Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 7.9.64

         (1)   For paragraph 1019A (2) (a) of the Act, the following subclasses of financial products are excluded from paragraph 1019A (1) (a) 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 made under 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 managed investment product that is not liquid in accordance with section 601KA of the Act at the time the managed investment product is issued;

                (f)    a superannuation product that is issued in relation to a superannuation entity that is not a public offer superannuation entity, other than;

                          (i)    a superannuation product taken to be issued because of regulation 7.1.04E; or

                         (ii)    an annuity or pension taken to be issued because of subregulation 7.9.02 (4);

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

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

                         (ii)    a public offer superannuation entity that is a successor fund in relation to the transfer of benefits to that fund; or

                        (iii)    a public offer superannuation entity that is an eligible rollover fund and in relation to which the superannuation product is issued pursuant to Part 24 of the SIS Act or Part 9 of the RSA Act;

              (fb)    a superannuation product that is a pension issued by a superannuation fund the rules of which do not allow a member to receive accumulated benefits in a form other than a pension from that fund;

               (g)    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;

               (h)    a managed investment product in relation to which subsection 1016D (1) of the Act applies;

                (i)    a managed investment product:

                          (i)    to which Chapter 6D of the old Corporations Act applied; and

                         (ii)    that was listed before the FSR commencement.

         (2)   For paragraph 1020G (1) (a) of the Act, a reference in paragraph 1019A (3) (a) of the Act to a client does not include a person who holds a superannuation product as a standard employer-sponsor member.