(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;
(ea) a security in a CCIV if, at the time the security is issued, section 1230H of the Act (about when a sub-fund is liquid) applies to the sub-fund of the CCIV to which the security is referable;
(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;
(ha) a foreign passport fund product in relation to which subsection 1016D(1) of the Act applies;
(hb) a security in a CCIV 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.