Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For the purposes of paragraph 1368(d) of the Act, Part 7.8A does not have effect in relation to a person in relation to a transaction that involves retail product distribution conduct if:
(a) the person is an employer; and
(b) the relevant retail client is an employee of the employer; and
(c) the conduct is covered by subregulation (2).
(2) The following retail product distribution conduct is covered by this subregulation:
(a) under Part 7.9, giving the employee a Product Disclosure Statement for a product that is a default fund product for the employer and employee;
(b) dealing in a financial product that consists only of the employer paying contributions on behalf of the employee into a product that is:
(i) a default fund product for the employer and employee; or
(ii) a chosen fund product for the employee;
(c) dealing in a financial product that consists only of the employer arranging for the issue to the employee of a product that is:
(i) a default fund product for the employer and employee; or
(ii) a chosen fund product for the employee.
"chosen fund product" , for an employee, means a financial product that is an interest in a chosen fund (within the meaning of Part 3A of the Superannuation Guarantee (Administration) Act 1992 ) for the employee .
"default fund product" : a financial product that is an interest in a fund is a default fund product for an employer and an employee at a time if, assuming that the employee were a member of the fund and the employer were to make a contribution to the fund at the time for the benefit of the employee, the employer could rely on a provision of section 32C of the Superannuation Guarantee (Administration) Act 1992 (other than subsection 32C(1)) to satisfy the choice of fund requirements in relation to the contribution.
"fund" has the same meaning as in Part 3A of the
Superannuation Guarantee (Administration) Act 1992 .