Corporations Amendment Regulations 2004 (No. 6) (149 of 2004)
Schedule 1 Amendments commencing on 1 July 2004
[5] After regulation 7.7.12
insert in Division 3
7.7.13 Statement of Advice provided by authorised representative - disclosure of dollar amounts
(1) For paragraph 947C (2) (i) of the Act, 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 information as an amount in dollars:
(a) would impose an unreasonable burden on a providing entity, or a class of providing entities; or
(b) would impose an unreasonable burden on a providing entity, or a class of providing entities, 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).
(2) For paragraph 947C (2) (i) of the Act, 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 information as an amount in dollars, or to describe the amount as a percentage:
(a) would impose an unreasonable burden on a providing entity, or a class of providing entities; or
(b) would impose an unreasonable burden on a providing entity, or a class of providing entities, 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 remuneration, benefits or interests (including worked dollar examples, unless that is inappropriate).
(3) A determination under subregulation (1) or (2) must be:
(a) in writing; and
(b) published in the Gazette.
7.7.13A Additional information about charges or benefits - disclosure of dollar amounts
(1) For paragraph 947D (2) (d) of the Act, if ASIC determines that, for a compelling reason, it is not possible to state information to be disclosed in accordance with paragraph 947D (2) (a) as an amount in dollars, 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).
(2) For paragraph 947D (2) (d) of the Act, if ASIC determines that, for a compelling reason, it is not possible to state information to be disclosed in accordance with paragraph 947D (2) (a) as an amount in dollars, or to describe the amount as a percentage, 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).
(3) A determination under subregulation (1) or (2) must be:
(a) in writing; and
(b) published in the Gazette.
7.7.13B Additional information about charges or benefits - disclosure of dollar amounts
(1) For paragraph 947D (2) (d) of the Act, 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 information as an amount in dollars:
(a) would impose an unreasonable burden on a providing entity, or a class of providing entities; or
(b) would impose an unreasonable burden on a providing entity, or a class of providing entities, 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).
(2) For paragraph 947D (2) (d) of the Act, 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 information as an amount in dollars, or to describe the amount as a percentage:
(a) would impose an unreasonable burden on a providing entity, or a class of providing entities; or
(b) would impose an unreasonable burden on a providing entity, or a class of providing entities, 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).
(3) A determination under subregulation (1) or (2) must be:
(a) in writing; and
(b) published in the Gazette.