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.
This regulation applies to the following periodic statements: (a) for a financial product other than a superannuation product, a managed investment product, a foreign passport fund product or an investment life insurance product - a periodic statement in relation to a reporting period commencing on or after 1 July 2005; (b) for a superannuation product:
(i) if the periodic statement is not an exit statement - a periodic statement in relation to a reporting period commencing on or after 1 July 2005; and
(c) for a managed investment product:
(ii) if the periodic statement is an exit statement - a periodic statement issued on or after 1 July 2006;
(i) if the periodic statement is not an exit statement - a periodic statement in relation to a reporting period commencing on or after 1 July 2006; and
(d) for an investment life insurance product:
(ii) if the periodic statement is an exit statement - a periodic statement issued on or after 1 July 2007;
(i) if the periodic statement is not an exit statement - a periodic statement in relation to a reporting period commencing on or after 1 July 2005; and
(ii) if the periodic statement is an exit statement - a periodic statement issued on or after 1 July 2006.
7.9.60B(2)
For paragraph 1017D(5)(c) of the Act, the periodic statement must include a brief description of each transaction in relation to the product during the reporting period.
7.9.60B(3)
The amount of a transaction must include, if applicable: (a) GST; and (b) stamp duty; and (c) income tax, after deductions have been taken into account.
7.9.60B(4)
The description of a contribution paid into a superannuation account must be sufficient to identify the source of the contribution, if that information has been recorded by the fund.
7.9.60B(5)
A transaction (other than a contribution) of the same kind as another transaction may be described with the other transaction in a single item in the periodic statement if: (a) it is practicable to do so; and (b) the items are described together on a consistent basis in the periodic statement.
Example
If a member incurs a weekly management cost, the transactions may be grouped consistently on a monthly basis in the member ' s periodic statement.
7.9.60B(6)
For a superannuation product, a managed investment product, a security in a CCIV or a foreign passport fund product, the only fees and costs that need to be itemised in a periodic statement are the fees and costs shown in the fees and costs template for a Product Disclosure Statement in Part 2 of Schedule 10 .
7.9.60B(7)
The fees and costs mentioned in subsection (6) must be described using the terms used in the template.
Modifying legislative instruments: Regulation 7.9.60B is modified by the ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070.
For other modifying legislative instruments or class orders, 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.
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