“(ca) the financial product, or the fina“(ca) the financial product, or the financial service, is acquired by a company or trust controlled by a person who meets the requirements of subparagraph (c)(i) or (ii);”;

“(ca) the financial product, or the financial service, is acquired by a company or trust controlled by a person who meets the requirements of subparagraph (c)(i) or (ii);”;

(iii) after subsection 761G(7), insert:

“(7A) In determining the net assets of a person under subparagraph (7)(c)(i), the net assets of a company or trust controlled by the person may be included.

Note: control is defined in section 50AA.

(7B) In determining the gross income of a person under subparagraph (7)(c)(ii), the gross income of a company or trust controlled by the person may be included.

Note: control is defined in section 50AA.”;

(iv) after subsection 761G(4), insert:

“(4A) For the purposes of this Chapter, if a financial product, or a financial service, is or would be provided to, or acquired by, a body corporate as a wholesale client, related bodies corporate of the client are taken to be wholesale clients in respect of the provision or acquisition of that financial product or financial service.”; and

(b) the definition of professional investor in section 9 of the Act were modified or varied by omitting paragraph (e) of the definition and substituting:

“(e) the person has or controls gross assets of at least $10 million (including any assets held by an associate or under a trust that the person manages);”.

Reporting complaint information to persons who make target market determinations

(2) Part 7.8A of the Corporations Act applies in relation to regulated persons as if subsection 994F(4) were modified or varied by:
(a) after “(which relates to complaints)” inserting “and the regulated person received complaints in relation to the product during the reporting period”; and
(b) omitting “determination:” and substituting “determination the number of complaints the regulated person received.”; and
(c) omitting paragraphs 994F(4)(a) and (b).

Reporting other information to persons who make target market determinations

(3) Part 7.8A of the Corporations Act applies in relation to regulated persons as if subsection 994F(5) were modified or varied by:
(a) omitting “determination:” and substituting “determination all the information of that kind (if any) that the regulated person acquired during the reporting period.”; and
(b) omitting paragraphs 994F(5)(c) and (d).
Meaning of excluded conduct
(4) Part 7.8A of the Corporations Act applies in relation to persons who make target market determinations and regulated persons as if subsection 994A(1) were modified or varied by omitting the definition of excluded conduct and substituting:

“excluded conduct means:

(a) an excluded dealing; or
(b) providing personal advice; or
(c) in the course of providing personal advice about a financial product, giving:

(i) a disclosure document for that product under Part 6D.2 of the Act; or

(ii) a Product Disclosure Statement for the product under Part 7.9 of the Act.”.
Provision of Product Disclosure Statements by employers
(5) Part 7.8A of the Corporations Act applies in relation to regulated persons who are employers as if regulation 7.8A.25 of the Regulations were modified or varied as follows:
(a) in paragraph 7.8A.25(2)(a), after “employer and employee”, inserting:
“or that would be a default fund product for the employer and employee if there were no stapled fund for the employee”;
(b) in subregulation 7.8A.25(3), after the definition of fund inserting:
“stapled fund, for an employee at a particular time, has the meaning given by section 32Q of the Superannuation Guarantee (Administration) Act 1992.”.