Commonwealth Consolidated Regulations

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Cooling-off periods not to apply

             (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.

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