Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.9.69

Modification of provisions of Division 5 of Part 7.9 of the Act: terms of contract

             (1)  For paragraph 1020G(2)(a) of the Act, this regulation applies in relation to the following financial products:

                     (a)  an investment-linked product within the meaning of the Insurance Contracts Act 1984 ;

                     (b)  a managed investment product;

                     (c)  a superannuation product.

             (2)  Division 5 of Part 7.9 of the Act is modified to the extent necessary to provide that a contract or legal relationship governing the issue and redemption of the financial product is taken to include a provision that:

                     (a)  a product holder may have the right to return a financial product under the Act; and

                     (b)  the product issuer does not contravene any terms of the contract or legal relationship by complying with a request to return a financial product made in accordance with the Act; and

                     (c)  the amount to be repaid following the exercise of the right to return a financial product is the amount calculated in accordance with the Act.

             (3)  Division 5 of Part 7.9 of the Act, and the regulations made for, or relating to, provisions of that Division, are also modified to the extent necessary to give effect to the modification set out in subregulation (2).



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