Corporations Amendment Regulations 2004 (No. 6) (149 of 2004)

Schedule 1   Amendments commencing on 1 July 2004

[13]   After regulation 7.9.75B

insert

7.9.75C Periodic statements - disclosure of amounts

(1) For paragraph 1017D (5A) (b) of the Act, this regulation applies to a periodic statement prepared on or after 1 January 2005 in relation to an amount mentioned in paragraph 7.9.75 (1) (a) or (b) of these Regulations.

(2) If ASIC determines that, for a compelling reason, it is not possible to state the amount in dollars the amount may be described as a percentage of a specified matter (including worked dollar examples, unless that is inappropriate).

(3) If ASIC determines that, for a compelling reason, it is not possible to state the amount in dollars, or to describe the amount as a percentage, the periodic statement must include:

(a) a statement informing the holder of the product that the amount is applicable; and

(b) details of the means by which a product holder is able to gain access to information relating to the amount.

(4) A determination under subregulation (2) or (3) must be:

(a) in writing; and

(b) published in the Gazette.

7.9.75D Periodic statements - disclosure of amounts

(1) For paragraph 1017D (5A) (b) of the Act, this regulation applies to a periodic statement prepared on or after 1 January 2005 in relation to an amount mentioned in paragraph 7.9.75 (1) (a) or (b) of these Regulations.

(2) 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 the amount of the deduction 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 product holder, or a class of product holders;

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).

(3) 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 the amount of a deduction 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 product holder, or a class of product holders;

the periodic statement must include the information in subregulation (4).

(4) If subregulation (3) applies, the periodic statement must include:

(a) a statement informing the product holder that the amount is applicable; and

(b) details of the means by which a product holder is able to gain access to information relating to the amount.

(5) A determination under subregulation (2) or (3) must be:

(a) in writing; and

(b) published in the Gazette.