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

Schedule 1   Amendments commencing on 1 July 2004

[3]   After regulation 7.7.11A

insert

7.7.11B Statement of Advice - disclosure of dollar amounts

(1) For paragraph 947B (2) (h) 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 947B (2) (h) 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.