Enabling legislation
Enabling legislation
Enabling legislation
- The Australian Securities and Investments Commission makes this instrument under paragraph 1020F(1)(c) of the Corporations Act 2001 (the Act).
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Commonwealth legislation
This Act has been repealed and is no longer in force. It is retained for historical reference.
What it does
This instrument exempts superannuation trustees from certain disclosure requirements when they provide specific types of retirement pensions to members.
Normally, financial products require detailed disclosure documents (such as Product Disclosure Statements). This class order modifies the Corporations Regulations to add an exception for pensions meeting specific standards under the Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations):
Who it affects
Trustees of superannuation funds who offer these specific pension products.
Why it matters
It reduces regulatory burden by recognizing that these pension types are already heavily regulated under superannuation law, so they don't need duplicate disclosure documents under the Corporations Act's financial product rules.
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Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.
Direct links to the current provisions in ASIC Class Order [CO 07/337].
Note: An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.
“(v) pensions provided under the rules of a superannuation fund that meet the standards of subregulations 1.06(2), 1.06(6) or 1.06(7) of the SIS Regulations; and”.
Interpretation
superannuation entity has the meaning given by section 761A of the Act.
Dated this 22nd day of May 2007
Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
Note: An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.
“(v) pensions provided under the rules of a superannuation fund that meet the standards of subregulations 1.06(2), 1.06(6) or 1.06(7) of the SIS Regulations; and”.
Interpretation
superannuation entity has the meaning given by section 761A of the Act.
Dated this 22nd day of May 2007
Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission