Corporations Regulations 2001
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
Modifying legislative instruments: The application of Pt 7.9 is affected by the ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.9, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
For paragraph 1020G(1) (c) of the Act, Part 7.9 of the Act applies as if subsection 1017D(5A) were modified to read as follows:
7.9.74A(2) [ Time to provide information]
" (5A)
Unless in accordance with the regulations and a determination by ASIC:
(a) information to be disclosed in accordance with paragraphs (5)(a), (b), (c), (d) and (e) must be stated as amounts in dollars; and
(b) any other information in relation to amounts paid by the holder of the financial product during the period must be stated as amounts in dollars.''.
For paragraph 1020G(1) (a) of the Act, the issuer of a financial product does not have to provide the information mentioned in subsection 1017D(5A) of the Act in the form required by that subsection, in a periodic statement prepared before 1 January 2005.
7.9.74A(3) [ Exception]For subsection 1017D(5A) of the Act, as modified in accordance with subregulation (1), if ASIC determines that, for a compelling reason based on the nature of a financial product or service, or the nature of the information, to state information to be disclosed in accordance with paragraphs 1017D(5) (a), (b), (c), (d) and (e) of the Act as an amount in dollars:
(a) would impose an unreasonable burden on a product issuer, or a class of product issuers; or
(b) would impose an unreasonable burden on a product issuer, or a class of product issuers, within a period specified in the determination; or
(c) would not be in the interests of a client, or a class of clients;
the information may be set out as a description of the amount as a percentage of a specified matter (including worked dollar examples, unless that is inappropriate).
7.9.74A(4) [ Method of calculation]For subsection 1017D(5A) of the Act, as modified in accordance with subregulation (1), if ASIC determines that, for a compelling reason, based on the nature of a financial product or service, or the nature of the information, to state information to be disclosed in accordance with paragraphs 1017D(5) (a), (b), (c), (d) and (e) of the Act as an amount in dollars, or to describe the amount as a percentage:
(a) would impose an unreasonable burden on a product issuer, or a class of product issuers; or
(b) would impose an unreasonable burden on a product issuer, or a class of product issuers, within a period specified in the determination; or
(c) would not be in the interests of a client, or a class of clients;
the information may be set out as a description of the method of calculating the charge or benefit (including worked dollar examples, unless that is inappropriate).
7.9.74A(5) [ Publication]A determination under subregulation (3) or (4) must be:
(a) in writing; and
(b) published in the Gazette .
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