Corporations Regulations 2001

SCHEDULE 10 - DISCLOSURE OF FEES AND OTHER COSTS  

(regulations 7.9.16K , 7.9.16M and 7.9.16N )

PART 1 - INTERPRETATION  

102   Meaning of management costs  

102(1)    

Management costs , for a collective investment product, means any of the following:

(a)    

for a product that is a managed investment product for a managed investment scheme - an amount payable for administering the managed investment scheme;

(aa)    

for a product that is a security in a retail CCIV that is referable to a sub-fund of the CCIV - the amount payable for administering the sub-fund;

(b)    for a custodial arrangement - the cost involved, or amount paid or payable, for gaining access to, or participating in, the arrangement;

(c)    distribution costs;

(d)    

for a product that is a managed investment product for a managed investment scheme or is a security in a retail CCIV that is referable to a sub-fund of the CCIV - other expenses and reimbursements in relation to the managed investment scheme or the sub-fund;

(e)    

for a product that is a managed investment product for a managed investment scheme or is a security in a retail CCIV that is referable to a sub-fund of the CCIV - amounts paid or payable for investing in the assets of the managed investment scheme or in the assets of the sub-fund;

(f)    amounts deducted from a common fund by way of fees, costs, charges or expenses, including:

(i) amounts retrieved by an external fund manager or a product issuer; and

(ii) amounts deducted from returns before allocation to the fund;

(g)    estimated performance fees;

(h)    any other investment-related expenses and reimbursements, including any associated with custodial arrangements.

102(2)    

The following fees and costs are not management costs for a collective investment product:

(a)    a contribution fee;

(b)    transactional and operational costs;

(c)    an additional service fee;

(d)    an establishment fee;

(e)    a switching fee;

(f)    

an exit fee;

(g)    a withdrawal fee;

(h)    costs (related to a specific asset or activity to produce income) that an investor would incur if he or she invested directly in the asset;

(i)    incidental fees.