ASIC Corporations (Unclaimed Superannuation—Former Temporary Residents) Instrument 2019/873 (Cth)

ASIC Corporations (Unclaimed Superannuation—Former Temporary Residents) Instrument 2019/873 I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 18 September 2019

Grant Moodie

Contents

Part 1—Preliminary 1 Name of legislative instrument 2 Commencement 3 Authority 4 Definitions Part 2—Exemption 5 Significant event notices and exit statements 6 Conditions

Part 1—Preliminary

1 Name of legislative instrument This is the ASIC Corporations (Unclaimed Superannuation—Former Temporary Residents) Instrument 2019/873.

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

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

4 Definitions In this instrument: Act means the Corporations Act 2001. Commissioner means Commissioner of Taxation. former temporary resident has the meaning given by section 20AA of the Unclaimed Money Act. product disclosure document, in relation to an interest in a regulated superannuation fund, means: (a) any Product Disclosure Statement for an interest in the fund; (b) any document containing the fund information required under Subdivision 5.6 of Division 5 of Part 7.9 of the Corporations Regulations 2001. regulated superannuation fund has the same meaning as in the SIS Act. SIS Act means the Superannuation Industry (Supervision) Act 1993. trustee has the same meaning as in the SIS Act. Unclaimed Money Act means the Superannuation (Unclaimed Money and Lost Members) Act 1999.

Part 2—Exemption

5 Significant event notices and exit statements A trustee of a regulated superannuation fund (the fund) that pays an amount (the unclaimed superannuation) to the Commissioner under Division 3 of Part 3A of the Unclaimed Money Act does not have to comply with: (a) section 1017B of the Act to the extent that section requires the trustee to notify a former temporary resident in relation to the payment of the unclaimed superannuation and the former temporary resident ceasing to hold an interest in the fund; or (b) section 1017D of the Act to the extent that section requires the trustee to give the former temporary resident a periodic statement (exit statement) for the reporting period under paragraph 1017D(2)(d) of the Act because the former temporary resident ceased to hold an interest in the fund as a result of the payment of the unclaimed superannuation.