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

Schedule 1   Amendments commencing on 1 July 2004

[12]   After subregulation 7.9.75 (2)

insert

(3) For paragraph 1017D (5A) (a) of the Act, subregulations (4) and (5) apply in relation to a financial product that has:

(a) an opening or closing balance mentioned in paragraph 1017D (5) (a) of the Act; or

(b) the termination value mentioned in paragraph 1017D (5) (b) of the Act; or

(c) an increase in contributions mentioned in paragraph 1017D (5) (d) of the Act; or

(d) a return on investment mentioned in paragraph 1017D (5) (e) of the Act.

(4) 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).

(5) 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.

(6) A determination under subregulation (4) or (5) must be:

(a) in writing; and

(b) published in the Gazette.