Australian Securities and Investments Commission Corporations Act 2001 — Paragraph 1020F(1)(c) — Declaration   Enabling legislation   1.                  The Australian Securities and Investments Commission (ASIC) makes this instrument under paragraph 1020F(1)(c) of the Corporations Act 2001 (the Act).  
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  2.                  This instrument is ASIC Class Order [CO 06/602].   Commencement   3.                  This instrument commences on the date it is registered under the Legislative Instruments Act 2003.                   Note:       An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instrument Act 2003, s 4 (definition of register).  The FRLI may be accessed at http://www.frli.gov.au/.    
Deferment of disclosure obligations for transactions, fees and charges in relation to legacy superannuation products
  4.         Part 7.9 of the Act applies in relation to a trustee of a superannuation entity as if provisions of that Part were modified or varied as follows:   (a)        in subparagraph 7.9.16K(a)(i) of the Corporations Regulations 2001 (the Regulations), omit “1 July 2005;” and substitute “1 July 2007;”;   (b)        in subparagraph 7.9.16K(a)(ii) of the Regulations, omit “1 July 2006;” and substitute “1 July 2008;”;   (c)        in subparagraph 7.9.60B(1)(b)(i) of the Regulations, omit “1 July 2005;” and substitute “1 July 2007;”;   (d)        in subparagraph 7.9.60B(1)(b)(ii) of the Regulations, omit “1 July 2006;” and substitute “1 July 2008;”;   (e)        in item 1 of the table in subregulation 7.9.75(1A) of the Regulations, omit “1 July 2005” and substitute “1 July 2007”;   (f)         in item 2 of the table in subregulation 7.9.75(1A) of the Regulations, omit “1 July 2006” and substitute “1 July 2008”.   5.         The declaration in paragraph 4 applies only where all of the following are satisfied:   (a)        the trustee of the superannuation entity is giving a periodic statement for the superannuation product to which the entity relates under section 1017D of the Act;   (b)        the periodic statement includes, or is accompanied by, a statement that:   (i)         indicates that the person to whom the periodic statement is given may find out the details and information referred to in subregulations 7.9.60B(2) to (4) and (6) of the Regulations for each transaction affecting their holding in the product during the reporting period to which the statement relates by the contacting the trustee; and   (ii)        sets out contact details for finding out the details and information;   (c)        before the date of this instrument, the trustee has made, and given effect to, a decision that the product will not be issued to a person who does not already hold the product except as required by or under the Superannuation Industry (Supervision) Act 1993 (the SIS Act);   Note:       The trustee may issue the product to a person who is not a product holder where the trustee is required to create an interest in the superannuation entity under Division 6.7 (Spouse contributions-splitting amounts) or Part 7A (Superannuation interests subject to payment split) of the Superannuation Industry (Supervision) Regulations 1994.   (d)        the system that is used to maintain records of holdings of the product:   (i)         was in use for that purpose at the date of this instrument; and   (ii)        relies on software or other technology that was substantially developed more than 10 years before that date;   (e)        the trustee:   (i)         has notified ASIC in writing that it is relying on this instrument in relation to the product; and   (ii)        has certified in writing that the system that is used, as at the date of this instrument, to maintain records of holdings of the product relies on software or other technology that was substantially developed more than 10 years before that date; and   (iii)       has certified in writing and reasonably believes, at the time the trustee gives the periodic statement, that:   (A)       it will only be able to comply with its obligations under regulation 7.9.60B and paragraphs 7.9.75(1)(b) and (e) of the Regulations if the system or the software or other technology on which the system relies is modified or replaced; and   (B)       it would impose an unreasonable burden on the trustee or cause detriment to holders of the product if the modification to, or replacement of, the system, software or other technology were made before the trustee was required to give:   (I)        a periodic statement (other than an exit statement) in relation to a reporting period commencing on or after 1 July 2005 but before 1 July 2007; or   (II)       an exit statement issued on or after 1 July 2006 but before 1 July 2008;   for the product; and   (iv)       is taking all reasonable steps to ensure that it will be able to comply with regulation 7.9.60B and paragraphs 7.9.75(1)(b) and (e) of the Regulations in relation to:   (A)       a periodic statement (other than an exit statement) that is issued in relation to a reporting period commencing on or after 1 July 2007; and   (B)       an exit statement that is issued on or after 1 July 2008;   for the product; and   (v)        has in place arrangements designed to ensure that a person who contacts them to find out any or all of the details and information referred to in subparagraph 5(b)(i) will be provided with those details and that information promptly and free of charge.   Interpretation   6.         In this instrument:   exit statement means a periodic statement covering a reporting period mentioned in paragraph 1017D(2)(d) of the Act. periodic statement has the same meaning as in subsection 1017D(1) of the Act. reporting period has the same meaning as in subsection 1017D(1) of the Act. superannuation entity has the same meaning as in the SIS Act. superannuation product has the meaning given by paragraph 764(1)(g) of the Act.     Dated this 26thday of July 2006         Signed by Stephen Yen PSM as a delegate of the Australian Securities and Investments Commission