Section 1012I — Corporations Act 2001: Obligation to give employer a Product Disclosure Statement in relation to certain superannuation products and RSAs

(1) At or before the time when a person (the applicant) becomes a standard employer-sponsor of a superannuation entity, the person (the issuer) who is to provide the superannuation products to the applicant’s employees must give the applicant a Product Disclosure Statement in accordance with this Division for each of those superannuation products. (2) If: (a) a person (the applicant) applies for the issue of an RSA to the employee; and (b) the applicant has not previously applied to the RSA provider for the issue to any employee of an RSA of the same kind; the person (the issuer) who is to issue the RSA to the employee must, at or before the time when the RSA is issued to the employee, give the applicant a Product Disclosure Statement in accordance with this Division for the RSA. (2A) If: (a) a trustee (the applicant), under Part 24 of the Superannuation Industry (Supervision) Act 1993, applies on behalf of a person for the issue of an interest in a relevant superannuation entity; and (b) the applicant has not previously applied under that Part for the issue of an interest in that entity on behalf of any person; the person (the issuer) who is to issue the interest to the person must, at or before the time when the interest is issued to the person, give the applicant a Product Disclosure Statement in accordance with this Division for the interest. (2B) If: (a) a trustee (the applicant), under Part 9 of the Retirement Savings Accounts Act 1997, applies on behalf of a person for the issue of an interest in a relevant superannuation entity; and (b) the applicant has not previously applied under that Part for the issue of an interest in that entity on behalf of any person; the person (the issuer) who is to issue the interest to the person must, at or before the time when the interest is issued to the person, give the applicant a Product Disclosure Statement in accordance with this Division for the interest. (3) The issuer does not have to give the applicant a Product Disclosure Statement under subsection (1), (2), (2A) or (2B) for a financial product if: (a) the applicant has already received a Product Disclosure Statement for that financial product that contains all of the information that the first-mentioned Product Disclosure Statement would be required to contain; or (b) the issuer believes on reasonable grounds that paragraph (a) applies. Note: Information in a Supplementary Product Disclosure Statement is taken to be contained in the Product Disclosure Statement it supplements (see section 1014D). (4) The issuer need not give the applicant a Product Disclosure Statement under subsection (1), (2), (2A) or (2B) in the circumstances specified in the regulations. (5) In this section: (a) terms used in subsection (1) that are defined for the purposes of the Superannuation Industry (Supervision) Act 1993 have the same meanings as in that Act; and (b) terms used in subsection (2) that are defined for the purposes of the Retirement Savings Accounts Act 1997 have the same meanings as in that Act; and (c) relevant superannuation entity has the same meaning as in section 1016A of this Act.