ASIC Corporations (Superannuation: Accrued Default Amount and Intra-Fund Transfers) Instrument 2016/64 (Cth)

ASIC Corporations (Superannuation: Accrued Default Amount and Intra-Fund Transfers) Instrument 2016/64 I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 23 February 2016

Grant Moodie

Contents

Part 1—Preliminary 1 Name of legislative instrument 2 Commencement 3 Authority 4 Definitions Part 2—Exemptions 5 Application forms Part 3—Declaration 6 Cooling-off periods

Part 1—Preliminary

1 Name of legislative instrument This instrument is ASIC Corporations (Superannuation: Accrued Default Amount and Intra-Fund Transfers) Instrument 2016/64.

2 Commencement This instrument commences on the day after it is registered on the Federal Register of Legislative Instruments. Note: The register may be accessed at www.comlaw.gov.au.

3 Authority This instrument is made under subsection 1020F(1) of the Corporations Act 2001.

4 Definitions In this instrument: accrued default amount has the meaning given by section 20B of the SIS Act. Act means the Corporations Act 2001. intra-fund transfer, in relation to a regulated superannuation fund, means: (a) a disposal of an interest in the fund and the acquisition of an interest in the fund of a different class in substitution for the interest disposed of; or (b) any other circumstance where a person's membership of the fund in relation to a financial product or a sub-plan changes to membership of the fund in relation to another financial product or sub-plan. MySuper product has the meaning given by subsection 10(1) of the SIS Act. regulated superannuation fund has the meaning given by section 19 of the SIS Act. SIS Act means the Superannuation Industry (Supervision) Act 1993.

Part 2—Exemptions

5 Application forms (1) A trustee of a regulated superannuation fund in which a MySuper product is held does not have to comply with section 1016A of the Act where an accrued default amount is attributed to or transferred to the MySuper product, irrespective of whether the attribution or transfer is an intra-fund transfer. (2) A trustee of a regulated superannuation fund does not have to comply with section 1016A of the Act in relation to the issue of a superannuation product in the course of any other kind of intra-fund transfer within the fund in the circumstances specified in subsection 1019A(1B) of the Act. Note: Subsection 1019A(1B) is notionally inserted into the Act by this instrument.