29SACElection not to charge MySuper members for payment of conflicted remuneration

29SAC Election not to charge MySuper members for payment of conflicted remuneration

(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.