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 1013D(1) (m) 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 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).
For paragraph 1013D(1) (m) 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 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).
A determination under subregulation (1) or (2) must be:
(a) in writing; and
(b) published in the Gazette .
For paragraph 1013D(1)(m) of the Act, for a Product Disclosure Statement that is required in relation to a general insurance product, if:
(a) information is required to be stated in dollars; and
(b) the amount can only be determined:
(i) after the responsible person assesses the risk of the insured; or
(ii) after the insured has nominated desired levels of insurance cover;
the responsible person may comply with the requirement to state the information by either of the ways mentioned in subregulation (5).
For subregulation (4), the responsible person may state the information by:
(a) stating an amount in dollars in the Product Disclosure Statement; or
(b) giving to the insured:
(i) a document containing the information, as soon as practicable (but in any case, not later than 5 business days after the responsible person issues the general insurance product); and
(ii) a statement in the Product Disclosure Statement that sets out the information in at least 1 of the following formats:
(A) as a range of amounts in dollars;
(B) as a percentage of a matter that is mentioned in the statement;
(C) as a description.
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