Corporations Regulations 2001
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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 subsection 1017D(5A) of the Act, this regulation applies to details of a deduction for fees, charges or expenses mentioned in paragraph 7.9.20(1) (kb).
7.9.20B(2) [ Where not possible to state amount in dollars]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).
7.9.20B(3) [ Required information]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 product issuer must provide the information in subregulation (4).
7.9.20B(4) [ Requirements]If subregulation (3) applies, the product issuer must provide:
(a) a statement informing the product holder that amounts for fees, charges or expenses are applicable; and
(b) if information about the deduction is not provided in the statement mentioned in sub-subparagraph 7.9.20(1) (ka)(ii)(B) - details of the means by which a product holder can gain access to information relating to the amount of the deduction. 7.9.20B(5) [ Publication]
A determination under subregulation (2) or (3) must be:
(a) in writing; and
(b) published in the Gazette .
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