10AF   Various consequential amendments to Division   7 of Part   7.7 concerning situations where Financial Services Guides do not have to be given

7.7.10AG   Various consequential amendments to Division   7 of Part   7.7

7.7.10AI   Obligation to warn client that advice does not take account of client's objectives, financial situation or needs--carbon units, Australian carbon credit units and eligible international emissions units

7.7.10A   Statements of Advice--requirement to state information as amounts in dollars

7.7.10B   Insertion of definition--further advice

7.7.10C   Omission of definition--further market - related advice

7.7.10D   Additional information in Statement of Advice

7.7.10E   Additional information in Statement of Advice

7.7.11   Statement of Advice given by financial services licensee

7.7.11A   Statement of Advice given by authorised representative of financial services licensee--licence number

7.7.11B   Statement of Advice--disclosure of dollar amounts

7.7.12   Statement of Advice given by authorised representative of financial services licensee

7.7.13   Statement of Advice provided by authorised representative--disclosure of dollar amounts

7.7.13A   Additional information about charges or benefits--disclosure of dollar amounts

7.7.13B   Additional information about charges or benefits--disclosure of dollar amounts

Division   4--General advice provided to a retail client

7.7.14   Product Disclosure Statement not required

Division   5--Other disclosure requirements

7.7.20   General advice to retail client--no obligation to warn client

7.7.20A   Extension of disclosure requirements to wholesale clients dealing with certain unauthorised insurers

Division   6--Exemptions from application of Part   7.7 of the Act

7.7.21   Exemption from application of Part   7.7 of the Act

Part   7.7A--Best interests obligations and remuneration

Division   2--Best interests obligations

7.7A.05   Best interests duty--basic banking products etc.

7.7A.06   Best interests duty--general insurance products

Division   3--Charging ongoing fees to clients

7.7A.10   Arrangements that are not ongoing fee arrangements

7.7A.11   Fee disclosure statements

7.7A.11AA   Compliance records required to be kept by fee recipients

Division   4--Conflicted remuneration

Subdivision   1--Benefits in relation to life risk insurance products that are conflicted remuneration

7.7A.11A   What this Subdivision is about

7.7A.11B   Circumstances in which benefits in relation to life risk insurance products are conflicted remuneration

7.7A.11C   Circumstances in which benefits in relation to information about life risk insurance products are not conflicted remuneration

7.7A.11D   Circumstances in which benefits in relation to dealings in life risk insurance products are not conflicted remuneration

Subdivision   2--Monetary benefits that are not conflicted remuneration

7.7A.12   What subdivision is about

7.7A.12B   Stamping fees

7.7A.12C   Time - sharing schemes

7.7A.12D   Brokerage fees

7.7A.12E   Fees paid by clients for dealing services

7.7A.12EA   Application of ban on conflicted remuneration--purchase or sale of financial advice business

Subdivision   3--Monetary benefits that relate to life risk insurance products

7.7A.12EB   Life risk insurance products--clawback requirements related to cancellation etc.

7.7A.12EC   Life risk insurance products--clawback requirements related to reduction of policy cost

Subdivision   4--Other monetary and non - monetary benefits that are not conflicted remuneration

7.7A.12F   What subdivision is about

7.7A.12G   General insurance

7.7A.12H   Basic banking and general insurance products

7.7A.12I   Mixed benefits

7.7A.13   Non - monetary benefit given in certain circumstances not conflicted remuneration: prescribed amount

7.7A.14   Non - monetary benefit given in certain circumstances not conflicted remuneration: education or training course

7.7A.15   Non - monetary benefit given in certain circumstances not conflicted remuneration: other education and training benefit

7.7A.15A   Non - monetary benefit given in certain circumstances not conflicted remuneration--education and training in conducting a financial services business

Subdivision   4A--Ban on conflicted remuneration (rebates)

7.7A.15AJ   What Subdivision is about

7.7A.15AK   Obligations of covered person

Subdivision   6--Application provisions relating to the Corporations Amendment (Life Insurance Remuneration Arrangements) Act 2017

7.7A.16G   Definitions

7.7A.16H   Life risk insurance products substantially related to existing products

Subdivision   7--Asset - based fees on borrowed amounts

7.7A.17   Financial services licensees

7.7A.18   Authorised representatives

Division   6--Exemptions from application of Part   7.7A of the Act

7.7A.40   Exemption from application of Part   7.7A of the Act

Part   7.8--Other provisions relating to conduct etc connected with financial products and financial services, other than financial product disclosure

Division   2--Dealing with clients' money

Subdivision A--Money other than loans

7.8.01A   Wholesale client money

7.8.01   Obligation to pay money into an account

7.8.02   Accounts maintained for section   981B of the Act

7.8.02A   Accounts maintained for the purposes of section   981B of the Act--special rules for retail clients

7.8.03   How money to be dealt with if licensee ceases to be licensed etc

7.8.04   Money to which Subdivision A of Division   2 of Part   7.8 of the Act applies taken to be held in trust: breach of financial services law

7.8.05   Money to which Subdivision A of Division   2 of Part   7.8 of the Act applies taken to be held in trust: risk accepted by insurer

Subdivision AA--Client money reporting rules

7.8.05A   Definitions for Subdivision AA of Division   2

7.8.05B   Enforceable undertakings

7.8.05C   Client money reporting infringement notices

7.8.05D   Effect of client money reporting infringement notice provisions

7.8.05E   Statement of reasons must be given

7.8.05F   Contents of client money reporting infringement notice

7.8.05G   Amount of penalty payable to the Commonwealth

7.8.05H   Compliance with client money reporting infringement notice

7.8.05J   Extension of client money reporting infringement notice period

7.8.05K   Effect of compliance with client money reporting infringement notice

7.8.05L   Application to withdraw client money reporting infringement notice

7.8.05M   Withdrawal of client money reporting infringement notice by ASIC

7.8.05N   Notice of withdrawal of client money reporting infringement notice

7.8.05P   Withdrawal of notice after compliance

7.8.05Q   Publication of details of client money reporting infringement notice

Subdivision B--Loan money

7.8.06   Statement setting out terms of loan etc

Division   3--Dealing with other property of clients

7.8.06A   Property exempt from Division   3 of Part   7.8 of the Act

7.8.06B   Wholesale client property

7.8.07   How property to which Division   3 of Part   7.8 of the Act to be dealt with

Division   4--Special provisions relating to insurance

7.8.08   Debts of financial services licensee in relation to premiums etc

Division   4A--Special provisions relating to margin lending facilities

Subdivision A--Responsible lending conduct for margin lending facilities

7.8.08A   Limit of margin lending facility taken to be increased

7.8.08B   Exemption from requirement to make unsuitability assessment

7.8.09   Reasonable inquiries etc about retail client: inquiries

7.8.09A   Modification of section   985G of the Act

7.8.10   Circumstances in which margin lending facility is unsuitable

7.8.10A   Margin lending facility taken not to be unsuitable

Division   6--Financial records, statements and audit

Subdivision B--Financial records of financial services licensees

7.8.11   Particular categories of information to be shown in records

7.8.11A   Particular categories of information to be shown in records: records of non - monetary benefit that is not conflicted remuneration

7.8.11B   Information to be shown in records: records of rebates in relation to conflicted remuneration

7.8.12   Requirements in relation to financial records of financial services licensees

Subdivision C--Financial statements of financial services licensees

7.8.12A   Modification of section   989B of the Act

7.8.13   Auditor's report with annual profit and loss statement and balance sheet

7.8.13A   Compliance certificate with profit and loss statement and balance sheet

7.8.14   Contents of annual profit and loss statement and balance sheet and applicable accounting procedures

7.8.14A   Lodgement of annual profit and loss statement and balance sheet

Subdivision D--Appointment etc. of auditors

7.8.14B   Modification of section   990B of the Act

7.8.15   Appointment of auditor by financial services licensee

7.8.16   When person is ineligible to act as auditor of financial services licensee

Division   7--Other rules about conduct

7.8.17   Priority to clients' orders

7.8.18   Instructions to deal through licensed markets

7.8.19   Records of instructions to deal on licensed markets and foreign markets

7.8.20   Dealings with non - licensees

7.8.20A   Dealings involving employees of financial service licensees--risk insurance products

7.8.21   Dealings involving employees of financial services licensees

Division   8--Miscellaneous

7.8.21A   Exceptions to prohibition on hawking of financial products

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

7.8.24   Right of return not to apply

7.8.25   Variation of amount to be repaid

Part   7.8A--Design and distribution requirements relating to financial products for retail clients

Division   1--Preliminary

7.8A.01   Definitions

7.8A.02   Meaning of regulated person --prescribed persons

Division   2--Financial products for which target market determinations are required

7.8A.03   Financial products for which target market determinations are required

7.8A.04   Jurisdictional scope of Division

7.8A.05   Simple corporate bonds

7.8A.06   Debentures of certain bodies

7.8A.07   Basic banking products

7.8A.08   Investor - directed portfolio services

7.8A.09   Exchange traded products

7.8A.10   Custodial or depository services

Division   3--Exemptions

7.8A.20   Financial products for which target market determinations are not required

7.8A.25   Exemption from Part   7.8A--Employers complying with certain superannuation guarantee obligations

Part   7.9--Financial product disclosure and other provisions relating to issue and sale of financial products

Division   1--Preliminary

7.9.01   Interpretation

7.9.02   Sub - plans

7.9.02A   Alternative ways of giving Statement

7.9.02B   Product Disclosure Statement in electronic form

Division   2--Arrangements for Product Disclosure Statements in relation to superannuation products and RSAs

Subdivision   2.1--Preliminary

7.9.03   Application of Division   2

Subdivision   2.2--Late provision of Product Disclosure Statement for certain members of regulated superannuation fund, public offer superannuation fund or successor fund

7.9.04   Product Disclosure Statement to be provided later

Subdivision   2.3--Product Disclosure Statement for RSA

7.9.05   Situation in which Product Disclosure Statement is not required

Subdivision   2.4--Additional obligations for eligible rollover funds

7.9.06A   Meaning of relevant superannuation entity

7.9.06B   Application forms

Subdivision   2.5--Product Disclosure Statement for insurance options

7.9.07   Modification of Act: Product Disclosure Statement in relation to insurance options

Division   2A--Product Disclosure Statement for warrants

7.9.07A   Warrants

Division   2B--Product Disclosure Statement for market - traded derivatives

7.9.07B   Product Disclosure Statements for certain market - traded derivatives

7.9.07C   Remedies for Product Disclosure Statements for certain market - traded derivatives

Division   2BA--Product Disclosure Statement for discretionary mutual funds

7.9.07CA   Extension of Product Disclosure Statement requirements to wholesale clients

Division   2C--Situations where a Product Disclosure Statement is not required

7.9.07D   Product Disclosure Statement not required for offers of bundled contracts of insurance

7.9.07E   Product Disclosure Statement not required if offer of financial product is declined

7.9.07F   Product Disclosure Statement not required if the client is not contactable

7.9.07FA   Product Disclosure Statement not required for certain specified products

7.9.07FB   Product Disclosure Statement not required if client not in this jurisdiction

7.9.07FC   Product Disclosure Statement not required general insurance situation

Division   2D--Preparation and content of Product Disclosure Statements

7.9.07J   Only 1 responsible person for a Product Disclosure Statement

7.9.07K   Definition of defective : Product Disclosure Statement, Short - Form PDS or Replacement Product Disclosure Statement

Division   2E--Obligation to make information publicly available: registrable superannuation entities

Subdivision   2E.1--Obligation to make product dashboard publicly available

7.9.07L   Modification of Act

7.9.07M   Source of power for this Subdivision

7.9.07N   Definitions

7.9.07P   Meaning of MySuper product dashboard reporting standards

7.9.07Q   Product dashboard--how information must be set out

7.9.07R   Product dashboard--return target

7.9.07S   Product dashboard--return

7.9.07T   Product dashboard--comparison between return target and return

7.9.07U   Comparison to be set out as a graph

7.9.07V   Product dashboard--level of investment risk

7.9.07W   Product dashboard--statement of fees and other costs

Subdivision   2E.2--Making portfolio holding information publicly available

7.9.07Z   Kinds of disclosable item for aggregated reporting

7.9.07ZA   Way the information must be organised

Subdivision   2E.3--Additional obligations to provide information

7.9.07ZB   Obligation to provide information to the holder of a superannuation product via website

7.9.07ZC   Transitional obligation to provide information to the holder of a superannuation product via website

Division   3--Dealing with money received for financial product before the product is issued

7.9.08   Accounts

7.9.08A   Dealing with interest

7.9.08B   Crediting of payments before money is received

7.9.08C   Money held in trust for a superannuation product or RSA

7.9.08D   Statutory funds under the Life Insurance Act 1995

Division   4--Content of Product Disclosure Statements

Subdivision   4.1--Preliminary

7.9.09   Application of this Division

Subdivision   4.1A--No Product Disclosure Statement for carbon units, Australian carbon credit units and eligible international emissions units

7.9.09A   Application of this Subdivision

7.9.09B   Provisions of Part   7.9 of Act that do not apply in relation to carbon units, Australian carbon credit units and eligible international emissions units

7.9.09C   Modification of Act

Subdivision   4.2A--Form and content of Product Disclosure Statement for standard margin lending facility

7.9.11   Application of this Subdivision

7.9.11A   Provisions of Part   7.7 of Act that do not apply in relation to standard margin lending facility

7.9.11B   Definitions for Subdivision   4.2A

7.9.11C   Modification of Act--standard margin lending facility

7.9.11D   Form and content of Product Disclosure Statement for standard margin lending facility

7.9.11E   Requirements for references to incorporated information for standard margin lending facility

7.9.11F   Retention of copies of Product Disclosure Statement for standard margin lending facility

7.9.11G   Requirement to provide copy of Product Disclosure Statement for standard margin lending facility free of charge

7.9.11H   Notification about change to Approved Securities List or current interest rate for standard margin lending facility

Subdivision   4.2B--Content of Product Disclosure Statement for superannuation product

7.9.11K   Application of this Subdivision

7.9.11L   Provisions of Part   7.7 of Act that do not apply in relation to superannuation product

7.9.11LA   Attribution of accrued default amount to MySuper product--exemption from significant event notice requirements

7.9.11LB   Attribution of accrued default amount to MySuper product--modification of significant event notice requirements

7.9.11M   Provisions of Part   7.9 of Act that do not apply in relation to superannuation product

7.9.11N   Modification of Act--superannuation product

7.9.11O   Form and content of Product Disclosure Statement for superannuation product

7.9.11P   Requirements for references to incorporated information for superannuation product

7.9.11Q   Retention of copies of Product Disclosure Statement for superannuation product

7.9.11R   Requirement to provide copy of Product Disclosure Statement for superannuation product free of charge

Subdivision   4.2C--Content of Product Disclosure Statement for simple managed investment scheme

7.9.11S   Application of this Subdivision

7.9.11T   Provisions of Part   7.7 of Act that do not apply in relation to simple managed investment scheme

7.9.11U   Provisions of Part   7.9 of Act that do not apply in relation to simple managed investment scheme

7.9.11V   Modification of Act--simple managed investment scheme

7.9.11W   Form and content of Product Disclosure Statement for simple managed investment scheme

7.9.11X   Requirements for references to incorporated information for simple managed investment scheme

7.9.11Y   Retention of copies of Product Disclosure Statement for simple managed investment scheme

7.9.11Z   Requirement to provide copy of Product Disclosure Statement for simple managed investment scheme free of charge

Subdivision   4.2D--Content of Product Disclosure Statement for simple sub - fund products

7.9.11ZA   Application of this Subdivision

7.9.11ZB   Provisions of Part   7.7 of Act that do not apply in relation to simple sub - fund products

7.9.11ZC   Provisions of Part   7.9 of Act that do not apply in relation to simple sub - fund products

7.9.11ZD   Modification of Act--simple sub - fund products

7.9.11ZE   Form and content of Product Disclosure Statement for simple sub - fund products

7.9.11ZF   Requirements for references to incorporated information for simple sub - fund products

7.9.11ZG   Retention of copies of Product Disclosure Statement for simple sub - fund products

7.9.11ZH   Requirement to provide copy of Product Disclosure Statement for simple sub - fund products free of charge

Subdivision   4.3--Other arrangements for Product Disclosure Statements and application forms

7.9.12   Modification of Act: Product Disclosure Statements and application forms for standard employer - sponsors and successor funds

7.9.13   Offer of superannuation interest without application or eligible application

7.9.14   Remedies for person acquiring financial product under defective Product Disclosure Statement: superannuation and RSAs

7.9.14A   Treatment of arrangements under which a person can instruct another person to acquire a financial product

Subdivision   4.4--Product information for certain insurance products

7.9.14B   Product information

Division   4A--General

7.9.14C   Labour standards and environmental, social and ethical considerations

7.9.14D   Further statements required in Product Disclosure Statement--financial claims scheme

7.9.15   More detailed information in Product Disclosure Statement: unauthorised foreign insurer

7.9.15A   Product Disclosure Statements--requirement to state information as amounts in dollars

7.9.15B   Product Disclosure Statements--disclosure of dollar amounts

7.9.15C   Product Disclosure Statements--disclosure of dollar amounts

7.9.15CA   Less information in Product Disclosure Statement--financial claims scheme

7.9.15D   Less information in product disclosure statement: general insurance product

7.9.15DA   Statement or information not included in a Product Disclosure Statement

7.9.15DB   Requirement to keep record of Product Disclosure Statement and other documents

7.9.15DC   Requirement to lodge documents mentioned in a Product Disclosure Statement with ASIC

7.9.15E   More detailed information in product disclosure statement: general insurance product

7.9.15F   Product disclosure statement: general insurance product

7.9.15FA   Transitional arrangements for regulations   7.9.15D, 7.9.15E and 7.9.15F

7.9.15H   New section   1012G: product disclosure statement may sometimes be provided later

7.9.15I   Modification of section   1012IA

7.9.16   More detailed information in Product Disclosure Statement: consumer credit insurance product

7.9.16A   Small scale offerings of managed investment and other prescribed financial products (20 issues or sales in 12 months)

Division   4B--Ongoing disclosure

7.9.16G   Ongoing disclosure of material changes and significant events

Division   4C--Fee Disclosure for certain financial products

Subdivision   4C.1--Application

7.9.16J   Application of this Division to financial products

7.9.16JA   Application of this Division to financial products--temporary arrangements

7.9.16K   Application of this Division to periodic statements and Product Disclosure Statements

Subdivision   4C.2--Product Disclosure Statements

7.9.16L   More detailed information about fees and costs

7.9.16M   Modification of section   1015C of the Act

7.9.16N   Presentation, structure and format of fees and costs in Product Disclosure Statements

Subdivision   4C.3--Periodic statements

7.9.16O   Presentation, structure and format of fees and charges in periodic statements

Division   4D--Other requirements relating to Product Disclosure Statements and Supplementary Product Disclosure Statements

Subdivision   4D.1--Requirement to lodge a notice with ASIC

7.9.16T   Variation of paragraph   1015D(2)(b) of the Act

Division   5--Ongoing requirements for product disclosure after person becomes a member

Subdivision   5.1--Preliminary

7.9.17   Application of Division   5

Subdivision   5.2--Periodic statements for retail clients for financial products that have an investment component: regulated superannuation funds, approved deposit funds and RSAs

7.9.18   Application of Subdivision   5.2

7.9.19   Specific requirements for periodic statements: superannuation funds (other than self managed superannuation funds) and RSAs

7.9.19A   Withdrawal benefit--fees, charges or expenses

7.9.19B   Withdrawal benefit--fees, charges and expenses

7.9.20   Specific requirements for certain periodic statements: superannuation funds (other than self managed superannuation funds)

7.9.20AA   Specific requirements for certain periodic statements: superannuation funds (other than self managed superannuation funds)--long - term returns

7.9.20A   Details of other significant benefits--disclosure of fees, charges or expenses

7.9.20B   Other significant benefits--disclosure of fees, charges or expenses

7.9.21   Specific requirements in particular cases: member (other than capital guaranteed member) of fund other than a self managed superannuation fund

7.9.22   Specific requirements: capital guaranteed funds and RSAs

7.9.23   Information for capital guaranteed fund: benefits reach $10   000

7.9.24   Modification of Act: pensioners, members subject to compulsory protection of small amounts and members with small amounts that are expected to grow quickly

Subdivision   5.3--Periodic statements for retail clients for financial products that have an investment component: information for RSAs

7.9.25   Application of Subdivision   5.3

7.9.26   Specific requirements where applicable: RSAs

7.9.27   Modification of Act: periodic statements for RSA holders

7.9.28   Information for RSA: amount reaches $10   000

Subdivision   5.4--Periodic statements for retail clients for financial products that have an investment component: additional information for superannuation entities and RSA providers

7.9.29   Application of Subdivision   5.4

7.9.30   Additional information for change to choices

Subdivision   5.4A--Periodic statements for retail clients for financial products that have an investment component: additional information for margin lending facilities

7.9.30A   Application of Subdivision   5.4A

7.9.30B   Details to be included in periodic statements for margin lending facilities

Subdivision   5.5--Fund information for retail clients for financial products that have an investment component: superannuation

7.9.31   Application of Subdivision   5.5

7.9.31A   Trustee of superannuation entity must provide fund information to holders of interests in the entity

7.9.32   Fund information must be provided for each fund reporting period

7.9.33   Use of more than 1 document

Subdivision   5.6--Fund information for retail clients for financial products that have an investment component: fund information for regulated superannuation funds and approved deposit funds

7.9.34   Application of Subdivision   5.6

7.9.35   General requirement

7.9.36   Specific requirements in all cases

7.9.37   Specific requirements in particular cases

7.9.39   Benefits determined by life insurance products

Subdivision   5.7--Fund information for retail clients for financial products that have an investment component: fund information for pooled superannuation trusts

7.9.40   Application of Subdivision   5.7

7.9.41   Specific requirements in all cases

7.9.42   Specific requirements in particular cases

Subdivision   5.8--Ongoing disclosure of material changes and significant events

7.9.43   Modification of Act: disclosure of material changes and significant events in relation to superannuation products and RSAs

7.9.44   Benefits to be paid to eligible rollover fund

Subdivision   5.8A--Information in relation to inactive superannuation accounts

7.9.44A   Meaning of inactive

7.9.44B   Notices about insurance--inactivity

7.9.44C   Notices about insurance--right to cease insurance cover

Subdivision   5.9--Information on request: members

7.9.45   Regulated superannuation funds, approved deposit funds and pooled superannuation trusts

7.9.46   RSAs

Subdivision   5.10--Information on request: payments

7.9.47   Modification of Act: charges for information requested

Subdivision   5.12--Periodic report when product holder ceases to hold product: superannuation products and RSAs

7.9.49   Application of Subdivision   5.12

7.9.50   Meaning of exit reporting period

7.9.51   Time for compliance

7.9.52   General requirement

7.9.53   Information on death of product holder

7.9.54   Specific requirements in all cases

7.9.55   Specific requirements in particular cases

7.9.56   Exceptions to exit reporting period provisions: superannuation products and RSAs

7.9.57   Exception--members subject to compulsory protection of small amounts

7.9.58   Information to be given in cases other than death of RSA holder

7.9.59   Information to be given where applicable

7.9.60   Modification of Act: exceptions to exit reporting period provisions

Division   5AA--General requirements for financial disclosure

7.9.60A   Modification of Act: disclosure

7.9.60B   Disclosure of transactions in periodic statements

Division   5AB--Short - Form Product Disclosure Statements

7.9.61AA   Modification of the Act: Short - Form Product Disclosure Statements

Division   5A--Dealing with money received for financial product before the product is issued

7.9.61A   Lost application money

7.9.61B   Issue of substitute insurance product

7.9.61C   Cheques

Division   5B--Confirming transactions

7.9.61D   Transactions involving superannuation products

Division   5C--CGS depository interests

7.9.61E   Meaning of CGS depository interest information website

Division   6--Confirmation of transactions

7.9.62   Confirmation of transactions not required

7.9.63   Confirmation of transactions: precise costs of transaction not known

7.9.63A   Persons who must confirm transactions

7.9.63B   Content of confirmation of transactions--general

7.9.63C   Confirmation of transaction--multiple transactions

7.9.63D   Confirmation of transaction--information about cooling - off period

7.9.63E   Confirmation of transaction--facility that provides written confirmation

7.9.63F   Confirmation of transaction--acquisition of financial product

7.9.63G   Confirmation of transaction--disposal of financial product

7.9.63H   Certain product issuers and regulated persons must meet appropriate dispute resolution requirements--self managed superannuation funds

7.9.63I   Confirmation of transaction in electronic form

Division   7--Cooling - off periods

7.9.64   Cooling - off periods not to apply

7.9.64A   Notification of exercise of right of return--risk insurance products

7.9.65   Return of financial product: general

7.9.66   Return of financial product: superannuation and RSAs

7.9.67   Variation of amount to be repaid

7.9.68   Modification of section   1019B of the Act: client includes standard employer - sponsor

7.9.69   Modification of provisions of Division   5 of Part   7.9 of the Act: terms of contract

7.9.70   Modification of provisions of Division   5 of Part   7.9 of the Act: distributions

Division   8--Other requirements

7.9.71   Modification of section   1017D of the Act: use of more than 1 document

7.9.71A   Periodic statements--exemption for passbook accounts

7.9.72   Modification of section   1017D of the Act: information already given

7.9.73   Reporting periods: general

7.9.74   Form of application

7.9.74A   Periodic statements--requirement to state information as amounts in dollars

7.9.75   Content of periodic statements: costs of transactions

7.9.75A   Ways of giving information

7.9.75B   Information in electronic form

7.9.75C   Periodic statements--disclosure of amounts

7.9.75D   Periodic statements--disclosure of amounts

7.9.76   Consents to certain statements

7.9.77   Alternative dispute resolution requirements--product issuer that is not a financial services licensee

7.9.77A   Dispute resolution requirement--obligation to cooperate with AFCA

7.9.78   Additional statement: trustee required to provide benefits

7.9.80B   Short selling of certain warrants

Division   9--Additional requirements for transfer of lost members and lost RSA holders

7.9.81   Lost members

7.9.82   Lost RSA holders

Division   11--Superannuation to which arrangements apply under the Family Law Act 1975

7.9.84   Definitions for Division   11

7.9.85   Application of Division   11

7.9.86   Acquisition of financial product

7.9.87   Modification of Act: Product Disclosure Statement in relation to superannuation interest under Family Law Act

7.9.88   Statement content in relation to superannuation interest under Family Law Act: superannuation fund

7.9.89   Statement content in relation to superannuation interest under Family Law Act: RSA

7.9.90   Information for existing holders of superannuation products and RSAs in relation to superannuation interest

7.9.91   Periodic statements for retail clients for financial products that have an investment component--general

7.9.92   Periodic statements for retail clients for financial products that have an investment component--superannuation interest other than percentage - only interest

7.9.93   Trustees of superannuation entities--additional obligation to provide information in relation to superannuation interest

7.9.94   Division   5 of Part   7.9 of the Act not to apply in relation to non - member spouse

Division   12--Medical indemnity insurance

7.9.95   Medical indemnity insurance--exemption from product disclosure provisions

Division   13--Unsolicited offers to purchase financial products off market

Subdivision A--Modifying provisions of Part   7.9 of the Act: offers to purchase securities in certain proprietary companies

7.9.95A   Offers to which this Subdivision applies

7.9.95B   Duration and withdrawal of the offer

7.9.95C   Varying the terms of the offer

7.9.95D   Rights if requirements not complied with

Subdivision B--Other matters

7.9.96   Percentage increase or decrease in the market value of a product

7.9.97   Off - market trading by professional investors etc

7.9.97A   Information in offer document if payment is to be made in instalments

Division   14--Exemptions from Parts   7.7, 7.8 and 7.9 of the Act

7.9.98   Certain providers of financial services exempted from the requirements of Parts   7.7, 7.8 and 7.9 of the Act

7.9.98A   Exemption from application of Part   7.9 of the Act

Division   15--Disclosure in relation to short sales covered by securities lending arrangement of listed section   1020B products

7.9.99   Interpretation

7.9.100   Seller disclosure

7.9.100A   Seller disclosure of existing short position

7.9.101   Licensee disclosure

7.9.102   Public disclosure of information

Part   7.10--Market misconduct and other prohibited conduct relating to financial products and financial services

7.10.01   Meaning of Division   3 financial products-- excluded superannuation products

7.10.02   Professional standards schemes

7.10.03   Exemption for market participants of qualifying gas trading exchange

Part   7.10B--Financial services compensation scheme of last resort

7.10B.50   Reporting by CSLR operator if sub - sector levy cap could be exceeded (or further exceeded)

7.10B.55   Reporting by CSLR operator after the end of each levy period

Part   7.11--Title and transfer

Division   1--Preliminary

7.11.01   Definitions

7.11.03   Arrangements about Division   4 financial products

7.11.04   Arrangements for forms

7.11.05   Document duly completed in accordance with a particular form

7.11.06   Stamping of documents

7.11.07   Application of Division   3 of Part   7.11 of the Act to certain bodies

7.11.08   Interests in registered schemes

Division   2--Application of Part   7.11

7.11.09   Application

Division   3--Transfer of Division   3 securities effected otherwise than through a prescribed CS facility

7.11.10   Application of Division   3

7.11.11   Sufficient transfer: general

7.11.12   Sufficient transfer of Division   3 assets: licensed trustee company or Public Trustee of a State or Territory

7.11.13   Sufficient transfer of Division   3 rights: licensed trustee company or Public Trustee of a State or Territory

7.11.14   Sufficient transfer

7.11.15   Transferee's execution of transfer of Division   3 assets

7.11.16   Transferee's execution of transfer of Division   3 rights

7.11.17   Transfer document that purports to bear stamp of transferor's broker

7.11.18   Warranties by market licensee if transfer document purports to bear its stamp

7.11.19   Indemnities by market licensee and broker if transfer document purports to bear their stamps

7.11.20   Joint and several warranties and liabilities

7.11.21   Registration of certain instruments

7.11.22   Details to be included in instrument of transfer

Division   4--Transfer of Division   4 financial products effected through prescribed CS facility

7.11.23   Application of Division   4

7.11.24   Application of ASTC operating rules

7.11.25   Participant's authority to enter into transaction continues despite client's death

7.11.26   Authority to enter into transaction gives authority to transfer

7.11.27   Effect of proper ASTC transfer on transferee: Division   4 financial products other than rights

7.11.28   Effect of proper ASTC transfer on transferee: rights

7.11.29   Warranties by participant if identification code is included in transfer document

7.11.30   Indemnities in respect of warranted matters: transfer not effected by the participant

7.11.31   Indemnities in respect of warranted matters: transferor not legally entitled or authorised to transfer Division   4 financial products

7.11.32   Indemnities in respect of warranted matters: participant not authorised to effect transfer

7.11.33   Joint and several warranties and liabilities

7.11.34   ASTC entitled to assume its operating rules complied with

7.11.35   ASTC - regulated transfer not to be registered unless proper ASTC transfer

7.11.36   Issuer not to refuse to register proper ASTC transfer

7.11.37   Determination of who holds Division   4 financial products for the purposes of meeting

7.11.38   Determination of who holds Division   4 financial products in class of Division   4 financial products for the purposes of meeting

7.11.39   Determination of who holds Division   4 financial products for the purposes of conferring security benefits

Division   5--Offences

7.11.40   Stamping of broker's stamp on sufficient transfer

7.11.41   Inclusion of identification codes in proper ASTC transfers

7.11.42   Contravention by participant of the ASTC certificate cancellation provisions relating to use of cancellation stamps

Division   6--Civil liability

7.11.43   Contravention by participant of the ASTC certificate cancellation provisions

Part   7.12--Miscellaneous

7.12.01   Destruction of records by ASIC

Chapter   8--Mutual recognition of securities offers

Part   8.1--Preliminary

8.1.01   Meaning of foreign recognition scheme

8.1.02   Meaning of offeror-- prescribed offer and kind of person

8.1.03   Meaning of recognised jurisdiction

Part   8.2--Foreign offers that are recognised in this jurisdiction

Division   1--Recognised offers

8.2.01   Prescribed offer (Act s 1200C(4))

8.2.02   Prescribed warning statements (Act s 1200E)

8.2.03   Prescribed details to be given in warning statements (Act s 1200E(b))

8.2.04   Prescribed home regulators (Act s 1200G(13) and (14))

Division   4--Modification of the Act in relation to its application to recognised offers for interests in New Zealand managed investment schemes (Act s 1020G, 1200M)

8.4.01   Modification of Part   7.9 of the Act--New Zealand offer documents replace Product Disclosure Statements

8.4.02   Modification of Part   6D.2 of the Act and Part   7.9 of the Act--certain disclosure obligations not to apply

Chapter   8A--Asia Region Funds Passport

Part   8A.4--Notified foreign passport funds

Division   1--Becoming a notified foreign passport fund

8A.4.10   Rejecting a notice of intention--name of fund identical to another or unacceptable

Division   4--Providing key information in relation to notified foreign passport funds

8A.4.40   Register of members--purposes for which a person may obtain and use a copy

8A.4.45   Destruction of records by ASIC--period before documents may be destroyed

Part   8A.5--Register of passport funds

8A.5.10   Prescribed details for the Register of Passport Funds

Part   8A.7--Deregistration and denotification

8A.7.10   Authority

8A.7.15   Continued application of Corporations legislation to deregistered Australian passport funds

8A.7.20   Continued application of Corporations legislation to funds that have been removed as notified foreign passport funds

Chapter   8B--Corporate collective investment vehicles

Part   8B.4--Corporate finance and financial reporting for CCIVs

Division   1--Shares

8B.4.10   Cross investment between sub - funds of a CCIV--restriction for circular cross - investment

8B.4.15   Cross investment between sub - funds of a CCIV--requirements and restrictions on membership rights

Division   4--Financial reports and audit of CCIVs

8B.4.40   Keeping financial records for sub - funds--further requirement for cross - investment

8B.4.45   Annual financial reports for sub - funds--further requirement for cross - investment

8B.4.50   Combining financial reports, and directors' reports etc., for sub - funds of the same CCIV

Part   8B.5--Operating a CCIV

8B.5.10   Who may hold CCIV assets--minimum standards and other requirements

8B.5.15   Holding money and property of a CCIV on trust--exception

8B.5.20   Holding money and property of a CCIV separately--exception and other requirements for certain classes of assets



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